The most obvious one would be: put a value on your time, and if you're spending HOURS to save PENNIES by searching, clipping, storing coupons it's a negative value. But the most obvious response is that if ALL you do is SAVE and HOARD money and never enjoy your life, what's the point?
I'm so glad that we'll be looking for a new home this year and get to be a part of the buyer's market (the hubby is graduating from grad school and we're moving close to his work)... but I'm hoping that we won't lose too much selling our current home! It's nice to know that we'll get more bang for our buck with the new place!
Of course -- and the litmus test is to see whether your frugality has become a burden for the people who love you (i.e. they need to pick up the tab every time).
Lots of good tips! I personally find your number 4 to be anti productive. If I randomly pick things to do, then I usually pick the thing that is least productive!
You point out an interesting issue when you talk about getting things done and moving on. Sometimes I just want to make sure my jobs is ready, and lose time I could use on other projects. Another thing to consider is feeling energetic throughout the day to complete all the tasks you planned initially. We recently wrote a guide that helps you maintain a high energy level to be productive all day. - Erich
Yes, I think you can become too frugal. If you become so cheap that you are no longer spending on necessary things like your health and well-being or your home (i.e., it isn't safe because of disrepair) then that would be TOO frugal. Also if you skimp on other people's gifts. I'm not saying you should spend yourself into bankruptcy or buy things simply to impress, but it is nice to give a small, thoughtful present if you can on someone's occasion.
Learned a couple new things from your post. I'm still deciding on whether I want to get a Roth. It definitely will be worth it in the end and no worrying about taxes later on is a plus.
I do think it is possible to be too frugal. I watched a show once where the guy actually washed and re-used paper towels. I mean if you want re-usable towels..they already make them....they are called dish towels. Extreme couponing is a joke too! They pay for the coupons, spend all their free time searching for the best deal, rent trucks/trailers, and pay insurance on their "free" goods. Thank you but i don't need that many toothbrushes or deodorant....even if they are free!
Of course you can be too frugal! For example, if you're eating the cheapest food money can buy--which also tends to be the most unhealthy (Ramen, highly-processed junk, etc.)--you're too frugal.
I think too frugal is when you sacrifice other things (time, mental health, etc) that you consider precious for amounts of money that you can afford to pay, just for the sake of doing it. For example, if your time is as (or more) precious than your money, and you can afford to pay someone to put a new zipper on your coat, then do it, instead of causing yourself frustration and wasting time.
When I first wrote these articles on amortization, it was partly in response to those who seemed to think that the mortgage acceleration products and the HELOC would be helpful to accelerate the mortgage payoff. Those provide marginal benefit (to the actual mortgage payoff process, they may benefit those who have difficulty with budgeting and controlling spending); and a spreadsheet would most likely have to be developed that accounted for every single day of your mortgage (rather than 360 months in a 30-year mortgage). It would be easier then for you to create your own schedule and update it as you go along.
Yes, I think it is possible to be too frugal. When you make money more important than your family, when you treat others poorly to avoid spending money, and when you sacrifice quality of life to save a few pennies.
Yes, you can be too frugal. There is absolutely a fine balance that some people cross over where it becomes an unhealthy obsession. At some point, your time is also more valuable. Especially if you have kids.
Most of us have an area of service we unreasonably resent paying for. My spouse's blind spot is yard services - his frame of reference is out of step with going rates. When it's paying for someone's time, consider it an "opportunity cost," or value it this way: waking up on Saturday and having the whole day free for a bike ride, or bagging leaves?
The most obvious one would be: put a value on your time, and if you're spending HOURS to save PENNIES by searching, clipping, storing coupons it's a negative value. But the most obvious response is that if ALL you do is SAVE and HOARD money and never enjoy your life, what's the point?
I think being frugal can be taken to an extreme that can be unhealthy, unsanitary or anti-social.
I'm so glad that we'll be looking for a new home this year and get to be a part of the buyer's market (the hubby is graduating from grad school and we're moving close to his work)... but I'm hoping that we won't lose too much selling our current home! It's nice to know that we'll get more bang for our buck with the new place!
Of course -- and the litmus test is to see whether your frugality has become a burden for the people who love you (i.e. they need to pick up the tab every time).
Lots of good tips! I personally find your number 4 to be anti productive. If I randomly pick things to do, then I usually pick the thing that is least productive!
Everything has a happy medium including frugality. Saving money and resources is wonderful unless it comes at a cost to one's health and well being.
https://twitter.com/#!/KelRo1/status/159359357652447232
You point out an interesting issue when you talk about getting things done and moving on. Sometimes I just want to make sure my jobs is ready, and lose time I could use on other projects. Another thing to consider is feeling energetic throughout the day to complete all the tasks you planned initially. We recently wrote a guide that helps you maintain a high energy level to be productive all day. - Erich
When you start suffering needlessly and feel bad about it then you have gone too far.
Yes, I think you can become too frugal. If you become so cheap that you are no longer spending on necessary things like your health and well-being or your home (i.e., it isn't safe because of disrepair) then that would be TOO frugal. Also if you skimp on other people's gifts. I'm not saying you should spend yourself into bankruptcy or buy things simply to impress, but it is nice to give a small, thoughtful present if you can on someone's occasion.
Learned a couple new things from your post. I'm still deciding on whether I want to get a Roth. It definitely will be worth it in the end and no worrying about taxes later on is a plus.
Like you on FB.
I do think it is possible to be too frugal. I watched a show once where the guy actually washed and re-used paper towels. I mean if you want re-usable towels..they already make them....they are called dish towels. Extreme couponing is a joke too! They pay for the coupons, spend all their free time searching for the best deal, rent trucks/trailers, and pay insurance on their "free" goods. Thank you but i don't need that many toothbrushes or deodorant....even if they are free!
Of course you can be too frugal! For example, if you're eating the cheapest food money can buy--which also tends to be the most unhealthy (Ramen, highly-processed junk, etc.)--you're too frugal.
All of life is about balance.
I think too frugal is when you sacrifice other things (time, mental health, etc) that you consider precious for amounts of money that you can afford to pay, just for the sake of doing it. For example, if your time is as (or more) precious than your money, and you can afford to pay someone to put a new zipper on your coat, then do it, instead of causing yourself frustration and wasting time.
yes you can be too frugal: underwear / socks with holes should not be kept. Anyone and everyone can afford to buy a new pair of those.
Yes - when you sacrifice so much that you don't even allow for an occasional treat or to enjoy life.
Frugality is taken too far when it overtakes your life and becomes your identity.
Frugality and "cheapness" should enable you to live a life that is fulfilling.
When I first wrote these articles on amortization, it was partly in response to those who seemed to think that the mortgage acceleration products and the HELOC would be helpful to accelerate the mortgage payoff. Those provide marginal benefit (to the actual mortgage payoff process, they may benefit those who have difficulty with budgeting and controlling spending); and a spreadsheet would most likely have to be developed that accounted for every single day of your mortgage (rather than 360 months in a 30-year mortgage). It would be easier then for you to create your own schedule and update it as you go along.
Yes, I think it is possible to be too frugal. When you make money more important than your family, when you treat others poorly to avoid spending money, and when you sacrifice quality of life to save a few pennies.
I liked you on Facebook.
Thanks for letting us know about your service. Investigating and straightening out bills can be time consuming.
Yes, you can be too frugal. There is absolutely a fine balance that some people cross over where it becomes an unhealthy obsession. At some point, your time is also more valuable. Especially if you have kids.
Thanks. I discovered that there are multiple websites that point to free clinics, including yours and the ones that are listed in my article:
http://www.hrsa.gov/ourstories/healthcenter/healthcenterweek.html
and
http://www.saveourchcs.org/find-a-health-center-near-you.cfm
There seem to be various classifications and standards for patient eligibility.
Most of us have an area of service we unreasonably resent paying for. My spouse's blind spot is yard services - his frame of reference is out of step with going rates. When it's paying for someone's time, consider it an "opportunity cost," or value it this way: waking up on Saturday and having the whole day free for a bike ride, or bagging leaves?