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A woman looks up with a questioning expression as she is surrounded by illustrated question marks. When you see “buy 5 to save $5” deals, it pays to pause and ask yourself if you genuinely need that much of the product, or if the store is simply trying to increase your total checkout bill. Shutterstock. “Buy 5, Save $5” promotions are designed to trigger a specific psychological response: the feeling that you are leaving money […]
Frugality has a reputation for saving money (lol), but not every money-saving habit lives up to that promise. Some tactics that feel thrifty in the moment end up costing more down the line. Here are eight commonly recommended frugal tips that can actually backfire. Buying a Warranty on Everything Saying yes to every extended warranty offer at checkout adds up quickly, often for little real benefit. Setting that same money aside in a savings account instead typically leaves you better off, since most people come out ahead covering repairs or replacements themselves. Home warranties are something of an exception, as they tend to work differently than the extended warranties sold on individual purchases. Tackling DIY Home Repairs Without Experience DIY repairs can seem like an easy way to cut costs, but for anyone unfamiliar with the work, a project can take twice as long and end up costing twice as much as simply hiring a professional. The fix is proper preparation: know exactly what the job involves before starting, and watch a few instructional videos in advance to avoid costly mistakes. Choosing the Cheapest New Car Budget new cars often come with build-quality issues that lead to problems down the road, adding to what buyers have already spent. These vehicles tend not to hold up, and even when they do run reliably, many owners grow frustrated enough to shop for a replacement within just a few years anyway. Always Buying the Highest-Quality Option The standard advice is to buy the best quality you can afford, since the cost evens out over time by not needing a replacement. That holds true for items used often. But for something you’re trying out for the first time, or that you’ll use only a handful of times, a cheaper option is often the smarter financial move. Buying Cheap, Ill-Fitting Shoes Cheap shoes that don’t fit well tend to cost more in the long run, through foot problems and frequent replacements. Switching to a properly fitted, well-made pair, even at a higher upfront price, can eliminate both the discomfort and the habit of replacing shoes every few months, saving money over time. Using Cheap Vehicle Replacement Parts Cutting corners on car parts follows the same pattern. Cheap components wear out faster, which usually means paying more over time, or, in the worst cases, having to replace the vehicle entirely, depending on what failed. Buying in Bulk Buying in bulk is often framed as one of the most cost-effective ways to shop, since it lowers the per-unit price. But that savings comes with a larger one-time payment upfront, which isn’t realistic for every budget. For anyone already stretched thin, that higher initial cost can put bulk buying out of reach entirely, sometimes even pushing people toward credit just to access the long-term savings. It’s a reminder that being financially strapped can make the “cheaper” option more expensive to access. Buying the Cheapest Appliances Choosing the lowest-priced appliance often means replacing it again and again as it
Sunflowers, coneflowers, black-eyed Susans, asters, goldenrod, coreopsis, and native grasses can leave behind nutritious seedheads that give birds natural food through fall – Shutterstock A garden can keep feeding birds long after the last bee disappears from the flowers, and the trick often involves doing absolutely nothing. Instead of cutting every faded bloom to the ground, gardeners can leave mature seedheads standing so finches, sparrows, chickadees, and other seed-eating birds can pick through them as […]
Money has its own set of unwritten social rules, and most of them make it harder to actually save. Here are eight moves that break a little etiquette but tend to leave your bank account better off. Say You Can’t Afford Something, Out Loud It feels like admitting something shameful, but it’s really just information. Saying “that’s not in my budget right now” shuts down the awkward guessing game and usually gets a better response than people expect, since most friends would rather know than watch you spend money you don’t have to keep up. Ask Family for a Short-Term Loan Instead of a Credit Card A loan from a parent or sibling at zero interest almost always beats a credit card’s interest rate. It can feel like admitting defeat, but a short, clear conversation with a repayment plan attached tends to go much smoother than people expect, and it saves real money compared with paying down a card slowly. Talk Openly About Money With Your Partner Plenty of couples avoid the topic entirely until it becomes a problem. Having a regular, low-pressure check-in about spending, saving, and goals can head off a lot of tension down the road, even if the first conversation feels a little stiff. If you love the tips in this post, you’ll love my Frugal Living Planner. It’s built to make conversations like this one easier since everything is already laid out in front of you, and it’s only $10! Get it here! Buy Secondhand for “Nice” Occasions Too Formalwear, wedding guest outfits, even furniture for hosting: secondhand doesn’t have to mean casual. Consignment shops and resale apps are full of barely worn pieces for events people only attend once or twice. Ask To Split the Bill Based on What You Actually Ordered Splitting evenly feels polite, but it also means subsidizing everyone who ordered drinks and appetizers while you had a salad. Asking the table to split based on what everyone actually got isn’t rude; it’s just accurate, and it can save a noticeable amount over a year of group dinners. Say No to a Gift Exchange You Can’t Afford Whether it’s a work Secret Santa or a big family gift swap, it’s fine to opt out or suggest a lower spending cap. Most people are quietly relieved someone said something first. Want an easier way to plan for moments like these? Grab our free Monthly Budget Planner and start managing your money with confidence. Get it here → Monthly Budget Planner Sell Something You Think You’re “Supposed” To Keep An inherited item you never use, a gift that isn’t your style, a piece of furniture that’s just taking up space: it’s fine to sell it. Sentimental value doesn’t have to mean permanent ownership, and the extra cash is often more useful than the guilt of holding onto it. Skip the Work Happy Hour and Bring Lunch Instead Social pressure at work can be its own budget drain. Skipping the occasional after-work drinks or
Being frugal has a solid reputation. It’s smart. It’s responsible. It’s something I talk about a lot. It’s how you build a cushion for the future and keep financial stress off your plate. But there’s a question worth sitting with: can you get so focused on saving for everyday expenses and the mortgage that frugality starts costing you something bigger, like your life? One retiree’s reflection sums up the dilemma well. After a lifetime of seeing how cheaply they could live, even saving up unused vacation time at work just to get paid out for it instead, they found themselves retired and unable to enjoy their money the way they once imagined they would. Their takeaway was blunt: they regretted being so frugal. So is it possible to be too frugal? Sort-of. It’s all about balance. Here are ten ways to try to find that balance when it comes to frugality. Be Frugal About the Right Things The key isn’t cutting spending across the board. It’s being frugal on the right things so you can still enjoy life. That might mean keeping a close eye on flight and lodging costs during a trip so there’s more left over for the experiences and tours that make the trip worthwhile. The goal isn’t to stop spending. It’s to be intentional about where the money goes so there’s still room for enjoyment. Ready to feel less stressed about money? Grab the free Freedom Budget planner and get a simple, guilt-free way to plan your month. Get it here → Freedom Budget Planner Strike a Balance Balancing saving for later against living for today is a classic tension, but it’s a good problem to have. Some people don’t have a choice. It’s either live frugally or run through their money fast. Still, money isn’t something you take with you, and there’s real value in enjoying it now instead of pushing everything off until later. Don’t Confuse Frugal With Cheap There’s a meaningful difference between the two. One lesson that comes up often is spending on the things that genuinely add joy to your life while still staying financially responsible. Being frugal doesn’t mean denying yourself everything. There’s room within a frugal life for the things that actually matter to you. Make New Friends Retirement can open the door to new friendships. Plenty of people find themselves looking for new social circles once they’ve left the workforce, sometimes after losing loved ones along the way. Senior clubs, church groups, service organizations, and library programs are all good places to start building new connections. Save on Material Things, Not Experiences Another lesson is to direct frugality toward things, not experiences. There’s no guarantee your health will hold up by the time retirement arrives, so cutting costs on material purchases can leave more room for experiences while you still have the ability and energy to enjoy them. Consider Reading “Die With Zero” This book by Bill Perkins comes up frequently in these conversations. One idea
Margin: The Most Underrated Tool in a Physician’s Financial Plan (and in Their Emotional Well-Being)
Today
By Josh Daily, WCI Columnist
Costco is entering the Medicare market in three states. Image depicts a Costco pharmacy location in Wharton, NJ, USA – February 15, 2025. Image source: Shutterstock.com Costco is entering the Medicare market. The warehouse club (NASDAQ:COST) is partnering with nonprofit SCAN Health Plan to launch co-branded Medicare Advantage plans in three states. The companies announced the expanded partnership Tuesday. The initial markets cover roughly 5 million possible eligible Medicare enrollees, though specific states and launch […]
The federal budget deficit is now projected to reach $2.1 trillion in fiscal 2026, about $200 billion higher than the Congressional Budget Office forecast in February, with much of the deterioration tied to a sharp shortfall in tariff and customs-duty revenue following the Supreme Court’s decision to strike down President Donald Trump’s broad IEEPA tariffs. Read the rest
Previously we’ve run through how to open an online broker account and how to buy and sell ETFs. Today we’re going to look at purchasing an index tracker fund. Next stop, the world – muhaha! (Oops, did I say that out loud? I meant to write: ‘Next step, a globally diversified passive portfolio’…) What is an index tracker fund? An index tracker fund is typically an Open Ended Investment Company (OEIC). In normal-person speak, this means […]
For many families, supporting parents, siblings, and extended family members living in India is a deeply meaningful commitment. For many of these families, however, that financial support would add to their already difficult work of managing household finances in the United States. In addition to domestic expenses in the United States, many families also haveKeep Reading Bridging the Distance: A Parent’s Practical Guide to Budgeting and Overseas Family Support was originally published on WhatMommyDoes.com
You check out online and see four easy payments instead of a single price. It feels smaller, so you tap approve without a second thought. Do that a few times across a few different apps, and buy now pay later debt starts stacking up in places your budget never accounts for. Nearly 100 million Americans now use these apps, and the balances are catching up with them. Here’s what buy now pay later debt actually […]
TIPS maturing in 2046 or later are yielding slightly above 3% as of last Friday. (And TIPS maturing 2042-2045 aren’t far below 3%.) It’s important to understand that interest rates are quite hard to predict. And there’s no rule that says that TIPS yields can’t go meaningfully above 3%. So there’s no way to say, “today is the very best time to buy.” But it is fair to say that “inflation + 3%” is a […]
This summer I toured a couple of 6,000 to 7,000 square foot mansion in the Kahala neighborhood of Honolulu, all in preparation for a potential move in two or three years. We plan to move back for either 6th or 7th grade for our son and 3rd or 4th grade for our daughter, so we […] The post Buying A Mansion In Paradise Might Be Backwards appeared first on Financial Samurai.