8 Major Decisions That Shouldn’t Be Made Just To Save Money

As inflation and interest rates have been running hot for the last few years, costs for the average American have skyrocketed. For those living paycheck to paycheck, these recent price pressures have stretched already-thin budgets even further.

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In this type of environment, it can be tempting to slash costs at any expense, without seeing or even thinking of the potential ramifications. But some major decisions shouldn’t be made just to save money. Here’s a look at some of the most important ones.

Marriage

There are a surprising number of financial benefits that can come from getting married. For starters, tax brackets for married couples are much higher than for singles, meaning you can potentially get a break on your taxes if you get married. Living together in the same house can also bring a host of savings, as you’ll now share household expenses ranging from rent/mortgage and utilities to maintenance instead of paying for two different households.

But marriage is a lifelong commitment to the person you love, not a financial convenience. Getting hitched to someone before you’re emotionally ready just to save money can cause strain and pressure that can burden or even doom a marriage.

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Moving Back Home

Moving back home with your parents might seem like an obvious way to save money, and indeed many Americans do just that. But this decision can also have life-altering ramifications that may be even more important than money.

If you move back in with your parents, you’re giving up your independence and personal development as a person taking on the world on your own terms. It can also limit you socially.

Although it’s a personal choice to make, it’s important to consider the whole picture and not just look at it as a way to save money.

Staying at a Toxic Job

Staying at a toxic job just to earn a few extra bucks can cause significant emotional and physical problems. If you’re so stressed and burdened that simply showing up for work brings you down the entire day, what’s the point?

If you look around, you may find a much better job for comparable pay. And even if you have to take a small pay cut, your emotional and physical health are worth much more in the long run.

Moving to Another State

Moving to another state can be a good option for many people, including those looking to save money. But it’s not as simple as saying “Mississippi is more affordable than California so I’m going to move.”

In addition to uprooting your social life with friends and family, you could be moving to an area with an entirely new culture, customs and ways of doing things. While this can be adventurous and exciting, it’s definitely a huge life change that shouldn’t be undertaken just for financial purposes.

It’s also important to note that many states with lower expenses also pay lower wages. If you plan on changing jobs, you might not earn as much as you were before, negating some of the financial benefit of the move.

Skipping Medical Care

The unfortunate truth in America is that many people skip out on necessary medical care simply because of the high cost. But as the saying goes: “If you haven’t got your health, what have you got?”

Taking care of your mind and body are an important part of living a long, fulfilling life. Skipping medical care just to “save money” can actually cost you money in the long run.

Buying Low-Grade Food

Similar to skipping medical care or working a high-stress job, buying low-grade food may seem like a way to save money but it can actually prove more costly over time. Overly processed, low-grade food can contribute to chronic health problems that could trigger significant long-term expenses.

Avoiding Social Gatherings

It’s certainly true that cutting back on dining out can indeed save you money — and even your health — depending on where you eat. But this doesn’t mean that you should cut out all social interaction.

Isolating yourself just to save a few bucks could cause feelings of loneliness and even depression. Instead of completely avoiding friends and family, find a way to do it in an inexpensive fashion instead.

Postponing Car Maintenance

Just like you shouldn’t put off your own personal health care, postponing your car maintenance can be a big mistake also. While you could theoretically save money in the short-term, failing to take care of your car will almost certainly lead to costly long-term repair bills. 

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This article originally appeared on GOBankingRates.com: 8 Major Decisions That Shouldn’t Be Made Just To Save Money

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