Frugal habits are beneficial and save you from unwise spending. However, there are times that you become very cautious about your financials and spend sparingly. Your thrifty spending causes you to deny yourself essential stuff and morale-boosting activities. If you are exhibiting these characteristics, then it’s high time you assess your financial strategy and look out for these worrying signs in your life:
1. Your Friends Think You Are Old School
It’s one thing for your kids or the younger generation to think you are old school, and it’s another when that comment comes from your friends. It can happen that your house hasn’t seen renovations for a long time or your furniture and electronics are betraying you. It’s good to give your home that archaic feel. However, failing to be up-to-date with current technological advancements is a worrying sign that you should spend more. Spend some money and give your home that old culture mixed with new trends.
2. You Do Not Have Occasional Treats
Denying yourself the occasional pleasures because of saving purposes or economical spending is not always a good idea. Yes, you may deny yourself some stuff for the benefit of enjoying later. But you shouldn’t completely ignore having fun. Remember, you can save money and still enjoy life’s simple pleasures like going out with your family or friends. The aim of occasional rewards is to motivate you and to avoid missing out on things that happen around you.
3. You Wait For Coupons, Discounts and Offers
Another worrying sign is your dependency on discounts, coupons and offers to buy goods. Product discounts and offers help to reduce spending and encourage you to buy more. They are a good option especially when something is expensive or during holidays. When you develop a habit of depending on coupons and always waiting on discounts, you are becoming a miser. Miser habits will prevent you from spending on essential stuff that you require when there are no offers or vouchers.
4. Your Old Closet
There is nothing that communicates to other people than your appearance. Your clothing covers more than ninety percent of people’s perception the first time they see or meet you. An old wardrobe serves you no good and only says that you are either old-fashioned or afraid of spending on such necessities. Shop for clothes more often and boost your look.
5. Inactive Savings Account
The statement “inactive savings account” means that you deposit funds into your account but you don’t use the money for any purpose. You have saved for more than a decade, and you have accumulated enough money to make an investment in stocks or start a business. But, you still continue to save. It’s time you start spending more by taking a portion of your savings and investing in something. Do not let your money just sit and decorate your account. It will be productive if you venture into a business or something profitable. Note that this point is not advising you not to save as saving is a good financial plan.
Spending more doesn’t mean you become extravagant but spending more wisely. Furthermore, if you believe in saving, spending more now will enable you save more money later.