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Living frugally is a great way to keep your finances under control, but if taken too far it can have a detrimental effect on your life. Being able to balance your life and money is just as important as living a frugal lifestyle. If you consider yourself an expert in frugality, you may benefit from learning more about how living frugally can end up costing you in the end. Here are five drawbacks of frugal living.
1. Always Buying The Cheapest Products
There many cases where always buying cheap can bring you harm. If you don't know a thing about cars, but decide to fix your breaks because you don't want to pay a shop to do it properly, you're putting your safety at risk. If you make a mistake, you could end up in an accident that will cost far more than getting your breaks fixed properly at a shop. Another way you can end up hurting yourself by always buying cheap is if you only buy and eat the least expensive food you can find. Imagine if you were to eat nothing but cup noodles for years. Your health would certainly deteriorate, which could cost you big bucks later on.
Another reason why buying cheap products is a bad ideas is you might have to replace them frequently, which again can cost you more in the end. There are many reasons why buying cheap isn't always the best idea.
2. Being Seen As Cheap
Everyone has a different perception of money and how it should be spent, but in most social settings, it's best to have a more relaxed attitude towards money. It's definitely good, and even healthy to maintain frugal spending habits, but if your frugality is too visible, you can definitely be doing yourself a disservice. So the next time you're at a restaurant with your friends and everything costs more than what you'd like to pay, just keep your mouth shut and try enjoy the evening. You and your friends will be better off because of it.
3. Missed Opportunities
4. Requires Too Much Discipline
If you have disposable income, it's definitely good to save as much of it as possible, but if you're going to incredible lengths to do so, you lose in the end. Going back to the example of forgetting to pack a lunch for work, would you really agonize through the entire afternoon instead of paying five dollars for a sandwich? Is that agony really worth five measly dollars? Very likely not, which illustrates just how much commitment and discipline is required to live a very frugal lifestyle.
5. No Clear Goals
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