Skip to main content

Why I Feel Being Stingy in Your Expenses is Also Stupid

iStock Photo

I remembered some time ago when I wrote about how being miserly is not a good option. It's not that I advocate being the opposite extreme and being a spendthrift either. What I'm trying to advocate is balance. I was reading through the comic strips of Simple Sum Philippines. Sometimes, we need to write things less academically to reach a wider audience. I think the Simple Sum Philippines manages to do just that--a more casual approach. One of the comic strips I've read talked about being stingy. What I'd like to think is the awkwardness of the situation based on experience.

It's one thing that the Chinese tend to be stereotyped as stingy. An Israeli could also be stereotyped as such as well. I remembered how the sitcom The Nanny even had the furniture covered in plastic. There was even a joke that the Israeli accepted the Ten Commandments because it was for free. It's only natural to want to save up money. However, it becomes a dangerous thing when one becomes a hoarder. It's too unfortunate that I've noticed absurd practices such as hoarding stuff, cooking the same food all over again because it's "economical" (never mind there's a lot of cheap, delicious food to try out), buying the same easily-broken brand all over again (because it's cheap), etc. Such people only care about short-term savings such as, "As long as I can't spend money." Such people can soon be easily exploited one way or another. Did they bother to compute for the long term?

If there's such a thing as compromising quality for a brand name--it's possible to compromise quality all in the name of saving ahem hoarding money. Such people may be prone to doing something illegal so they could keep hoarding money. Saving money for a rainy day is good. Hoarding money like that's all there is to life isn't. It's like the Aesop's Fable of The Miser and His Gold. The miser kept his gold in a secret spot and it eventually got stolen. Would have the miser placed his gold in the bank--maybe it would've been in better hands. That's why I don't like the idea of putting all your life savings in a secret spot or under your mattress. It reminds me of a Spongebob episode where Mr. Krabs got into a "cash coma" when his mattress (containing his money) but thrown away.

I think there's the problem of too good to be true. A miser may reject a Ponzi scheme but end up buying stuff too cheap to be true. I'd like to make some exaggerations for fun. For example, would you believe that I bought a smartphone for only PHP 100.00? Would you believe I bought a pair of shorts or pants for only PHP 10.00? Those are obviously too good to be true. Labor expenses in garments factories go from equipment, labor force, and all expenses related to the company's operations. No good garment manufacturer will sell at a loss. Making a smartphone isn't so easy either. Research and development are absolutely not cheap either. Somebody may be buying these because it's "cheap". However, that cheap smartphone may be prone to exploding, that cheap appliance may be prone to exploding, that cheap chair fell down and broke your spine, not getting insurance will compound the hospital bills, wearing torn clothes will provide huge embarrassment, and traveling abroad with broken luggage is a very huge disadvantage.

It would be very much unlike if I did this. If I bought energy-efficient equipment--my electricity would go lower so that I wouldn't have to wait for two months (getting a notice of disconnection) before I pay for it. Besides, not paying your bills until you get a notice of disconnection is highly disrespectful. Just remember the customer isn't always right even if the call is there to always treat the customer right. Politely cutting away electricity connection for unpaid bills isn't mistreating the non-paying customer--it's to save other good customers from getting bad services as a result of bad credit. If I bought a good smartphone (and no, I'm not referring to branded items) then maybe I could use it for two to three years before I get another phone. I still prefer to hold on to a phone for up to four to five years. I don't want to keep changing my phone too often either. Though, upgrades in technology may make it better advice to get a new phone if the technology gets obsolete. 

I find myself trying to strike the balance. I tend to overspend or become a miser. I feel like stingy people can be of bad effect. It could also cause serious health issues when one compromises safety in order to keep hoarding money. Instead, it's striking the balance. Thrifty is good. Stingy is bad. Easy to memorize. Very hard to do.  

References

Websites

"Don’t Stinge On These Expenses" (May 24, 2022)
https://ph.thesimplesum.com/dont-stinge-on-these-expenses/
Labels:

Popular posts from this blog

Hussam Middle Eastern Cuisine's New APM Prime Mall Location

It was sad when I went to Ayala Center Cebu to eat at Hussam Middle Eastern Cuisine. They had closed their office at Il Corso. They moved out of Ayala Center Cebu at the end of January . I remember talking to someone who said that the old location can be "very hard to find" when you enter the mall. Right now, I remember how trying to find Hussam in Ayala can be comparable to trying to find the magic lamp in Aladdin's  Cave of Wonders. That's what I felt back then, I ate at Hussam back in 2024 . Ayala Center Cebu probably had a low visibility problem. They had their soft opening on Black Saturday. They missed the Hari Raya Puasa date, a holiday for the Muslim population. This time, the use of glass walls makes it obvious to passersby that it's a Middle Eastern restaurant, that grilling is underway, and that it's certified halal .  The place still maintains the same pristine cleanliness I recall from Ayala Center Cebu. The place's transparent glass windows ...
Read more

Toxic Positivity: Shielding Our ECONOMICALLY OUTDATED Constitution

ABS-CBN News I thought about what life was like in the late 1990s. It was a boomer vs. millennial clash . I remember how often I kept complaining about high school during the K+10 era. Even worse, the real problem why I hated school was that school cared more about grades for the sake of grades , instead of teaching students how to get good grades based on learning first. What may have compounded it is that we've had boomer parents who thought that fatigue is a badge of honor .  What I realized is the common problem of toxic positivity . We have the "good vibes only" or "everything will turn out right in the end". Sadly, life doesn't always turn out that way. You can tell a terminally ill cancer patient that, and the cancer patient would die anyway. No amount of toxic positivity ever fixes the problem. This time, I'd like to rant once more about how toxic positivity has been used to defend the outdated 1987 Constitutio of the Philippines.  The classic r...
Read more

How is IBON Foundation Viewing and/or Representing FDI in Their Articles?

Some time ago, I wrote about why I can't take IBON Foundation seriously . As the battle for economic charter change is on, I believe it's time to tackle them again. They're tweeting here and there. Okay, I'm no researcher or organization. However, it doesn't mean that I can't do some basic research, share the research of others, and read other books. Even an intellectually stupid person can actually make sense if they gather the best materials. I even recall someone I know who's not intelligent but he actually spoke well about career opportunities, in the very school where he wasn't performing well! Trying to understand IBON's data presentation  I would like to address how IBON Foundation presents FDI growth. They would say stuff such as the claim job creation weakened despite FDI growth .  I was looking at IBON Foundation's claim (above) where it says that job creation allegedly weakened despite FDI inflows. Sure, they named sources but do they ...
Read more

A Destructive Obsession with Ayuda (Cash Handouts)

IBON Foundation Yesterday, I decided to write about how Pinoy Pride won't help pay that enormous PHP 13.42 Trillion debt . I thought I'd probably take a bit of a break to do some more research. However, I feel the need to write this post today since one of IBON Foundation's articles says that there's a destructive fetish for foreign investment . Then, another of IBON Foundation's articles says that there's money for Ayuda . I really feel insulted reading these since I'm a Masters Degree graduate in the School of Business and Economics. This really shows the destructive obsession with ayuda (cash handouts) and protectionism. IBON Foundation Above is one of IBON Foundation's charts. Some people on Facebook have gone as far as to call them Birdbrain Foundation. So what if there's money for ayuda or cash handouts? The problem here is that "think tanks" like IBON Foundation want to make it look like ayuda is more important. If asked to account ...
Read more

Why I Don't See IBON Foundation as a Real Economic "Think TanK'

It's one thing to criticize presidents for their performance. It's another without analyzing the data. Sure, we need to study mathematics but the way it's presented can be a reason why it's hated. I felt that high school mathematics focused too much on numbers. Mathematics, in all its aspects, is part of life. Trigonometry is part of life. Calculus is part of life. Statistics is part of life. Speaking of statistics, I was thinking about how IBON Foundation has given its assessment of Duterte's administration. This isn't to say that outgoing President Rodrigo R. Duterte hasn't made mistakes. Rather, this is to point out how IBON Foundation has that tendency to be illogical. IBON Foundation (click to enlarge) This data by IBON Foundation was gathered. I'm not saying that the figures are lies or manipulated. My problem with how IBON Foundation works is their failure to account for the cause and effect  more often than not.  Malaya Business Insight It's ...
Read more