When you say you’re frugal, people often admire your spirit. The world sees being frugal as a positive trait — it shows an individual who is content with the simple things. You save your money in the nearest Frandsen Bank & Trust branch. You don’t buy new; you make do with what you have.
There’s nothing bad with pinching your pennies often. But once you overdo it, you might end up missing out on good investment opportunities.
On Being Too Frugal
How do you know you’ve become too frugal?
You’re too frugal when you say no to adventures. When your friends invite for dinner downtown, you cringe at the parking fee. And you do your best to persuade them to eat somewhere cheaper — despite the special occasion.
Some frugal people keep material objects too long even if these no longer excite them. Even if their phone is too outdated, they’d rather hold on to a broken phone. Extreme cases of frugality sometimes place health behind wealth.
Frugal people aren’t trusting of investments too. They’re not big fans of paying for ANYTHING — even if it can increase their net worth. To an outsider, it’s odd and doesn’t make sense, but for the frugal person, it does.
Don’t Be Too Cheap
If you admit to being too frugal, it’s time for a change. Saving too much will only get you so far. Success in the field of finances often requires a leap of faith.
Start by thinking about things in your life you want to change for the better. For example, your refrigerator is giving up on you. Don’t settle with stuff that fails on you, just to save money. Spending on a new one is a good investment because it will serve you well. Also, don’t hesitate to take trips with your family and friends. Vacations need not happen every time, but once-in-a-while trips won’t hurt.