Saving money is a great thing, but sometimes you can be too stingy with your money and actually be costing yourself more money. About.com has a few ways that being too cheap can actually cut into your bottom line.
If you spend tons of time clipping coupons and going to several different stores to get things at the lowest price, you may be wasting your time to save just a little bit of money. That time might be better spend working more hours or launching that side business that you’ve been dreaming of.
Cheapest is not always best. If you are buying items at the lowest price only to have them fall apart and need to be replaced in two months, you aren’t saving yourself dough in the long run. Invest in things that will last.
If you are buying something you don’t need just because it’s a good deal, you’re costing yourself money. Ask yourself, would I buy this if it wasn’t on sale? If the answer is no, it might be time to walk away.
Neglecting things like car maintenance and home repairs will lead to bigger costs down the road when things break. Make sure to keep things in running condition, even if you have to spend a little cash to make it happen.
If you’re eating every lunch at a fast food restaurant because their dollar menu is so cheap, you may find yourself very sick in the long run because the cost is your health. Also, don’t skip regular checkups to save money because it will only cost you in the end.
Finally, if you feel like you are so cheap you feel deprived or are hurting your relationships, it’s time to reexamine your budget. Focus on making sure you spend your money in a way that allows you to have the life that makes you happy, including fun.