Have you ever heard the saying "penny wise, but pound foolish"? There's a lot of truth to that phrase. Sometimes, trying to cut costs can end up leaving you out of pocket in the long run. Here are five times when people often try to save money, and end up paying out even more in the long run.
So, you've been avoiding replacing the rubber seal on your washing machine because you can't believe that a ring of rubber costs so much. That's a bad idea. Buying a new washing machine would cost even more, and that's what you might need to do if the seal leaks. Spending a few pounds could save you a few hundred down the line.
Buying Cheap, Low Quality Items
You may think you're picking up a bargain when you choose the cheapest item in the shop, but there's a big difference between quality oak doors and cheaper veneered wood. High quality, environmentally friendly reclaimed doors will last a lifetime. There's a good chance those veneered doors will start looking shabby almost immediately after you put them on their hinges. If you come to sell your home, you'll be wishing you'd paid an extra few pounds for oak doors that would have impressed prospective buyers, and you could lose out on a quick sale because you failed to make a good first impression.
Dodging Health Care
OK, so nobody wants to go to the dentists, but don't try to fool yourself into thinking you're saving money by not going. Paying a small amount for regular treatment is a much better decision (financially, and health wise), than avoiding treatment until you're in agony and need medication and a nice long session complete with anaesthetic and a drill.
It's true that insurance is an oversold thing these days. It doesn't make sense to buy an extended warranty on a bargain basement device. It does, however, make sense to keep your home insurance, health insurance, and travel insurance up to date. You may never need it, but the one time you do, you'll want to make sure that you're covered for whatever disaster you encounter.
Buying Lower Spec Products Than You Need
This issue is similar to the one of oak reclaimed doors vs veneered doors, but with a technology twist. While a well made, high quality electronic product might be perfectly serviceable for other people, if it doesn't meet your needs (or just barely meets them), there's no point buying it. If you're upgrading your computer so that it meets the system requirements for a video game that you want to play, work out your budget and try to get the best possible system you can for the money. Sometimes, even spending a relatively small amount more can make a big difference to the power of the product you're getting. Doesn't it make sense to spend a little more now, if that will mean that you'll get an extra 6 months or a year life out of your graphics card?
I'm Louida from Atlanta, Georgia and I'm a mother of two daughters, and a full-time blogger/influencer.
I love helping others learn how to start working from home online free to help supplement their current income.
I also blog at Productreviewmom.com
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