Saving money and being frugal as possible is generally a good idea. Whether it’s keeping a tight rein on your personal budget or choosing your kitchen items sensibly, financial management is always a good idea. Being determined to keep the purse strings tightly closed is a good way of living your life — but it can cause problems.
While you should always endeavour to be frugal, there are a few areas where you definitely don’t want to scrimp too much — as you might wind up costing yourself more money in future.
While we’re lucky enough to have the NHS in the UK, taking care of your health is still an area that requires money. Whether it’s payments for prescriptions, using a convenient service like Dr App Online when it’s inconvenient to see your GP, or just using over-the-counter remedies to stave off illness; healthcare is still an expense.
If you try and scrimp in these areas, then there’s a very good chance that you’re going to make yourself more unwell in the future. This damages your earning potential, which could cause far greater financial distress further down the line.
If you decide not to repair that leaking roof tile, nor have someone check the cracks in your wall are not something worrying, then again, you’re just saving up financial panic for the future. The longer you leave home maintenance tasks, the more likely they are to cause significant damage — and that’s damage not just to your home, but to your wallet as well.
If you don’t keep yourself warm over the colder months, then you’re almost certainly going to cost yourself money in the long run. The reason for that is simple biology: being too cold lowers our immune response, meaning it’s more likely you’ll catch bugs and illnesses. Wrapping up warm isn’t just good for creating that feeling of being toasty and cosy; it’s a health necessity.
Insurance policies are there to give us peace of mind, which is why you need to be sure you’re covered in all the right areas. If you don’t take the time to read the fine print of your policies, then you could be dooming yourself to paying for coverage which doesn’t actually suit you and your circumstances. If you need to spend a little extra — to cover accidental damage, for example — then that’s an investment in the future, as well as ensuring you’re going to be able to use the policy for the purposes you intended.
Self-care has become something of a buzz term in the past few years, but it’s nevertheless valuable. Taking time to take care of yourself, enjoy a little solitude, even treat yourself, is all part of a solid foundation on which you can build the rest of your life. The happier and more rested you are, the better you will be at performing all the different roles you have.
By keeping an eye on these above areas, you can be sure that your frugal financial side is always taking care of things in the present, allowing you to have a better future.