Frugal people try to save money wherever they can. They avoid careless spending, carefully plan their budget, and constantly look for the greatest offers on everything they purchase.
That said, being thrifty is generally regarded as a positive financial quality. But I think that having flexibility is a smart way to become thrifty.
Strict guidelines like "never spend money whenever possible," "always buy the cheapest item," "always grab the biggest discount," and so on may actually make you spend more money over time.
Let us take health care, for instance. Health care in America can be expensive.
Most adults feel healthy, with no health concerns, and have no chronic conditions. I remember that before 2015, I did not get sick at all, and all I needed was the usual yearly check-up. I seldom saw the hospital.
If you are healthy, you could be tempted to forgo buying health insurance and save yourself paying those high premiums. This is a risk that could cause you financial ruin if you are not lucky.
Hospital costs depend on the hospital, where it is, the patient’s insurance coverage, and more. They can vary wildly. The average per-day hospital cost in the U.S. is $2,883, with California ($4,181) the most expensive, and Mississippi ($1,305) the least. The average hospital stay is 4.6 days, at an average cost of $13,262.
If surgery is involved, hospital costs soar through the roof. Some of the most common surgeries have price tags that top $100,000.
Source
You'll wish you had insurance if you get in an accident that requires surgery. With health insurance, you'll only pay a fraction of that. But without... you could be stuck with the entire bill.
And yes, even when they do have health insurance, some people do not use their health insurance to avoid higher copays and other expenses. They might save a little money now but might end up with skyrocketing medical expenses later.
Some health issues may not be noticeable until they are more serious and expensive to fix. Furthermore, known problems may worsen and necessitate additional and more costly prescription drugs.
It's easy to get sucked into the never-ending chase of wealth and forget that life loses a lot of its joy when one's physical and mental well-being are compromised. Prioritizing our health allows us to enjoy those benefits without being constrained by pain, exhaustion, or discomfort. By doing so, we may enhance our quality of life and possibly realize higher financial gains over time.
Reference
https://www.debt.org/medical/hospital-surgery-costs/
https://www.commonwealthfund.org/publications/surveys/2023/oct/paying-for-it-costs-debt-americans-sicker-poorer-2023-affordability-survey
https://wealthtender.com/insights/health-is-wealth/#
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