A frugal life is a happy life for many. But for some, it can be a source of stress, and the thing that’s supposed to be making their lives better is actually making it worse. Here are seven ways well-intentioned people aren’t being realistic or smart about their frugal life.
Overthinking Their Budgets
Budgets don’t have to be complicated — in fact, it’s often better if they aren’t. Overwhelming yourself with too many categories or focuses is a recipe for disaster. At best, you’ll be exhausted by how much effort budgeting is. And at worst? You might give up budgeting altogether, assuming it isn’t for you. Start small with budgeting, especially if you’re new, and streamline it as much as you can.
Chasing Discounts Just Because They Exist
Are you the kind of person who buys something solely because it’s on sale? It’s so easy to get stuck in the cycle of searching for sales and discounts on everything. But if you aren’t careful, this can result in wasted time and even overspending on things you don’t need. Remember: it’s not a deal if you wouldn’t buy it if it wasn’t discounted.
Overcomplicating Meal Planning
Many people abandon meal planning, citing things like, “It takes too much time,” or “I’m wasting too much food.” Granted, wasting food is wasting money. But chances are, you’re simply working too hard for something that can be extremely bare-bones. Pair it back: either go with easier dishes, meal plan for fewer days, or focus on a specific meal (like breakfast) until you’re more comfortable.
Using Too Many Apps
Spreading your frugal living too thin across multiple apps is going to leave you in a financial whirlwind. You usually only need one for budgeting, and many people still use the trusted spreadsheet method for that. If you’re getting dizzy from all the coupon apps and web browser extensions, pair back and focus on the ones you actually like — and actually use.
Ignoring What Emotions Trigger Spending Habits
You’d be surprised how many people find themselves making impulse purchases only when they’re stressed or upset. Pay attention to your spending and be critical of your behavior; why is it that you want to shop online as a way to calm down? The first step is understanding, the next is to make changes. Don’t ignore these triggers, though, because you’ll find frugality much harder than it needs to be.
Messing With Complicated DIY Projects
DIY projects will only save you money if you know what you’re doing. If you know nothing about plumbing and want to install a new toilet by yourself, you’re probably going to spend more money to have a professional come in and clean up after you. Focus on what makes sense for you to DIY; hire professionals for the rest.
Obsessing Over Investments
The rule for making smart investments: don’t stress over them. Most people should make wise investments that don’t require constant monitoring. Doing so only adds stress to your financial future. And if you can’t help yourself, either outsource your portfolio to someone you trust or rethink your approach to investing altogether.
Read More:
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