When Should You Not Save Money?

money savingmoney savingBelieve it or not, saving money is not always the way to go. Despite the viscous amounts of time I spend preaching the good word of saving and frugality, there are 5 clear cut times where I personally feel that no one should feel the urge to save money:

1. Education. Obviously it would make more sense to attend a local school opposed to one many miles away. However, on the contrary if that school further away from you is the one that you feel will offer you the most valuable education then by all means enroll. Your education is one of the greatest investments you will make in your life, so do not worry about spending an extra couple hundred or thousand dollars, it will all be worth it in the end (unless you drop out of course).

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2. Repairs in general. Whether your car breaks down or your heater stops functioning during a cold winter night, you should not try to find a shortcut or a way to save money. Get the job done properly and by a professional, not by one of your buddies who's seen a movie on the subject and thinks they can fix everything. I am not saying that you should get ripped off or accept the services of the first company you speak with. You should gather a few estimates and choose one that will offer the best value, not the lowest price. Getting the job done properly will prevent you from having to stress about any short term issues arising.

3. First date/interview. First date does not have to be the first time you take that girl from work out, it could refer to the first time you get to speak with a specific individual in the field of your choice. In regards to your first interview, do not be cheap the first time you go for a job interview you have been waiting months for by showing up in the worst clothing you can find. I am not saying you should buy an Armani suit but you should definitely shop around for that perfect job interview outfit (depending on your field of work). Remember first impressions count, so on top of your high level of knowledge you should also present yourself very professionally.

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4. Taxes. That is right, there are only two guarantees in life; death and taxes. There are clear and ethical methods to help you save money on your taxes and income tax filing. Then there are the other methods which I will not list here for legal reasons. If you plan on running a business then you should definitely get into the habit of paying your taxes or else you will have to face a potentially embarrassing situation when the government catches you, and believe me they will. That is all I will discuss on taxes for now because there is way too much to cover.

5. Helping a friend/family member in need. When I say helping a friend in need I am not talking about your buddy Steve who wants some money so he can go out drinking. I am referring to that friend who is obviously struggling financially but has too much pride to ask you for a couple of bucks to help pay his rent. We all at some point will be in a position where nothing is going right, money is tight, and it feels like there is no one to turn to for help. Just like we would all hope to be helped during a tough economic time we should reciprocate that behaviour. There is no greater feeling than helping a friend or family member get through a slump and rise to their feet.

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When have you felt the urge to NOT save money because it was not feasible?