Yahoo Finance 6 Pointless ‘Frugal Living Hacks’ That Keep You from Enjoying Life
We all want (and in some cases need) to save more money. But like everything else in your life, it helps to bring intentionality to your savings.
Check Out: Frugal People Love the 6 to 1 Grocery Shopping Method: Here’s Why It Works
Read Next: How To Get $340 Per Year in Cash Back on Gas and Other Things You Already Buy
Watch out for these frugality pitfalls as you look for ways to save money. Many even cost you more money in the long term.
Sponsored: Credit card debt keeping you up at night? Find out if you can reduce your debt with these 3 steps
1. Moving Somewhere Cheap Just to Save
Some US cities are outrageously expensive. Others are dirt cheap.
That doesn’t necessarily mean you should move to a small rural town hours from the nearest airport just to save money.
Examine your total quality of life when deciding where to live, including proximity to family. After all, if you hop on a plane every other month to visit family and friends, it could well cost you more than just living in your preferred city to begin with.
2. Driving Out of Your Way to Save Pennies
Imagine driving 15 minutes out of your way to save a few cents per gallon on gas. Or to save a dollar on your grocery bill.
You probably just spent more on unnecessary gas usage than you saved. Which says nothing about environmental impact or the value of your time.
3. Ill-Advised Bulk Buying
Yes, some things make sense to buy in bulk — up to a point. Toilet paper, paper towels, and a few staple nonperishable foods come to mind.
But when you fill entire closets, rooms, or the basement with bulk products, you often forget what you already have there. So the next time you see a sale on toilet paper, you buy more, even though you already have hundreds of rolls at home. Mice may well get into them before you actually use them.
Plus you’ve now shrunk your home by reducing your usable square footage. So you’re paying the rent or mortgage for a larger home and living in a smaller one.
4. Working Side Hustles that Make You Miserable
There’s nothing wrong with working a side hustle you enjoy to bring in some extra cash. The problems arise when you work long extra hours for short pay doing something you hate.
Either find a more enjoyable and better-paying side gig or level up your career skills and find a better full-time job.
5. Skipping the Splurge that Makes Your Day
Some small purchases provide a high “return on happiness.”
These vary from person to person, however. For you, that daily $3 Dunkin Donuts flavored coffee might make your day, while your coworker is just wasting on money when she’d be just as happy with the office brew.
Get clear and intentional on which purchases truly light up your life — and which represent money better saved or spent elsewhere.
6. Focusing on Price Rather than Value
The difference between “frugal” and “cheap” lies in finding value.
A cheap person just buys the cheapest shoes on the rack that nominally fit their needs. A frugal person finds the best value pair. That pair might cost twice as much, but if they last four times as long, they represent a good investment.
The problem is that people often bend this logic to justify overspending. Again, get clear on your goals, budget, and priorities to find that sweet spot.
Final Thoughts
In the marathon trek to reach financial independence, focus more on your major structural expenses than the little things like saving a few cents on toilet paper or gas.
Get creative in looking for ways to house hack or even drop from a two-car household to a one-car household. One single maneuver could free up a huge amount of savings, potentially with little to no impact on your quality of life. Just make sure you keep one eye always on quality of life, even as you brainstorm creative ways to save.
More From GOBankingRates
Why Florida's Retirees Are Fleeing -- And Where They're Going Instead
Here's How to Add $200 to Your Wallet -- Just For Banking Like You Normally Would
This article originally appeared on GOBankingRates.com: 6 Pointless ‘Frugal Living Hacks’ That Keep You from Enjoying Life
