Whether you’re saving up for something special, paying off some debt, or just don’t want to spend ridiculous prices for a brand name, being frugal is beneficial for the bank account. Some days we can’t afford the prices that are out there.
But being frugal doesn’t mean you are being cheap. It also doesn’t mean you’re depriving you and your family of living a full life. Frugal living is about finding the life you want within your budget – it’s about balance.
With that said, certain things in life should not be overlooked because of the price. When it involves the safety of your family, insuring for the unexpected, or buying certain appliances around the house, being frugal is not always the best option.
Would you put your family at risk to save a couple of dollars? Probably not. If there’s one thing you should splurge on, it’s anything related to the safety of you and your family.
For example, if you’re having a baby and are looking for a car seat, you’d want one that will ensure the safety of your child at all times. Maybe you found one on Kijiji that is significantly cheaper than a brand new one. However, can you be sure the car seat has not been tampered with, has no defects, or hasn’t been involved in a car crash? Car seats should be replaced after any accident, even if the child wasn’t in the vehicle.
When buying items that are not brand new or coming from a trusted source, you can’t always guarantee the condition is as good as you think. So spend the extra couple dollars when your family’s safety is involved.
Your life is not something to cheap out on either, even after you’re gone. Similar to their safety, you want to ensure your family is financially secured and protected in case the unexpected were to happen – death. Without solid life insurance, there’s a chance your loved ones could be left with debts and bills to pay if you unexpectedly passed. Even if you have life insurance but you went for the cheapest policy possible, can you guarantee the death benefit will cover all the costs of a funeral?
Don’t necessarily look for life insurance with the cheapest premiums. Look for plans that offer the best protection for your family at all times. Ask for help when thinking about life insurance and find a company that is trustworthy.
Now up front, a new household appliance is expensive, making the used option more appealing. But just like the car seat example above, can you guarantee the condition if you don’t know who or where you’re buying it from?
When it comes to appliances, some people prefer to save money by fixing things on their own – even if they don’t know what they’re doing. So save your money in the long run by looking at new items that come with warranty options. Let the pros deal with a problem, not your bank account.
If you want to save on appliances, look for holiday sales or buy floor models (they could have appearance defects that don’t affect their functionality, which means discounts). Price out different models to see which one works better for your family within your budget.
So if you’ve decided to live the frugal life, consider which parts of life are more important than small savings. Safety should never be cut to save some money. Ensuring your family’s future is financially protected is worth the couple extra dollars a month. Buying newer appliances could save you money in the long run if the cheaper options keep breaking down. Save in other areas so you can splurge a bit on the necessities.