Saving money is not the same as cutting corners

Photo by Fabian Blank on Unsplash

 

It may seem like a good idea to save money by cutting corners, and you may even see some immediate positive results. But in the long run, it may land up costing you more.

 

Instead of thinking of ways to cut corners it's a better idea to see how you can get most out of your money.

 

Saving is not always a quick process, and you should look at it with the big picture in mind. A penny saved today can cost you a dollar tomorrow, and that just does not make any sense.

 

Here are three places that you should not think about cutting corners:

 

Insurance:

It is always a good idea to have financial safety in the form of insurance. Paying insurance premium is always cheaper than paying for the actual deal. It's important to survey the market to make sure you're getting your money's worth.

 

Healthcare:

We don't give much importance to a yearly health checkup especially in the young age. We like to self-medicate thinking that the medical shop attendant will probably give you the same medicine that the doctor would prescribe. So, why not save the 300 to 500 Rupees that the doctor would charge. You’ll hear many horror stories that led to more complications that could have been avoided by going to the doctor in the first place. Don't be one among those stories.

 

Retirement savings:

No matter how much you save for your retirement it's never going to be enough, but that does not mean you postpone it. The sooner you start, the faster you get into the habit of saving for the future. Have certain goals marked for five years, ten years, fifteen years and so on and try to work and achieve them. This way it won't feel overwhelming, and you'd have the flexibility to change tact if required.

 

Now I’d like to hear from you, what are some of the things you don’t believe in cutting corners. Leave me a comment below and let’s get the conversation started.