Frugality is often touted as one of the best ways to save money in today’s economy. We agree with that in some ways, but in others it can actually end up you costing more money in the long run. In this article I will share with you some of the ways that frugal habits can waste money, and some ways you can avoid them.
Time versus money
This is probably the biggest money-wasting frugal habit. Spending five hours researching a P500 purchase so you can save P100 is really not worth that level of frugality. The reason for this is that it devalues your time to as low as P30 an hour. You could have used that time to make more money than you saved! Large purchases are worth spending time researching, but make your decisions quickly for small purchases.
Driving around to see deals
People often want to drive all over town to see what kind of deals each store has. This may seem exciting when you think about how much money you could save, but unless the purchase is going to save you hundreds of dollars, this may be a frugal habit that is wasting you a lot of money. One option is to call each of the stores to ask about their prices so you can save some money on gas. Another option are price comparing sites that give you detailed information about the prices on many different sites.
Or you could just visit online platforms like ShopBack which house retailers of all kinds in one place and explore from there. At ShopBack, we want to help you out with this thrifty dilemma by providing you a one-stop platform for both international and local stores. Some mentionable names on our list are:
Going cheap versus making quality investments
Frugal habits may often take you down the path of picking the cheapest option. It seems like a smart move, and in a few cases it is. You will save money in the front end, but it can waste money later if your purchase falls apart and it needs to be replaced or repaired. It’s better to make a quality purchase to last you a longer period of time, as it works out cheaper in the long run.
So before you decide that you refuse to follow the Apple fad and settle for a cheap China-made imitation of it, know that quality always outlasts the price of the item. Buy the real thing, it’s expensive because it works.
Not hiring a professional
I’m all about doing it yourself! It’s fun to learn how to make and repair things around the home and in your car, but you need to know when to call it quits. When it’s out of your depth and you need to call a professional, insisting on doing it yourself will cost you more time and effort. Major house renovations or engine repairs on your car often run the risk of you making mistakes and causing more problems and costing more money than it would have cost to get it repaired the first time around.
Not taking advantage of good deals
There are many website on the Internet that give great deals. It may be difficult and troublesome to search for the best deal you for the specific products that you are trying to find. Instead, check out deal sites that have an extremely wide array of products and brands that you can almost be sure that you will be able to find what you’re looking for. And since they are deal sites, all the items on that site will have a discount or special offer attached to them so you can be sure that you are getting the product at a cheaper price than the regular retail rate. That’s where we at ShopBack come in.
We are Singapore’s No.1 cashback and deal platform, and we exist to bring you the best deals in town and top it off with cashback returns with every purchase! From clothes to electronics, beauty to travel, at ShopBack, you’ll not only be saving money, time, and effort, you’ll be earning some cash as well, all on one single web portal.
Try out ShopBack HERE and turn around those wasteful habits!
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