Maybe you’ve been trying to live a frugal lifestyle for a while but you don’t feel like you’re saving any money, or maybe you’re so stressed out about saving money that you’re not enjoying life. Some of the advice you’ve read may be misleading. Let us bust these five frugal myths for you!
1. Always buy in bulk
You followed this advice and now you have a guest room full of dry pasta, toilet paper, and garbage bags. Buying in bulk isn’t always a budget saver. Some retailers have clued into this trick and set prices so that you actually pay more per ounce or unit when you buy in bulk. Check the per-unit price before you buy, and if you don’t have the space for bulk purchases, don’t stress yourself out trying to buy in bulk.
Also Read: 8 Tricks to Get Yourself to Save More Money
2. Don’t treat yourself with coffee, dining out, or shopping.
Depriving yourself of little treats can make you resent your efforts to save money and lead to bigger setbacks when you eventually crack. Make room in your budget for your indulgences to keep yourself happy and on track.
3. Buy used whenever possible.
Sometimes, used isn’t better. If a new appliance or electronic item comes with a great warranty or huge discounts, new may be a better deal than used. Take it on a case-by-case basis.
Also read: How To Grow and Maintain a Stockpile
4. Debt is always bad.
If you carefully budget, debt may be okay in some situations. For example, buying a nice used car on a small car loan may be better than buying a beater with cash, since you’ll likely spend tons of money on repairs for the cheaper car. Just don’t try to keep up with the Joneses!
5. Cable is unnecessary.
Yes, cable doesn’t have to be part of your budget. But if you have a large family, it can actually be a fairly cheap form of entertainment. Look for good deals that you can lock in for a year or more if you want to get cable service. Check out How we got free “Cable TV” (and it’s legal!!!)
What are some “frugal myths” that just don’t work for your family?
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Sharon Sweeney says