Being frugal is a fantastic choice to cut expenses and save money. However, not all frugal habits amount to decent savings. In fact, some can even cost you money. In a recent conversation online, people shared outdated frugal habits they often see. Here are 12 of their most common responses.
Table of Contents
Always DIY
Frugal people and cheapskates alike love to promote the idea of DIY. It sounds great, in theory. But, it can cost you time and the ability to earn more in that time.
One person concurs, saying, “People don’t account for quality or time at all. Yes I can clean my own house, mow my own lawn, fix whatever is broken, but all of that takes time to do it and it won’t be as good as some who does it for a living. You can always make more money so be frugal with time than money.”
Time is just as precious as money. Don’t want it just to save a few bucks.
Washing Your Dishes By Hand
Do you have your kids wash dishes by hand? That could be costing you more money than you think.
One commenter explains, “Yeah my dishwasher uses less power to heat the water and run a load than the hot water cylinder uses just to heat the water. It uses less water than a sink full and can do more dishes in that amount of water than I can. So saves me money there too as I have to pay for water.”
The dishwasher is your friend, so use it.
Skipping Delivery Services
A frugal person is going to take time to go to the store and do their own shopping. Delivery services are a waste of money, they say.
One commenter sheds light on this problem, saying, “I do Walmart delivery all the time. I save on impulse purchases, it’s free, and the $10 tip saves me so much time and energy. Plus I can examine the price/weight in more detail. Oh, and my kids can’t beg for stuff or sneak things in the cart.”
As always, do the math. If it saves you time and money, using a delivery service is going to be worth it.
Avoiding Credit Cards
A super frugal person may follow the philosophy of Dave Ramsey and avoid credit cards at all costs. If you fear you’ll get into debt, that’s one thing. However, paying only cash can harm you in many instances.
One commenter explains a key area where it can hurt you, saying, “A friend of mine bought a house last year and told me his wife always bought everything in cash up to that point. She thought she was being responsible by saving for cars and other big purchases. My friend with a huge student loan balance had a better credit score.”
A good credit score can be essential in your life. Credit cards also provide numerous protections. Furthermore, rewards credit cards can be a great way to fund travel.
Purposely Not Having Hobbies
Sure, some hobbies can be super expensive. For example, sky diving or scuba diving can be costly. Some cheapskates like to avoid hobbies entirely as a means to save money.
However, there are many other cheap or free hobbies you can enjoy and add fun to life. Find a cheap hobby to enjoy and you get the best of both worlds.
Hanging Onto Appliances For Too Long
Who wants to replace a major appliance? A frugal person certainly doesn’t. One thing they overlook is a newer option is more efficient.
“For older electric items, especially things like heaters and refrigerators, the energy consumption of an older appliance can be 4-5x higher or more than a new model. Depending on how much your energy costs the cost of that extra energy can be the equivalent of buying a new appliance every few years,” explains one commenter.
Again, do the math so you don’t hinder your efforts to save.
Making Your Own Laundry Detergent
Some people will recommend making your own laundry soap because it will save you money. The reality is that it’s not worth the effort.
One person explains why, saying, “It’s performative frugality and a tremendous waste of time. Powdered detergent is cheap.”
Time is precious. Not everything is about saving a few pennies.
Clip Coupons
A frugal person shudders when you tell them coupons can harm you. It can be a time suck and may largely expose you to unhealthy foods.
One commenter notes a solution, saying, “Except most of the things that have manufacturer’s coupons are high markup processed foods. Often another brand was a better buy than the coupon item. Sometimes a different size of the same product by the same manufacturer that didn’t qualify for the discount was a better buy.”
They follow up, saying, “Buying generic and cooking from scratch are usually cheaper.”
Save your time, don’t clip coupons, and still save. If you must, use a coupon app that will do the work for you and net you rebates.
Making Your Own Cleaning Products
Like DIY laundry soap, frugalistas love to make their own cleaning products to save money. Unfortunately, they don’t always do what you need. Worse yet, they waste your time.
“Sometimes baking soda and vinegar doesn’t cut it. Save your body soreness, frustration, and wasted time. Buy yourself some Soft Scrub,” explains one commenter.
Amen!
Always Buy a Used Car
Used cars can be a great way to save money when you need a new set of wheels. However, that’s not always the case. Furthermore, you may give up a fair number of things when you opt for used.
“In this used car market, you might be better off buying a new car than trying to find a used one. (This only really applies to affordable sedans, though.) You get the warranty at, in some cases, the same price,” explains one person.
Again, this is a situation where doing the math and knowing what you value is essential.
Hold Onto Things
Some frugal people love to hold onto things with the idea they might use them later. They claim it saves money, but it’s easy for that thought to turn into hoarding.
“Sure, it saves money as long as you aren’t branching out to storage units. But the toll on your mental health when you push the tip too far has a high cost,” explains one commenter.
If you don’t legitimately see yourself using the item within the next year, donate it or sell it. Put the earnings in your savings account, such as a high-yield one at CIT Bank, for something better.
Cut the Small Expenses
Frugal people often tout the advice of eliminating small expenses. There is merit to it, but it often overlooks one small thing – enjoying your life.
One commenter explains their frustration with this philosophy, saying, “Cutting $100/month on streaming and small expenses is gonna involve (a) negotiating with my wife and the kids and (b) some amount of disappointment ($100/month would be, like, all of our music and video streaming. So that’s a lot of disappointment). In other words, a lot of time and effort for basically nobody to get what they want.”
They continue, “It is easier and quicker to find $100 in savings by refinancing a mortgage, student loans, or car loans, or working on other large expenses like car insurance or homeowner’s insurance — not just because those are larger spending categories, but because the wife and kids don’t care who services our debt or insures our cars.”
Life is to be enjoyed. It can be easier to find savings elsewhere to help you enjoy what you want in life.
35 Proven Ways to Save Money Every Month
Many people believe it’s impossible to save money. Or, they think saving $20 or $50 a month won’t amount to much. Both are incorrect. There are many simple money-saving tips that can add up to big savings. You just have to start one, then another, to increase your savings.
Ways to Save Money Every Month
21 Awesome Passive Income Ideas
Passive income is an excellent way to build wealth. Thankfully, many ideas only require a little money to start. Pursue these options to grow real wealth.
Best Passive Income Ideas to Build Real Wealth
How to Become Rich Quickly
Everyone wants to become rich quickly. While not always possible, there are legitimate ways to become wealthy. Follow these methods and you’ll be on the road to riches.
How to Become Rich in 9 Simple Steps
How to Watch Local TV Without Cable
Do you want your local networks, but don’t want to overspend for an expensive live service? You have options.
How to Watch Local TV Without Cable
How to Save Money on a Tight Budget
Saving money feels impossible when you’re struggling to make ends meet, but you can do it. Use these tips to save money each month, even on a tight budget.
How to Save Money on a Tight Budget
This thread inspired this post.
I’m John Schmoll, a former stockbroker, MBA-grad, published finance writer, and founder of Frugal Rules.
As a veteran of the financial services industry, I’ve worked as a mutual fund administrator, banker, and stockbroker and was Series 7 and 63-licensed, but I left all that behind in 2012 to help people learn how to manage their money.
My goal is to help you gain the knowledge you need to become financially independent with personally-tested financial tools and money-saving solutions.
Leave a Reply