Saving 'Techniques' That Can Actually Backfire

Many of us are taught starting at an early age that saving money is good. If there is a discount coupon, use it. If it isn’t too hot, don’t use the AC. However, being too frugal can actually hurt more if not thought through. Here are a couple of instances where cost-cutting can be detrimental to your finances (and in many cases, even health).

Buying already-used baby products

When it comes to car seats, high chairs and cribs, it’s always safer to spend more rather than to get the cheapest materials you can find. While baby products are being regulated well by the government, we still hear about product recalls often and the standards that are followed to consider a product safe usually changes. Thatcrib you found at the garage sale may look strong and sturdy, but you never know that the product was recalled three years ago asits screws sometimes loosen up.

Not investing on footwear

Podiatrists agree that cheap pairs of shows cause blisters and calluses. Rather than just looking entirely on the price tag, consumers should actually look for a shoe that has a strong and rigid heel counter, as well as a sturdy arch. Podiatrists also recommend getting shoes that offer flexibility in the toes and, for sneakers, mesh to allow breathability.

Not writing your will

Your choice to forgo a last will and testament won’t personally cost you anything, but you might end up leaving your family and friends with a whole lot less. Because of this, they might end up paying more with legal and other miscellaneous fees.

Do-it-yourself appliance delivery

Sometimes,we try to cut corners by taking home appliances ourselves if the store doesn’t provide free delivery. If you can manage to borrow a friend’s truck to avoid the delivery and installation charges, then why not? However, bear in mind that these delivery charges render the store responsible for the appliance until it is installed. Doing it yourself puts you the risk of losing the item’s worth if you break or damage it without once it leaves the store.

Not seeing the doctor when you feel sick

This is a classic example of a dangerously frugal lifestyle. You could besuffering from atreatable problem that remains undiagnosed and as a result, worsens and may no longer be treatable. It isn’t just the appointments with your doctor - regular eye checkups and dental visits can protect you from bigger costs in the future.

Picking the cheaper mover

Getting movers at a too-good-to-be-true price without doing your homework might just be a very expensive mistake. Sometimes, we go for the lowest price tags – but they end up showing with small trucks, and movers who do not exercise proper care when it comes to your items.

Not allocating anything towards your retirement

You don’t need to be lectured anymore on the importanceof retirement planning. However, if your employer has actually offered to match your retirement contributions, and yet you leave that offer on the table, then you’re giving up a big opportunity to potentially gain thousands of dollars every year. You could be hanging onto your money at the present, but you may lose them all come the future.

Copyright © www.city-of-rochester.co.uk All Rights Reserved

1C College Yard | Rochester | Kent | ME1 1SU | United Kingdom