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By Brenda

5 Saving Hacks That Go Too Far

May 27 2016 Parent Category I

There are many advantages to creating a budget and lowering your expenditures. For instance, you can channel your spending into the things that are most important to you, such as having a nice retirement or building assets that will eventually give you financial independence. However, there are indeed some cases in which saving hacks go too far and are in fact harmful to your health, wellbeing, and/or finances. If you do any of these things in order to save money, then it is recommended that you stop now. There are plenty of safe ways to save money that wonق€™t put you or your finances in harms way. Here are five saving hacks that go too far.

1. آ Extreme Couponing

Coupons are a great way to save money when you do it in moderation. However, you should not be putting all of your effort and energy into it. Taking a small amount of time to locate and keep track of your coupons is all well and good, especially when saving a substantial amount of money offsets it. Nevertheless, be careful not to take your couponing too far. If you spend hours sifting through all of the coupons youق€™ve collected before heading to your grocery store, then this is likely a sign that you are not using your time wisely. Keep in mind that your time is valuable and so consider the fact that you could be using it to do something more important.

2. آ Driving a Car That Isnق€™t Safe

Having an older vehicle is an excellent way to put more dough in the bank, however driving a vehicle that is unsafe is definitely not. Your car is considered to be unsafe if its breaks do not work properly or if it has some other major mechanical problem that could get you in an accident. For instance, if you do not change out your tires at the right time this can cause them to bald and have visible damage, which will increase your chances of getting into an accident. Plus, if you do, it can mean even more money out of your pocket as not maintaining your vehicle can lead to other costly repairs.

3. آ Buying a House That Needs Too Much Fixing

If you want to put the time and effort in, you can find plenty of cheap things that need a lot of work to get them useable, such as bikes, houses, and cars. Buying these can be a good investment if you are willing to get your hands dirty to fix them up and make them workable. However, purchasing something that is in absolute terrible condition and then not putting the time and effort to fix them is an extremely bad financial move that will just be a waste of your money.

4. آ Not Eating Properlyآ

In our younger days it may have been the norm to live off of instant ramen and pizza. However, as you get older taking care of your body becomes increasingly important for your wellbeing and health. Although eating an unhealthy diet that is good for your budget, but not great for your body may be tempting, doing so can lead to all sorts of health problems later down the road. For instance, it can cause heart disease, diabetes, and obesity. Eating nothing but the cheapest food will in all likelihood lead to health problems that can cost plenty in health care related cost such as frequent doctors visits, prescription medications and even hospital bills.

5. آ Downloading Illegally Obtained Media

In this day and age, you can find almost anything on the Internet for free as long as you know where to look. However, many of the sites containing free copies of books, movies and games also are chock full of malware and viruses. Once youق€™ve obtained the stolen content you may have to fight your way through endless pop-up ads to view it and deal with incredibly slow streaming. If you do end up snagging your content successfully, then keep in mind that you are stealing copyrighted material, which could end with you being in serious trouble and can lead to hefty fees and fines.

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