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Don't Be Cheap in These Four Areas

Don't Be Cheap in These Four Areas

| January 01, 2019

Because I’m a financial geek, people assume that I am also a cheapskate. I beg to differ. Although I do tend toward living “fiscally conservatively,” I’m extravagant in areas that are important to me.

I like the quote by Owen Young, “If one spends what he should prudently save that certainly is to be deplored. But if one saves what he should prudently spend that is not necessarily to be commended.”  

Here are four areas where you should be unafraid to spend more than the lowest price:

  1. Safety and security. Don’t scrimp on something that is vital to your family’s safety or your own personal security.
  2. Be hilariously generous in giving. Err on the side of giving too much rather than giving too little.
  3. Long-term assets. Don’t take shortcuts or the cheap route when choosing construction materials for a home or buying something that is going to last a long time.
  4. Vacations. Family vacations can be significant sources of memories and bonding. Take one, spend some, and enjoy it; I doubt you’ll regret it later.  

Buying a lower quality, lower cost item is fine in some areas. Is it worth it to spend more on a shirt with a designer label, for example, than a comparable shirt without it? It isn’t worth it to me.

Whatever the expenditure, find those things in your life that are not significant and spend less on them so that you can spend more on items that are more important. 

Proverbs 27:23 says, “Know well the condition of your flocks and pay attention to your herds” (NASB). An updated, modern translation: “Know your spending and match it to what’s important to you.”

Jeremy L. White