By the author of The Flat Broke Cookbook and The Tower
Everyone everywhere is trying to save a buck lately. And with the increased cost of living it’s no wonder. Heck, a pound of ground beef could practically serve as a dowry for a young Victorian-era lady. But not all ideas are worthwhile, and some are downright dangerous.
In a few interesting threads (here and here) on Reddit, contributors shared the advice that they thought was the very worst in Frugal Land. Some of them could work in certain circumstances, but most, you may find, are not really worthwhile.
And there’s more. Some of this advice was great a generation or so ago. But times have changed dramatically, and we can no longer expect the same kind of economic stability that our parents had. We have had a period of massive inflation since 2020, and wages, in most cases, have not gone up to keep standards of living the same.
Are you out of the loop?
Sometimes my daughters inform me I’m out of the loop with regard to “how things are now.” And they’re right. When I left college to take an amazing job opportunity, my rent in a large city was around $300 a month. It was in that sweet spot of one quarter of my income, and I was very financially comfortable.
Now, however, the average renter in America is paying closer to 30-40% of their income, and one in five Americans are paying a whopping 50% or more of their monthly income to keep a roof over their heads.
CBS News reported the following statistics and numbers:
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Meanwhile, the high cost of keeping a roof over your head is weighing on Americans across the country, with the median annual rent now at $21,480, Zillow’s data shows. The real estate firm estimates that nearly half of all U.S. renters are “cost-burdened,” meaning that more than 30% of their income goes toward housing expenses. Among families with children under 18, 54% are rent-burdened, Zillow found. ( source)
You may have bought your home years ago, when prices were more reasonable, and gotten it paid off by now. You may have made a series of wise decisions that have left you in a much better place financially.
But, it’s important to bear these numbers in mind when advising others. For some of us, life just happened in a way that unraveled our efforts toward stability, such as divorce, death of a spouse, or job loss. For others, especially the 20-somethings of today, they’re looking at an entirely different Monopoly board.
Onward to the worst advice…
“If you can afford rent, you can afford a mortgage.”
While that might have been true once, with the ever-increasing mortgage rates it might not be true any longer. What’s more, unless you have a hefty emergency fund, the cost of home repairs and appliances can require a huge chunk of money that you may have to pay using debt.
And that’s not all. Property taxes are massive in many desirable areas, and a decade of absolutely horrible natural disasters has dramatically increased the cost of homeowners insurance.
This isn’t always the case – if you can afford to buy your home outright, you may be better served by purchasing. If the mortgage payment is truly a drop in the financial bucket for you, and you have a very healthy emergency fund, then by all means, buy that house.
But if it’s a tight squeeze, you may be better off renting for a while longer.
“Buy a hybrid/electric car.”
In theory, a hybrid or electric vehicle would eventually save you money. But to get from now (the point of purchase) to then (the point of savings), there’s a whole lot of money in between.
Hybrid and electric vehicles tend to cost more significantly money to buy than gasoline-powered autos, for starters. Routine maintenance on a hybrid is about the same as a gas-powered car, with some claiming savings on brake wear-and-tear. Routine maintenance on an electric car is even less, due to fewer moving parts.
Buying your hybrid or electric car used can save you some money on the front end. But, it does bring you closer to a very big expense.
But don’t even get me started on the high cost of one repair that comes after the warranty days have passed: the battery. A battery replacement on a hybrid vehicle can cost anywhere from 2000 to 8000 dollars. Despite the fact you only need to replace it every 100,000-150,000 miles, you could pay for a new-to-you used car at the high end.
And an electric car? Sit down, Sally. If that unfortunate repair is needed outside of warranty, a replacement can cost you $6,500 to $20,000.
I bought the whole entire car I’ve driven for the past three years for $4k. I’m happy with my decision.
“Brush your teeth with X.”
There are all sorts of tips out there for ways to save money on toothpaste. Some folks suggest using just baking soda, others use coconut oil, and still others only use water.
I suppose it’s cheaper but only until you get the bill from the dentist. If you watch for sales, you can find a decent quality toothpaste at a very reasonable price. I always stock up when they’re on sale. Read this article on the importance of preventative dental care.
Obviously if it’s the end of the world, you gotta do what you gotta do, but that’s what prepping is for. My daughters tease me that my toothpaste stash might actually outlast the apocalypse.
Until then, get yourself some normal toothpaste and brush your teeth like your mama taught you, please.
“Move somewhere cheaper and commute.”
I often see advice about moving someplace cheaper, and that can be a wonderful solution in certain situations. But…not in all situations. It has worked well for me in the past, especially once I began working online.
But let’s think this through.
Are you leaving a great job to move someplace without the same work opportunities? You might want to rethink that with the job market as it is.
Are you planning to commute for work and school and just live an hour outside of town? Um… prepare to spend a fortune on gas PLUS loads of time as the commute gets longer when more people have the same idea. When you spend more time on the road, you have less time for cooking, meal-planning, yard work, and other types of activities that save you money.
Are you losing the support of nearby family and friends? It depends on your situation how much that will cost you. If you rely on a family member for childcare, get ready to have a heart attack when you see how much paying for fulltime childcare costs now. If you have health issues, having family around can be even more important. Not only might you need a ride to the hospital that doesn’t cost $20k out of pocket, but you might need someone to stop by and take care of your pets/children, etc.
This is advice that definitely can work, but not for everyone.
“Deny yourself life-quality/hygiene to save a buck.”
We know that on occasion, broke happens and you simply cannot afford to go to an event that costs money, whether for gifts or transportation or admission. And sometimes we can’t afford to maintain things like hair color or professionally manicured nails or a stylish wardrobe, which is more important in some jobs than others.
But that doesn’t mean you have to step back from life completely. Have you ever met someone who avoids weddings, birthdays, showers, and holiday events just because they want to save some money? I sincerely believe that’s no way to live. Sure, you don’t have to accept every single invitation that comes your way but for people you truly care about, I think that it’s worth the expenditure. You can find all sorts of creative ideas for gift-giving online, as well as thrifty menus and other treats.
Life is way to short to go full-on hermit in the name of saving money.
As far as your appearance goes, it’s one thing to skip the expensive trips to the salon or eschew buying new clothes, but it’s entirely another to avoid cleanliness and personal hygiene. Unless your situation is truly dismal and you no longer have running water or a home, you can almost always afford to stay clean, if not fashionable.
Please understand that we’re not talking about extreme scenarios or the end of the world here – we’re talking about the lengths that some folks go to in order to save money. And these are people who could afford to spend a little and embrace life (and smell good while doing it.)
Anything health and safety related
There are some places you just shouldn’t cut corners. Don’t drive a car with bad brakes for “as long as possible.” Don’t get cruddy windshield wipers. Don’t go to work when you’re too sick to be there (and when you’re likely to spread your illness.) Don’t skimp on checking out that questionable lump or spot. Don’t resist getting emergency treatment for something that could become severe or even life-threatening.
With things like these, it’s just not worth the risk to save some money. Either you’ll spend it now, or you’ll spend more later. Or, even worse, something terrible will happen due to your neglect.
Your safety and well-being are worth the extra money. If you can’t afford to fix your vehicle when it’s unsafe to drive, then take public transit or join a carpool. If you need urgent medical care, go to the hospital and set up a payment plan afterward.
Please don’t put yourself at risk to save money. Your life is worth more than that.
What do you think are the worst frugal living hacks out there?
Is there a piece of money-saving advice that makes your ears bleed every time you hear it? Is there a frugal living trick that you think is dead wrong? What is it, and why do you think it’s a bad idea?
Let’s talk about the worst frugal-living hacks in the comments section.
One Response
Not contributing to an employer’s 401K if available.