8 ways being a cheapskate can backfire

DO THIS INSTEAD: You don’t have to sign up for every trial service, but if you do, make sure you cancel it before you begin getting charged. To stay on top of it, Irwin says to set calendar

alerts to cancel the subscription before the introductory period ends. 6. DIYING PROJECTS AND REPAIRS. YouTube makes it look easy to do everything from fix appliances to building a deck

without needing to hire an expensive professional.  That may be true if you have certain skills. Otherwise your DIY efforts may end up costing you more than it’s worth. “I thought I was

being so slick fixing my own washer, but I didn’t fix it,” Bodge recalls. “The repair ended up being more expensive than it would have been.” ​ DO THIS INSTEAD: If you don’t have the tools,

ability and time to fix it yourself, don’t be stubborn — call in a professional. Your attempt to fix it will cost you money, and if you fail you’ll ultimately need professional help anyway. 

​ 7. BUYING IT JUST BECAUSE IT’S ON SALE. We’re all guilty of buying something we don’t need simply because it’s on sale. Who can resist 50 percent off a new sweater or pair of shoes? Even

more attractive for frugal shoppers: Buy two, get one free. Before you know it, you’re purchasing two when you didn’t even need one. “With 70 percent off there’s still 30 percent you’re

paying for something you don’t need,” Bodge says. ​ DO THIS INSTEAD: Unless it’s something you need, don’t fall into the trap of buying it just because it’s on sale. “Stop and ask yourself: 

_Am I going to use those three things?_” Bodge says. If the answer is no, skip the purchase. 8. FORGOING EXTRA INSURANCE BECAUSE WHAT COULD GO WRONG?  The average lifespan in America is

76.4 years. That’s a lot of time for something to go wrong, yet many overly frugal people neglect to consider buying extra insurance for long-term care or a disability. They figure they’ll

remain healthy, but that can be a costly gamble, given the average couple can expect to spend $315,000 to cover medical expenses in retirement and that doesn’t include long-term care,

according to Fidelity Investments. Ask yourself whether you have enough money to cover the costs out of pocket, keeping in mind that Medicare doesn’t pay for assisted living facilities or

nursing homes for assisted living facilities or nursing homes. “Even though it’s more likely that most of us would need disability or long-term care insurance rather than life insurance,

it’s common to under-insure or uninsure ourselves for these life events,” says Irwin.  DO THIS INSTEAD: Find out what disability or long-term care insurance is available to you through your

employer, professional or personal associations you belong to and on the open market. Determine the coverage you think you’ll need, considering everything that could go wrong. And get

several quotes from multiple providers before selecting a plan, Irwin says.