Don't Waste Your Money: Home Saving Tips - News, Weather, Sports, Toledo, OH

Don't Waste Your Money: Home Saving Tips

(Toledo News Now) -

Like to save money? Pride yourself on being a smart shopper? Then this next report may surprise you.

You've heard it since you were 10 years old: frugality is smart. A penny saved is a penny earned. And don't spend money you don't have. But a new report says some money saving strategies will cost you more in the long run.

Cathy McMahon knows how to stretch a dollar; keeping appliances until they die, using soap and shampoo until the very last drop.

"When it's at the bottom, I add a third water," said McMahon.

But even the most frugal people, like McMahon, admit sometimes frugality does not make sense.

US News and World Report says being cheap can cost you down the road if you;

--Skip an annual physical: you could miss a problem in its early stages.

--Lease a car if your drive more than 12,000 miles a year leasing is best for low mileage drivers.

--Write your own will to save money: it often wont hold up in court.

--And buy the cheapest health insurance: get sick, and you'll pay a fortune.

And from the doesn't that stink file, the biggest money saving strategy you'll regret down the road, not putting money in a 401K plan. US News says many people feel they need the money now, so they don't save for retirement. At age 65, you'll wish you had saved.

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