Maybe it’s the thrifty Scotsman in me, but I’m always looking for a less-expensive way to get through life. I’ve learned it’s not a bad thing to splurge on occasion – but only if I can absolutely afford it. Over the years, I’ve found things that I’ve spent too much money on… or at I’ve found a more frugal route to take. Here are some of those things that I avoid.
I avoid buying extended warranties on electronics or appliances. They’re most often a revenue enhancer for the retailer. And they generally come with their own expenses. To trigger the warranty you need to pay a fee. Besides, products often last much longer than their original warranty and by the time they’re worn out… you may want an upgrade anyway.
Is it always best to buy name brand products? Is an Apple charge cord better than the cord that costs 1/3 of that price? Generic versions of medications can be as effective as the original. Many brands are extremely well made and reliable. Aside from a very few instances- searching for an alternative product without the massive advertising and product placement costs can save you a lot.
I may get flack for this one – but the only time that I got my money out of a new vehicle was when I held onto it for more than 10 years. Otherwise, I’d suggest buying a low-mileage one or two year old car. This is one situation where you might consider an extended drivetrain warranty.
Unused gym memberships are easy to forget about, and to continue paying on. We join the gym with best intentions but if we’re not using the gym, it’s money down the drain.
Are you still using cable TV? With some research on viewing habits – you can probably save a bundle by subscribing to just the streaming services that you watch. And don't forget to review those regularly.
One more thing that I learned from my grandfather - cheap paint is expensive. If the paint begins to chip or fade, the cost of repainting is dramatically more than having just purchased high-quality paint to begin with. Buy quality paint.