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Are you Frugal? Or just Cheap! Telling the Difference.

Are you Frugal? Or just Cheap! Telling the Difference.
We all love saving cash! And if you are one who makes it a
point to have your phone covered in savings apps, always clipping coupons and
grocery shopping after you eat instead of before and shopping around for the
best rate or price on big ticket items then you are what we would call Frugal.
But here are some situations where homeowners have gone
beyond frugal and ended up being cheap which cost them a ton of money in the
long run.
Using the wrong
tools for the job
. Examples of this would be; using glue instead of screws,
using a chemical drain solvent instead of calling a plumber or buying an auger,
using cheap made screwdrivers so they strip your screws, using a hammer when
you need a mallet and using a manual saw instead of a table saw. These are examples
where you could go beyond frugal and right into cheapskate. Any of these items
would cost you more time and possibly more money replacing whatever you broke
trying to fix the problem. Invest in the right tool for the job up front and if
the tool is expensive considering renting it or borrowing it from one of your
frugal friends.
Ruining your
yard to save on the water bill
. Watering your yard with bought water is a
costly proposition but letting it go to weeds could cost you more. Losing curb
appeal when you go to sell will cost you $$ of money in value and your HOA
might just start fining you because of the look of your yard. Instead look into
adding a separate well in your yard just for watering and tasks like washing
cars and running a power washer. You will make up the cost of drilling the well
in savings on your water bill. Also, invest in water-saving landscaping which
means planting plants that naturally survive on the rain that occurs naturally
in your area. Another saving is to create or invest in rain collection barrels.
These are easy to set up and rainwater is easy to catch and keep. Add a screen
cover over your capture hole to keep out unwanted trash. Use for watering
plants. I have a rain barrel set up and it is never empty and there are no additives
like chlorine in the water.
Waiting too long
so you don’t pay retail prices
. Don’t risk your project by waiting for your
flooring or other items to get to 60-70% off. Once a product reaches this rate
it is likely there would not be enough for your job. Instead shop around for
the best price you can get without impacting your deadlines. Once you find a
price that gets you the best deal without your budget and timelines, lock it in
and make the purchase. Your contractor or your husband will love you for it.
Don’t focus too
much on the end price when getting bids
. Looking for the most inexpensive
price can lead to mistakes in workmanship that will cost you time and money to
fix after the project is complete. Instead when getting bids focus on the line
items and make sure each bid has the same ones, ask why high prices are high
and low prices are low, check contractor references and check out their online
Putting off
routine maintenance items
. In a word, DON’T. Putting off things like
cleaning out the gutters can cause them to back up and begin leaking into your
fascia boards. Once that water intrusion starts it costs way more to get it
fixed than it would have to cleaned the gutters. Instead establish a savings
account for home maintenance and repairs and start adding in money weekly or
monthly so that when something needs to be done you have it covered.
DIY or not.
Hey so you thought you would save yourself thousands of dollars by refinishing
your floors or tiling your floors yourself. But what about the cost of renting
the tools and spending the time and what happens if you make a mistake.
Sometimes it is just a better idea to pay a professional for a job. By getting
a professional you are protecting the value of your home as long as you keep the
invoices as proof. Buyers are often hesitant when they hear that the homeowner
DIY’d major items in the home.
The best way to be frugal and not cheap is by comparing and
making informed decisions about spending money when you need a project done.
Even if you are not selling your home right away, look at it from a buyer’s
point of view. Would you buy your home again knowing that a professional did
not do most of the work on it?
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