6 Times Being Frugal Has Backfired On Me

In this episode, one woman shows us how her frugal tendencies have sometimes cost her more in the long run.

Through weekly video essays, "Making It Work" showcases how *real* people have upgraded their personal or financial lives in some meaningful way. Making your life work for you doesn't mean getting rich just for the sake of it. It means making the most of what you have to build a life you love, both in your present and in your future. And while managing money is a crucial life skill for everyone, there's no one "right way" to go about it — you have to figure out what works best for *you,* full stop.

Video by Grace Lee

Based on an article by Kazandra Pangilinani

The Financial Diet site:

[snehar_]

this is very random, but there's actually a difference between being cheap and frugal! I know it's used interchangeably here, but I recently learned that being cheap is about generally wanting to spend less money on everything while being frugal is prioritizing your money to spend on things that are actually very important to you.

[massiminitrains]

0:35 Catching early morning flights
1:42 Insisting on walking
2:25 Purchasing a second-hand bike
3:05 Skimping on winter boots
3:38 Booking a non-direct train ticket
4:12 Sorting from low to high

[nouchka]

My grandmother used to say "Cheap is always more expensive" meaning that when you buy something, do not only think of the price but also of the quality and the lasting of the product, a more expensive option can make you save money in the long run

[JulesWebloft]

Being in my late 30s now I deeply regret buying so-called fast fashion mostly when I was younger. I enjoy having few high quality items in my closet now which keep me excited for years. A style that never goes out of style is key, too, in my opinion.

[hamie]

I like early morning flights because it means I'm not wasting a day traveling I just make sure my hotel as free baggage storage.

[massiminitrains]

There is absolutely no issue with buying a bike second-hand. Doing so can save you hundreds or even thousands of dollars. Just like any second-hand purchase, you should always inspect the bike to make sure everything works before you pay for it. And regardless of any issues you have, it is always a good idea to go to your local bike shop to get a bike fit when getting a new or used bike.
Also, regarding stopping, you really shouldn't be able to reach the floor with your feet when sitting on your seat. Instead when you stop for a while you can slide forward and rest on your top tube.

[NotHPotter]

Something six years in the infantry taught me that I consider a hard rule: never skimp on whatever goes between you and the ground (shoes, boots, beds, office chairs, etc).

[davidliang]

Despite the high price tags of some things some things, quality beats quantity most times. It's about the price, but the value you're getting from a purchase. The difference between being cheap and being frugal.

[jonanthansalter]

i used to take the bus to work instead of the tube to save a few pounds but ended up almost doubling my journey time and having to deal with late/missing buses or traffic. i was ALWAYS stressed because the buses are so fickle and i was often late anyway...until one day it dawned on me that saving like £1.50 was not worth the mental stress and unpredictability. i pride myself on my frugality, but i've had to learn the hard way that some things are worth spending a little more on. now i just bite the bullet and taking the fucking tube

[ManJamLyn]

When I grew up, we didn't have a ton of extra money, so we always bought the cheapest shoes possible. Walmart bargin bin, Payless (but only if it was BOGO), worn out shoes from Goodwill. My mom is incredibly active and would even buy shoes that aren't exactly the right fit because they were cheaper than the one that fit better. Now as an adult I have gotten countless calls from her complaining about how she rolled her ankle again-almost always because the shoe didn't fit right. High-quality shoes are now one of the few things I will pay good money to have. I love my local shoe store that has helped me with fittings, inserts, finding all-weather wear, etc.

[LadyB_]

This teaches that there are times to be frugal and sometimes to just choose convinience over a few bucks.

[valesth]

"6 times my poor planning backfired on me"

These are highly situational examples that seem to have a narrative of "saving is something frustrating that should only be done occasionally" instead of "saving is balancing value and cost"

Btw, 100$ is a quarter of your monthly salary in quite a few countries, and considering you can find hostels for 20/night, those 100$ are sometimes the difference between going and not going traveling.

[QuestionEverythingButWHY]

“Wealth consists not in having great possessions, but in having few wants.”
― Epictetus

[rachaelmow]

You absolutely should be buying everything, but especially expensive equipment, second hand. Even with a potential repair it will still be cheaper than buying new. And on the off chance that the used+repair price equals the price it would be new you can be sure you're helping the environment by keeping the second hand option out of landfill.

[gabyzuzu]

I’m a sorry for your experience buying a second hand bike, but that was more a reflection on your lack of bike knowledge or interest in learning than the bikes fault. Buying second hand bikes and upgrading parts is a common practice among cyclists which help save money.

[aarond]

I don't think the problem here is frugality... it's taking a hike in heavy snow!

[lioness]

1. Catching early morning flights
2. Insisting on walking
3. Purchasing a second-hand bike
4. Skimping on winter boots
5. Booking a non-direct train ticket
6. Sorting from low to high

[goliathtigerfishes]

Often times I have spent more money and caused more stress while trying to save some coin. This video is a great reminder that it is not always a bad idea to buy the pricier option.

[hmehrten]

I never comment on YouTube videos but this video just makes me so upset. It doesn't take into account the true struggle that some people are facing financially. I disagree with all of these tips. ALL of them are keeping me/have kept me from going into tons of debt.

You also need to really realize that a "100 dollars" is NOT a few dollars for many of us. That's at least two weeks of groceries (more if you penny pinch). I feel like you need to have a very stable high-paying job (or tons of savings/rich parents) to do all of this. And understand that you can buy second hand bikes in near mint condition as well as clothing. It just takes some searching and research. Many reliable bike stores have good bikes that you can test ride and second-hand stores have outfits in near mint condition (nearly everything I own in my closet is used...). If you'd grown up working class, you would realize this. Bargains can be found. People give away things that are almost brand new all the time. Buying used/finding bargains was a large reason my family was able to save up money to get me into college...

Disappointed in TFD lately. It's not giving advice to most of us who are truly struggling. It seems targeted towards those who already have money...

[angeliquehumcke]

Usually I'm with y'all on content, but this one really missed it for me. It seemed like this person has a more of a problem with researching items and decision making than being cheap.