According to a recent survey, 90% of Americans claim to have frugal habits. With financial literacy being a hot topic in recent years, more and more people are adopting frugal habits to help them save money and live financially stable lives.
While these habits can certainly help people save money and manage their finances, not all frugal habits are created equal. Some frugal habits can cost more in the long run or negatively impact overall well-being.
Mark Joseph, Founder of Parental Queries, narrates his experience with coupon clipping, which he didn't find very rewarding. “I tried clipping coupons for everyday items to get discounts.”
Joseph says, “However, this was more time-consuming than it was worth since I only sometimes had the items the coupons were for, and the ones I did have usually weren't much cheaper than the non-discounted items.”
“If something in your house requires fixing and you don't have the technical knowledge to do so yourself, you should have it fixed by a professional,” advises Susie Italiano, an accountant and personal finance blogger.
“Unless you are deep into a mountain of suffocating debt and you are working incredibly hard to escape it, your budget should always include a little bit of ‘fun money' to spend every month on stuff that you want but don't need,” Italiano says.