Personal Finance

How to lose precious money you’re really trying to save

shilling

While the pump prices may have hit an all time high in this country, we all know someone who drives from one side of the city to the other, in search of better or lower fuel prices, wasting time and money to save – at best – a shilling or two per litre of petrol. Our focus on saving money can be so narrow at times that it can actually end up costing us more.

Saving money is great, but not if it is at the expense of your long term financial future and well-being. As much as possible you have to consider the long term effects of your decisions on yourself and those around you. Here is a list of the worst ways to save money:

Dalizu is an entrepreneur, life coach, leader and educator and writer for The Money AcademyStinginess

The generous soul shall be made rich; he that waters shall be watered himself.’ ~ Proverbs11:24, 25

Back in the day, my Sunday school teacher taught me the above bible scripture, it has become embedded in the fabric of my being. My experience has been, the more I give, the more abundant I get. We all have times in our lives where we can’t afford to give and might even have to receive. The problem comes when you never feel like you have enough to share. Holding on too tightly to what you have doesn’t make you feel more secure, it makes you feel more anxious and miserable.

Falling for ‘Free’

It’s Easter holiday week y’all, there is a lot of free promotions going on from banks, to phone companies, to supermarkets. Now get me right, it is one thing to go for a no-strings-attached free promotion, But buy-one-get-one-free deals or advertisements are just marketing gimmicks to get us to spend money we really shouldn’t. I gather that when something is free, it suggests to the consumer (incorrectly, as it happens) that there is no downside. Unless you had already budgeted for those two hand lotions, that third free bottle is not really a deal.

Fast-Food Dining

Most of us, if not all, are guilty of this one. Fast foods may satisfy your hunger for less today, but over time this behavior can carry a much higher price tag. Early this year I attended a health forum where a medical practitioner brought to the attention of the attendees that the top five killer diseases in Kenya are lifestyle based.

Making Repairs Yourself

Sometimes it’s just cheaper to pay a professional; especially for services that take up a lot of your quality time or that requires some serious expertise. Some big examples: repainting, reflooring or recarpeting your house, changing your car’s oil e.t.c

Buying “Cheap”

I think most people understand that always going with the cheapest option without considering quality is a mistake. [Always check before paying for a brand name].Not only does it cost more in the long run, but you can wind up cheating yourself out of things that you might really enjoy.

Buying in Bulk
Unless you can consume it all, bulk shopping is a waste of money. Ladies and gentlemen; I’ve come to learn that Less is More
Britons per year throw away food worth a whopping Kes.800 Billion either because its expired or gone bad. Now, how is that for dumb frugality?

Dishonesty
We’ve all got our own lines when it comes to driving a hard bargain. However deliberately circumventing the rules and lying are never okay and doing it is just as bad as shoplifting. My rule of thumb: If I wouldn’t happily admit to my mother what I did to save money; I shouldn’t be doing it at all.

Neglecting Maintenance
I understand the temptation to forego or put off maintenance of the home, fridge and vehicles, especially when there doesn’t seem to be a problem. I don’t know about you, but do you ever get to a place when you plan and save, then the maintenance issue seems to pop up just when you’ve got more fun ideas for what to do with your money?
You can look for ways to do it yourself and save money, but don’t ignore it altogether. In some cases, neglecting maintenance can put your safety at risk, not just your bank balance.

Neglecting Your Health
A body that is not healthy cannot only lead to high medical bills, but it can also cut careers short and leave us unable to care for our families. While there is no possible way to prevent every single illness or accident, regular checkups and a healthy lifestyle can go a long way towards improving our odds of staying fit and active for decades.
If regular, high quality preventive care is out of reach, be proactive and look for community resources that can help you get the care you need at an affordable rate. While noodle diet might get you through a financial crisis, the ultimate price is far too high.