Earnest Parenting.com logo

Encouraging Heroes. You can be one too.

Arlene Chandler is a freelance writer who enjoys escaping to the outdoors in her free time. She currently writes about finance and career advice for Suncorp Life Insurance.

When Saving Money Isn’t Beneficial
If you’re like most folks, frugality has been instilled in you since the beginning. From bargain shopping at the grocery store to seeking fun items at thrift shops, finding the cheapest way to get needs and desires met seems to be at the top of the agenda. While that’s certainly beneficial to your wallet, it could be hurting you in other areas in the long run. In most instances, it’s well worth it to save that extra cash, but in others, you really do pay for what you get.

Insurance Coverage
People take out insurance to cover themselves or their families in case of an unplanned death, accident, illness…you name it. However, many people tend to invest in the lowest premiums, which in most cases, offers the least amount of coverage. The most expensive plan isn’t always the best either, but the point is to make sure you base your decision off of the extent of the coverage, not the price. If you’re going be so careful as to plan for the future, make your initial investment worthwhile. Whether it’s car, health, or life insurance, make sure that you’re putting in enough to make the possible payout worth it.

Food is a necessity for all living things, and because it’s something you need all throughout every day, it can be tempting to eat the cheapest thing you can find.  While saving money is always preferable, fast food is horrible for your health, and you’ll end up paying more to heal future health problems (heart problems, high cholesterol, clogged arteries, etc.) down the road if you continue to fuel your body with high fructose corn syrup, preservatives, and artificial ingredients. Unfortunately, eating healthy can add up, but it’s important to not skimp on quality of food. A healthy, substantial meal is one of the few things worth springing for on a consistent basis, and it saves money in the long run to stock up on some quality groceries instead of eating out all the time.

Reliable Transportation
Nothing is more frustrating that being on your way somewhere important (as is always the case when you run into car trouble) and having your car decide it doesn’t want to start. Buying a cheap car for several hundred dollars might seem like a great deal at the time, but after the checklist of repairs that needs crossed off makes its way into your hands, you’d have been better off saving for a more reliable vehicle. It really can make all the world of difference to be able to trust your transportation and not feel as if you’re testing the fates of the universe every time you go to start it.

It’s highly likely that you will need childcare at some point whether it’s because of your work schedule or because you’re spending some healthy time away with your friends. If you don’t have a friend or family member willing to take on the role of a babysitter, it’s worth it to invest in proper childcare. Craigslist ads or inexperienced teenagers are never a sure thing, so it’s important to go through a source that you can trust. Many daycare agencies only hire the most qualified employees who have passed background checks to ensure the children are in good hands. Daycare centers can be a bit expensive, but when it comes to the care of your children, peace of mind has no price.

Everyone is entitled to have at least one occasion (a fun one) where money isn’t an issue. There are very few opportunities in life that just allow you to soak in the experience for what it is, not how much it costs. If you’re fortunate enough to be in a position to plan a getaway to a place you’ve always wanted to visit, it’s time to loosen your purse strings just a little. Spring for the nice hotel, eat at the famous restaurants, and spend money seeing the overpriced tourist attractions. Sometimes, it’s worth it to give in and indulge.

There is nothing wrong with saving money, and for the most part, it’s best to save that extra cash whenever you can. However, there a few circumstances when opting to save a few dollars can prove more costly down the line, and nothing is as frustrating as wishing you didn’t spend more money. Trust your instincts, weigh your options, and try to see the investment for what it is. Always think long term in your finances, and remember, sometimes you’re saving more by spending more.

Earnest Parenting: help for parents who want to spend their money wisely.