When has being frugal or cheaping out bit you in the rear?

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
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Xrayman69
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When has being frugal or cheaping out bit you in the rear?

Post by Xrayman69 » Sun Dec 16, 2018 10:25 pm

One of my favorite discussions ever was on what frugal things people did “today”.

Have you ever regretted a frugal maneuver?

My biggest: 2008 I did not have a smart phone, just a flip phone. When visiting my in laws in another state they did not have internet. We were away for 3 days (Friday - Sunday evening). Returned to answering machine message from sellers real estate agent that knew we were interested in looking for a new home purchase and specifically this single house that we were eyeing. Over the weekend the owners agent reduced the price of our dream home by 35% (May 2008). I frantically called the agent at 10:30 pm to make a full offer on her messaging machine and acknowledge that we did not have an agent but would appreciate if we could use an agent in her office. The sellers agent did not have our cell phone number prior to this message. By this time several other had also made offers but no clarification from owners agent. We ended up offering another 5% above asking and we would pay all closing fees.

This is the house we still live in and is still my happy place where we are raising our child. Thus this frugality of not having access to the internet and email has never occurred again. I may choose to not be connected or read my emails but I will not choose not to have access and be connected.
Last edited by Xrayman69 on Mon Dec 17, 2018 9:23 pm, edited 1 time in total.

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Watty
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Re: When has being frugal or cheating out bit you in the rear?

Post by Watty » Sun Dec 16, 2018 11:25 pm

I have found myself out traveling or at some event where bottles of water were around $3.00 and I baulked at paying that much and ended up getting dehydrated and getting a headache and grumpy. I didn't get sick but I realized that once I spend the time and money to do things that spending a few bucks for overpriced water makes sense if I run out of water for some reason.

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Re: When has being frugal or cheating out bit you in the rear?

Post by boglemania » Sun Dec 16, 2018 11:34 pm

Taking cheap flights with too many layovers/long layovers/ bad times. Grumpy start to a vacation /trip.

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Re: When has being frugal or cheating out bit you in the rear?

Post by whodidntante » Sun Dec 16, 2018 11:34 pm

I had some profound negative experiences at a formative age. Sometimes I am excessively on guard to avoid being taken advantage of. But there is more to life than avoiding being duped.

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JoMoney
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Re: When has being frugal or cheating out bit you in the rear?

Post by JoMoney » Sun Dec 16, 2018 11:45 pm

I've gathered from relative experience that I have a very high tolerance for discomfort, especially when there is a price tag attached.
I think it may have "bit me" in social settings where my cheapness has been ridiculed ( I don't take offense to it, I wear it as a badge of honor ). There have been a few times where my preferences have inconvenienced others beyond their threshold, and I do feel guilty then, I have to be mindful of my cheapness when buying something that will be shared.
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Re: When has being frugal or cheating out bit you in the rear?

Post by Cycle » Sun Dec 16, 2018 11:46 pm

When junk food appears in our house after a party, I'm too cheap to throw it out after the party. I end up eating the junk food for several days. E.g. pecan pie after Thanksgiving
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Re: When has being frugal or cheating out bit you in the rear?

Post by Finridge » Mon Dec 17, 2018 12:58 am

For me, it's paralysis by analysis. When I'm buying anything (whether a product or service) I want the best possible, and at the best possible price. In other words, I am a maximzer, not a satisficer. The plus side of this is when I do pull the trigger on the purchase, I'm almost always very happy with it. But the downside is that I over-analyze things and am too slow to make purchases. This is me cheating myself, because you're better with the "good enough" item that you enjoy than than going completely without because you are still looking for the elusive "perfect" item. Also, this often not a good use of my time.

Cycle wrote:
Sun Dec 16, 2018 11:46 pm
When junk food appears in our house after a party, I'm too cheap to throw it out after the party. I end up eating the junk food for several days. E.g. pecan pie after Thanksgiving
If questioned on this, I'm invoking the 5th Amendment.
Last edited by Finridge on Mon Dec 17, 2018 1:07 am, edited 2 times in total.

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Re: When has being frugal or cheating out bit you in the rear?

Post by jabberwockOG » Mon Dec 17, 2018 1:00 am

35 years ago I returned a business trip rental car to the airport on a busy Friday afternoon just to swap it out and get a $9/day lower rate for a personal 3 day weekend. Long lines, crowds, no cars, etc - the swap took me apprx 2.5 hours to accomplish. I saved $27 bucks - way not worth it. It did teach me a long remembered lesson about the value of time versus saving a few bucks.

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Re: When has being frugal or cheating out bit you in the rear?

Post by blackwhisker » Mon Dec 17, 2018 1:08 am

thank you for this great thread! i love it when we can be open and laugh about our own mistakes. i have done plenty of "penny wise pound foolish" things. i am glad i am not alone.

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Re: When has being frugal or cheating out bit you in the rear?

Post by catdude » Mon Dec 17, 2018 1:51 am

Years ago I thought XM satellite radio was the coolest thing around, especially the ability to listen to baseball game broadcasts. I had XM installed in my car... I went for the cheapest radio I could find. I enjoyed it a lot, so much so that I realized what I really wanted was the most expensive radio out there. So I had that installed instead and threw away the old radio. If I'd had the expensive radio installed first I would've saved a bunch of money. Just goes to show that sometimes being frugal backfires on me.
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Re: When has being frugal or cheating out bit you in the rear?

Post by Luckywon » Mon Dec 17, 2018 2:01 am

Hired someone from Craigslist to install custom drapes. They didn't know what they were doing. Suffered with them for two years then finally replaced them all using a professional installer.

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Re: When has being frugal or cheating out bit you in the rear?

Post by LaurieAnnaT » Mon Dec 17, 2018 2:34 am

We definitely stayed too long with dial-up internet before going with DSL. It really became an issue when my husband tried to use it for business telecoms. There's no way dial-up internet can keep up with a PowerPoint presentation!

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Re: When has being frugal or cheating out bit you in the rear?

Post by FireProof » Mon Dec 17, 2018 6:56 am

I've certainly made foolish decisions in terms of spending large amounts of time to save small amounts of money, but that wasn't really something that came back to bite me, but just a poor decision at the time - e.g. spending hours of research to save $20 on a purchase.

Perhaps just a proof of how cheap I am, but can't say I've really had problems with quality of cheap things except with headphones and earbuds. First, I tried to go really cheap, and got some earbuds at Daiso for 99 yen (about $0.87). One of the sides stopped working within about two weeks. Then I decided to loosed up a bit and ordered some nice-looking foldable Chinese headphones on Amazon for around $12. These stopped working COMPLETELY within a month, which I'd actually never had happen - usually one sides stops working, and then I stop using them, so it never reaches that point. Last week, I wandered over to a Chinese store and picked up some Bluetooth, noise-cancelling headphones for €12.99, resisting the temptation to get the cheap wired headphones for €4.99, or the cheap Bluetooth headphones for €8.99. So far so good, and I have hope that without wires, there is less room for mechanical failure, but I realize it soon may prove false economy to have balked at the €25 name-brand Bluetooth headphones.

Maybe with sneakers, too - I'm on my 4th pair in the last 17 months. I spent 50 ringgit ($12) on some imitation Adidas, but they were wrecked within 3 months (to be fair, a lot of tough jungle conditions). Then, I picked up some shoes from Life Supermarket for 2000 yen (almost $18), which was cheap for the country. They also made it about 4 months. Frustrated with my expenses, I actually tried to restrict costs even further and got some sneakers on sale at Walmart for $10 - these were the worst shoes Ive ever had, and all the texture of the sole rubbed off within about a month. They never actually broke, but walking in the rain was an adventure every time, and I eventually got fed up and tossed them. Finally, I threw caution to the wind and got some sturdy brand-name shoes for €18, and after 4 months, they are still in perfect condition. However, in reality, beyond the hassle of buying more shoes, I cant complain too much about the cost o the first three pairs - $40 for a year of shoe leather is more than i usually spend, but not unreasonable.

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Re: When has being frugal or cheating out bit you in the rear?

Post by neilpilot » Mon Dec 17, 2018 7:34 am

A few years ago I prepaid a 1 week car rental to save around $45. On the day we tried to leave I had a problem with my airplane, and ended up driving there all day in my car. Since I now had my own car, never picked up the rental so lost around $200 based on trying to save that $45.

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Re: When has being frugal or cheating out bit you in the rear?

Post by tea_pirate » Mon Dec 17, 2018 9:06 am

catdude wrote:
Mon Dec 17, 2018 1:51 am
Years ago I thought XM satellite radio was the coolest thing around, especially the ability to listen to baseball game broadcasts. I had XM installed in my car... I went for the cheapest radio I could find. I enjoyed it a lot, so much so that I realized what I really wanted was the most expensive radio out there. So I had that installed instead and threw away the old radio. If I'd had the expensive radio installed first I would've saved a bunch of money. Just goes to show that sometimes being frugal backfires on me.
I do a similar thing with larger purchases. For example I was looking at a $1000 3D printer, but I had a hard time justifying it so I got a $250 one first. Obviously it didn't have all the features I wanted and the Chinesium parts weren't high quality. So a few months later I sold it for $80 and bought the one I originally wanted. I could have "saved" $170 if I just got the better one to start with.

Then there's the other side of the coin, where I would have "saved" $750 if I found little use for it and never got the $1000 printer. That's definitely the justification for why I keep doing this, but I don't think it happens often enough since I can't think of a recent example where I bought the cheaper version of something I really wanted and ended up not buying the fancier model at some point.

I have been getting better at just biting the bullet and buying for the features that I want, although it does take a conscious effort of remembering all the times I've regretted not doing that before I make the purchase.

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Re: When has being frugal or cheating out bit you in the rear?

Post by fposte » Mon Dec 17, 2018 9:18 am

I cheaped out on a range hood. Every time I look at it it annoys me. It's an okay one, but when you go up about double the price you get the nicer-looking ones. I wasn't swimming in money, but I had enough to get the higher-priced ones.

I went really cheap on a TV and just am not bothered by its limits, so I don't know if there's a takeaway I can apply for future use. Maybe it's "be prepared to upgrade if you hate it" and I should just get a new range hood.

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Re: When has being frugal or cheating out bit you in the rear?

Post by bengal22 » Mon Dec 17, 2018 9:30 am

Raised deductible on house insurance 6 months before sump pump went out.
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Re: When has being frugal or cheating out bit you in the rear?

Post by JediMisty » Mon Dec 17, 2018 9:35 am

Watty wrote:
Sun Dec 16, 2018 11:25 pm
I have found myself out traveling or at some event where bottles of water were around $3.00 and I baulked at paying that much and ended up getting dehydrated and getting a headache and grumpy. I didn't get sick but I realized that once I spend the time and money to do things that spending a few bucks for overpriced water makes sense if I run out of water for some reason.
+1. And on another occasion, should have taken a cab back to Penn station when I was overheated. Ending up squished into a overcrowded subway car without a/c and passed out after exiting the subway. Cops couldn't revive me long enough for me to walk. Trip to the hospital in an ambulance where I got rehydrated which cost me hundreds in copays after insurance and hours of delay :oops: :oops:

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Re: When has being frugal or cheating out bit you in the rear?

Post by dodecahedron » Mon Dec 17, 2018 9:38 am

After ten years of paying for high deductible collision and comprehensive on my 2007 Honda Accord and no claims, I decided to drop it given the fair market value of the car and the fact that I do not drive very much anyway. A few months later a deer decided to jump on the hood of my car, doing almost $3K in damage. (Deer survived--at least briefly--and bounded off into the woods.)

A few more months of comprehensive coverage would have definitely helped pay for the repairs.

So it goes. Ex ante, I still think I did the right thing even if it turned out badly ex post.

Same thing with health insurance. For decades, New York State did not allow folks to choose high deductible plans and I had minimal claims. In 2014, I finally had the choice to purchase a high-deductible policy (¨Bronze¨) with a $13K out of pocket max. The very first year, my appendix unexpectedly ruptured in late December and I hit the OOP max. My medical expenses that year probably exceeded the total over the entire course of my life up to that point (admittedly without adjusting for inflation.) In retrospect, I could have saved money in 2014 if I had stayed on late husband´s COBRA.

Lots of things in life are like that. A philosophical attitude helps. 8-)

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Re: When has being frugal or cheating out bit you in the rear?

Post by goingup » Mon Dec 17, 2018 10:01 am

Sometimes (not every time) when eating out I'll choose a menu item that is cheaper than what I really feel like eating. My regret is compounded when a dining companion chooses that item and raves about it.

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Re: When has being frugal or cheating out bit you in the rear?

Post by LiterallyIronic » Mon Dec 17, 2018 10:37 am

Bought car. Drove it around. Ignored oil light. Destroyed engine. $3000 engine replacement.

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Re: When has being frugal or cheating out bit you in the rear?

Post by TheHouse7 » Mon Dec 17, 2018 10:41 am

I used a "penalty free" traditional IRA withdrawal for our first down payment on our house (why doesn't anyone else do this :confused ) Happened to be our highest earning year, resulting in our first big tax bill.

:oops:
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Re: When has being frugal or cheating out bit you in the rear?

Post by barnaclebob » Mon Dec 17, 2018 10:45 am

After a few vacations earlier in my working life where I cheaped out on some meals or experiences, I now tell myself and my wife "we didn't fly to the other side of the world to save $100"

Otherwise I'm not sure if I've been bitten by being frugal. If I don't "need" something I wont buy it and if I do "need" something I'll buy quality and for the most part always have.

One thing I can think of is committing to a NiCad battery system for my tools when Lithium was starting to become more popular in 2009. Now that my Nicad batteries have died I'm replacing the tools instead of buying new batteries. Looks like I'm right at the beginning of Milwaukee tools that you can now change settings with an app on your phone and have sprung for that when available.

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Re: When has being frugal or cheating out bit you in the rear?

Post by stoptothink » Mon Dec 17, 2018 10:59 am

3.5yrs ago I got a new job, my son was just born and we decided that my wife would stay home with the kids (at least for a while), and we decided to go down to one car because my new office was walking distance from our home. We decided to give our 2nd car to my brother-in-law so I took it off our insurance as I waited for him to come pick it up (supposed to be that weekend). Literally the day after I took it off our insurance, my wife for some reason decided to drive it to the grocery story. A lady stopped in the middle of an intersection on a yellow light and my wife rear-ended her. I was able to get to the scene within 30mins, there appeared to be zero damage to the other vehicle (accident happened at ~10mph). Nonetheless, because my wife was driving a vehicle which (as of less than 24hrs) was not insured, her license was suspended and the car was impounded. About a month later we got a bill from the other driver's insurance...for $9500. I am almost certain it was outright fraud, but considering my wife was driving an uninsured vehicle, I didn't think we had any option and just sent them a check.

To make the situation even more fun, my BIL came and picked up the vehicle that weekend and preceded to sell it for $2k a few days later. We were giving him a car, that we could have sold ourselves, because he was bumming rides off his parents and friends for everything (this is a 29yr old man). We (wife and I) agreed after that that we were done financially helping out her siblings. All in all, going down to one car cost us a huge hassle (suspended license, SR22 insurance, courts, etc.) and ~$12k.

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Re: When has being frugal or cheating out bit you in the rear?

Post by Call_Me_Op » Mon Dec 17, 2018 11:01 am

I think you have a typo in your title.
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Re: When has being frugal or cheating out bit you in the rear?

Post by Sandtrap » Mon Dec 17, 2018 11:02 am

boglemania wrote:
Sun Dec 16, 2018 11:34 pm
Taking cheap flights with too many layovers/long layovers/ bad times. Grumpy start to a vacation /trip.
+1
Now, it's First Class . . . and 4 star (no more motels, etc).

Keeps the "Grumpies" away.

Grumpaw:D
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Re: When has being frugal or cheating out bit you in the rear?

Post by TN_Boy » Mon Dec 17, 2018 11:03 am

FireProof wrote:
Mon Dec 17, 2018 6:56 am
I've certainly made foolish decisions in terms of spending large amounts of time to save small amounts of money, but that wasn't really something that came back to bite me, but just a poor decision at the time - e.g. spending hours of research to save $20 on a purchase.

Perhaps just a proof of how cheap I am, but can't say I've really had problems with quality of cheap things except with headphones and earbuds. First, I tried to go really cheap, and got some earbuds at Daiso for 99 yen (about $0.87). One of the sides stopped working within about two weeks. Then I decided to loosed up a bit and ordered some nice-looking foldable Chinese headphones on Amazon for around $12. These stopped working COMPLETELY within a month, which I'd actually never had happen - usually one sides stops working, and then I stop using them, so it never reaches that point. Last week, I wandered over to a Chinese store and picked up some Bluetooth, noise-cancelling headphones for €12.99, resisting the temptation to get the cheap wired headphones for €4.99, or the cheap Bluetooth headphones for €8.99. So far so good, and I have hope that without wires, there is less room for mechanical failure, but I realize it soon may prove false economy to have balked at the €25 name-brand Bluetooth headphones.

Maybe with sneakers, too - I'm on my 4th pair in the last 17 months. I spent 50 ringgit ($12) on some imitation Adidas, but they were wrecked within 3 months (to be fair, a lot of tough jungle conditions). Then, I picked up some shoes from Life Supermarket for 2000 yen (almost $18), which was cheap for the country. They also made it about 4 months. Frustrated with my expenses, I actually tried to restrict costs even further and got some sneakers on sale at Walmart for $10 - these were the worst shoes Ive ever had, and all the texture of the sole rubbed off within about a month. They never actually broke, but walking in the rain was an adventure every time, and I eventually got fed up and tossed them. Finally, I threw caution to the wind and got some sturdy brand-name shoes for €18, and after 4 months, they are still in perfect condition. However, in reality, beyond the hassle of buying more shoes, I cant complain too much about the cost o the first three pairs - $40 for a year of shoe leather is more than i usually spend, but not unreasonable.
I came to the realization years ago that spending money on good shoes (whether running, hiking or daily use) was one of the best uses of clothing money one could make.

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Re: When has being frugal or cheating out bit you in the rear?

Post by Nicolas » Mon Dec 17, 2018 11:08 am

Call_Me_Op wrote:
Mon Dec 17, 2018 11:01 am
I think you have a typo in your title.
No wonder I couldn’t figure that out! I was expecting to see some posts where people confessed to cheating but nobody did.
Last edited by Nicolas on Mon Dec 17, 2018 11:09 am, edited 1 time in total.

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Re: When has being frugal or cheating out bit you in the rear?

Post by Boglegrappler » Mon Dec 17, 2018 11:09 am

This thread reminds me of one of my thoughts that I always had when in meetings debating about what equipment to buy, or whom to hire for a job or assignment. It seemed that all too often, the discussions could be boiled down to the question : "Why pay full price for something that we know will work properly and be reliable, when for 40% less we can buy something that will be close to useless? "

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Re: When has being frugal or cheating out bit you in the rear?

Post by sunny_socal » Mon Dec 17, 2018 12:16 pm

Not spending more on my honeymoon!

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Re: When has being frugal or cheating out bit you in the rear?

Post by neilpilot » Mon Dec 17, 2018 12:22 pm

LiterallyIronic wrote:
Mon Dec 17, 2018 10:37 am
Bought car. Drove it around. Ignored oil light. Destroyed engine. $3000 engine replacement.
I fail to see where this is being frugal or cheap.......just not very smart

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Re: When has being frugal or cheating out bit you in the rear?

Post by Glockenspiel » Mon Dec 17, 2018 12:32 pm

Taking a layover on a flight, not buying a beer at a sporting event ($9-$10!), opting for cheaper tickets at a theater production, flying at inconvenient times to save money, going to the less expensive restaurant instead of the more expensive restaurant.

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Re: When has being frugal or cheating out bit you in the rear?

Post by LiterallyIronic » Mon Dec 17, 2018 1:06 pm

neilpilot wrote:
Mon Dec 17, 2018 12:22 pm
LiterallyIronic wrote:
Mon Dec 17, 2018 10:37 am
Bought car. Drove it around. Ignored oil light. Destroyed engine. $3000 engine replacement.
I fail to see where this is being frugal or cheap.......just not very smart
I mean, I had heard of oil changes, but I figured they were only to optimize efficiency or something and that I could get by without paying $30 to replace oil and could instead just use the same oil forever. But it turns out that your oil doesn't just get old, it also runs out and can be checked via a dipstick (and more can be poured in). They tell you "You should change your oil every 5,000 miles" but they don't tell you "You're gonna run out of oil eventually and break your car."

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Re: When has being frugal or cheating out bit you in the rear?

Post by dm200 » Mon Dec 17, 2018 1:10 pm

I sometimes spend more time, effort, etc. that ends up with close to no net benefit. The delays (then) end up costing more.

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Re: When has being frugal or cheating out bit you in the rear?

Post by smitcat » Mon Dec 17, 2018 1:10 pm

LiterallyIronic wrote:
Mon Dec 17, 2018 1:06 pm
neilpilot wrote:
Mon Dec 17, 2018 12:22 pm
LiterallyIronic wrote:
Mon Dec 17, 2018 10:37 am
Bought car. Drove it around. Ignored oil light. Destroyed engine. $3000 engine replacement.
I fail to see where this is being frugal or cheap.......just not very smart
I mean, I had heard of oil changes, but I figured they were only to optimize efficiency or something and that I could get by without paying $30 to replace oil and could instead just use the same oil forever. But it turns out that your oil doesn't just get old, it also runs out and can be checked via a dipstick (and more can be poured in). They tell you "You should change your oil every 5,000 miles" but they don't tell you "You're gonna run out of oil eventually and break your car."
"They tell you "You should change your oil every 5,000 miles" but they don't tell you "You're gonna run out of oil eventually and break your car.""

Your cars handbook explains how and when to check your oil level - aas well as why it is so important to do so.
Best to check the handbook for other potential issues as well.

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Re: When has being frugal or cheating out bit you in the rear?

Post by dm200 » Mon Dec 17, 2018 1:11 pm

sunny_socal wrote:
Mon Dec 17, 2018 12:16 pm
Not spending more on my honeymoon!
There must be a "good" or "bad" story here! :confused

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Re: When has being frugal or cheating out bit you in the rear?

Post by Nicolas » Mon Dec 17, 2018 1:17 pm

LiterallyIronic wrote:
Mon Dec 17, 2018 1:06 pm
neilpilot wrote:
Mon Dec 17, 2018 12:22 pm
LiterallyIronic wrote:
Mon Dec 17, 2018 10:37 am
Bought car. Drove it around. Ignored oil light. Destroyed engine. $3000 engine replacement.
I fail to see where this is being frugal or cheap.......just not very smart
I mean, I had heard of oil changes, but I figured they were only to optimize efficiency or something and that I could get by without paying $30 to replace oil and could instead just use the same oil forever. But it turns out that your oil doesn't just get old, it also runs out and can be checked via a dipstick (and more can be poured in). They tell you "You should change your oil every 5,000 miles" but they don't tell you "You're gonna run out of oil eventually and break your car."
When I was a kid I cut lawns around the neighborhood for money using my dad’s lawnmower. I cut our own lawn too. Well one day the engine seized due to no more oil. Nobody ever told me the engine needed oil and I never checked it. He had to buy a new lawnmower. Not my fault as nobody told me but I never forgot that.

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Re: When has being frugal or cheating out bit you in the rear?

Post by LiterallyIronic » Mon Dec 17, 2018 1:22 pm

Nicolas wrote:
Mon Dec 17, 2018 1:17 pm
LiterallyIronic wrote:
Mon Dec 17, 2018 1:06 pm
neilpilot wrote:
Mon Dec 17, 2018 12:22 pm
LiterallyIronic wrote:
Mon Dec 17, 2018 10:37 am
Bought car. Drove it around. Ignored oil light. Destroyed engine. $3000 engine replacement.
I fail to see where this is being frugal or cheap.......just not very smart
I mean, I had heard of oil changes, but I figured they were only to optimize efficiency or something and that I could get by without paying $30 to replace oil and could instead just use the same oil forever. But it turns out that your oil doesn't just get old, it also runs out and can be checked via a dipstick (and more can be poured in). They tell you "You should change your oil every 5,000 miles" but they don't tell you "You're gonna run out of oil eventually and break your car."
When I was a kid I cut lawns around the neighborhood for money using my dad’s lawnmower. I cut our own lawn too. Well one day the engine seized due to no more oil. Nobody ever told me the engine needed oil and I never checked it. He had to buy a new lawnmower. Not my fault as nobody told me but I never forgot that.
Yep. Oil (or the lack thereof) was one of the reasons I went with an electric when I bought my first lawnmower.

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SagaciousTraveler
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Re: When has being frugal or cheating out bit you in the rear?

Post by SagaciousTraveler » Mon Dec 17, 2018 1:24 pm

Not having unlimited cell data for years. While my wife and I became really good at avoiding the use of data, the amount of work and bickering just wasn't worth it.
Last edited by SagaciousTraveler on Mon Dec 17, 2018 2:08 pm, edited 1 time in total.

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David Jay
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Location: Michigan

Re: When has being frugal or cheating out bit you in the rear?

Post by David Jay » Mon Dec 17, 2018 1:25 pm

Buying Cheap Tools

Purchasing cheap no-name-brand import tools, only to have them fail the first time I put them to hard use. My current mantra:

"The last time you regret buying quality is at the check-out, the last time you are glad you bought junk is at the check-out."

Of course I want to buy quality tools at 30% off...
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius

GoldenFinch
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Re: When has being frugal or cheating out bit you in the rear?

Post by GoldenFinch » Mon Dec 17, 2018 1:40 pm

Dollar store. Usually not worth a dollar.
Last edited by GoldenFinch on Mon Dec 17, 2018 1:42 pm, edited 1 time in total.

SundayMorning
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Re: When has being frugal or cheating out bit you in the rear?

Post by SundayMorning » Mon Dec 17, 2018 1:42 pm

LiterallyIronic wrote:
Mon Dec 17, 2018 1:06 pm
neilpilot wrote:
Mon Dec 17, 2018 12:22 pm
LiterallyIronic wrote:
Mon Dec 17, 2018 10:37 am
Bought car. Drove it around. Ignored oil light. Destroyed engine. $3000 engine replacement.
I fail to see where this is being frugal or cheap.......just not very smart
I mean, I had heard of oil changes, but I figured they were only to optimize efficiency or something and that I could get by without paying $30 to replace oil and could instead just use the same oil forever. But it turns out that your oil doesn't just get old, it also runs out and can be checked via a dipstick (and more can be poured in). They tell you "You should change your oil every 5,000 miles" but they don't tell you "You're gonna run out of oil eventually and break your car."
Just go to AutoZone and ask for their longest dipstick. Then you will not run low on oil. :P

moehoward
Posts: 270
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Re: When has being frugal or cheating out bit you in the rear?

Post by moehoward » Mon Dec 17, 2018 1:51 pm

Definitely vacations. Non-Stop flights when possible. When we travel international, we always stay at the airport hotel the night before we leave. No headaches (or strikes) and end the vacation on a comfortable note.

montanagirl
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Location: Montana

Re: When has being frugal or cheating out bit you in the rear?

Post by montanagirl » Mon Dec 17, 2018 2:02 pm

Xrayman69 wrote:
Sun Dec 16, 2018 10:25 pm
One of my favorite discussions ever was on what frugal things people did “today”.

Have you ever regretted a frugal maneuver?

My biggest: 2008 I did not have a smart phone, just a flip phone. When visiting my in laws in another state they did not have internet. We were away for 3 days (Friday - Sunday evening). Returned to answering machine message from sellers real estate agent that knew we were interested in looking for a new home purchase and specifically this single house that we were eyeing. Over the weekend the owners agent reduced the price of our dream home by 35% (May 2008). I frantically called the agent at 10:30 pm to make a full offer on her messaging machine and acknowledge that we did not have an agent but would appreciate if we could use an agent in her office. The sellers agent did not have our cell phone number prior to this message. By this time several other had also made offers but no clarification from owners agent. We ended up offering another 5% above asking and we would pay all closing fees.

What difference would a smart phone make if they didnt have your cell phone number?

michaeljc70
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Re: When has being frugal or cheating out bit you in the rear?

Post by michaeljc70 » Mon Dec 17, 2018 2:36 pm

goingup wrote:
Mon Dec 17, 2018 10:01 am
Sometimes (not every time) when eating out I'll choose a menu item that is cheaper than what I really feel like eating. My regret is compounded when a dining companion chooses that item and raves about it.
This!

barnaclebob
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Re: When has being frugal or cheating out bit you in the rear?

Post by barnaclebob » Mon Dec 17, 2018 2:47 pm

michaeljc70 wrote:
Mon Dec 17, 2018 2:36 pm
goingup wrote:
Mon Dec 17, 2018 10:01 am
Sometimes (not every time) when eating out I'll choose a menu item that is cheaper than what I really feel like eating. My regret is compounded when a dining companion chooses that item and raves about it.
This!
Most restaurants have a fairly narrowish range for the price of entrees, say $30-$40, how much difference are you guys talking? The only restaurants I've been to with big differences are high end steak houses that have options ranging from $45 to $175.

FoolMeOnce
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Re: When has being frugal or cheating out bit you in the rear?

Post by FoolMeOnce » Mon Dec 17, 2018 3:05 pm

stoptothink wrote:
Mon Dec 17, 2018 10:59 am
3.5yrs ago I got a new job, my son was just born and we decided that my wife would stay home with the kids (at least for a while), and we decided to go down to one car because my new office was walking distance from our home. We decided to give our 2nd car to my brother-in-law so I took it off our insurance as I waited for him to come pick it up (supposed to be that weekend). Literally the day after I took it off our insurance, my wife for some reason decided to drive it to the grocery story. A lady stopped in the middle of an intersection on a yellow light and my wife rear-ended her. I was able to get to the scene within 30mins, there appeared to be zero damage to the other vehicle (accident happened at ~10mph). Nonetheless, because my wife was driving a vehicle which (as of less than 24hrs) was not insured, her license was suspended and the car was impounded. About a month later we got a bill from the other driver's insurance...for $9500. I am almost certain it was outright fraud, but considering my wife was driving an uninsured vehicle, I didn't think we had any option and just sent them a check.

To make the situation even more fun, my BIL came and picked up the vehicle that weekend and preceded to sell it for $2k a few days later. We were giving him a car, that we could have sold ourselves, because he was bumming rides off his parents and friends for everything (this is a 29yr old man). We (wife and I) agreed after that that we were done financially helping out her siblings. All in all, going down to one car cost us a huge hassle (suspended license, SR22 insurance, courts, etc.) and ~$12k.
But think how much this experience saved you by stopping the financial support to the siblings!

michaeljc70
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Re: When has being frugal or cheating out bit you in the rear?

Post by michaeljc70 » Mon Dec 17, 2018 3:06 pm

barnaclebob wrote:
Mon Dec 17, 2018 2:47 pm
michaeljc70 wrote:
Mon Dec 17, 2018 2:36 pm
goingup wrote:
Mon Dec 17, 2018 10:01 am
Sometimes (not every time) when eating out I'll choose a menu item that is cheaper than what I really feel like eating. My regret is compounded when a dining companion chooses that item and raves about it.
This!
Most restaurants have a fairly narrowish range for the price of entrees, say $30-$40, how much difference are you guys talking? The only restaurants I've been to with big differences are high end steak houses that have options ranging from $45 to $175.
A typical restaurant where I live (I know that is pretty broad) might have entrees from $20-$40. Some places might even have cheaper options if you want just a salad. The expensive items tend to be good steaks and seafood. Lamb chops tend to be up there as well. I wouldn't change my order and get my 2nd choice for a $1 or $3. For $5-$10 or more I might. To clarify, I wouldn't get something I don't think I'll like. It might be a deciding factor though between 2 or 3 things I am interested in ordering.
Last edited by michaeljc70 on Mon Dec 17, 2018 3:08 pm, edited 1 time in total.

FoolMeOnce
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Re: When has being frugal or cheating out bit you in the rear?

Post by FoolMeOnce » Mon Dec 17, 2018 3:07 pm

TN_Boy wrote:
Mon Dec 17, 2018 11:03 am
I came to the realization years ago that spending money on good shoes (whether running, hiking or daily use) was one of the best uses of clothing money one could make.
And socks. No more twenty-packs of cheap Hanes for me.

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InvestorNewb
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Re: When has being frugal or cheating out bit you in the rear?

Post by InvestorNewb » Mon Dec 17, 2018 3:16 pm

I regret not buying graduation photos after graduating university. I remember at the time they seemed really expensive. Even though I could have easily bought them, I opted not to.
My Portfolio: VTI [US], VXUS [Int'l], VNQ [REIT], VCN [Canada] (largest to smallest)

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