When it comes to saving money, there’s a ton of commonly held beliefs and practices that are downright dangerous to your wealth, your health, and your peace of mind.
Here’s just a places where “pinching pennies” can actually cost you big time:
- Regular Car Maintenance – look, no one enjoys going to the auto shop for an oil change, tire rotation, or much of anything else. But keeping your vehicle properly maintained will not only save you money over the long run, it can help prevent a costly, massively inconvenient breakdown. Who needs that?
- Tired, Outdated Dress Clothes – now that “casual Friday” has spread to every other day of the week in many businesses, fewer of us see any need to keep our suits and dress clothes up to date and in prime condition. But you never know when the need will arise to look your best… and you absolutely don’t want to show up for a job interview wearing clothes that don’t fit properly or look worn out.
- Duct-Taping Home Repairs – The day you discover that leaky roof or water heater or whatever, it’s tempting to just try to patch something together to hold off disaster a bit longer. But unless you have no other option, then the best way to make sure you don’t toss money away on cheap-o fixes that won’t last is to make the investment to get the job done right.
One of the biggest penny-pinching mistakes people make is to NOT fund their retirement plan on a regular basis. It takes time to build up a solid portfolio, but even small, regular contributions can pay off in a big way.
And that’s the key with financial planning – thinking long term. Give us a call at 513-563-PLAN (7526) or book online to schedule your free portfolio review and we’ll work together to create a future that’s smart, safe, and secure.
Dan Cuprill, CFP®