15 More Things That Frugal People Never Do

Avoid these and build wealth.

Pitfall #1: Insisting on the latest and greatest

Whether it be electronics, cars, clothing, or beauty products, frugal people know that for every new release, they can get steep discounts on older styles without taking a haircut on functionality when they really do need something new. At the same time, opting out of the yearly replacement cycle for most items effortlessly saves frugal people thousands of dollars.

Pitfall #2: Buying something just because it’s on sale

Frugal people research their purchases, make lists, and stick to them. Instead of chasing steep discounts, they consider all unplanned purchases to be wastes of money and avoid them at all costs.

Pitfall #3: Financing discretionary purchases

Frugal people appreciate the power of compound interest for building long-term wealth. Consequently, they know that the fastest way to burn cash is by bleeding payments every month. So whenever a big purchase is around the corner, they save up and buy only what they can comfortably afford in cash.

Pitfall #4: Recreational shopping

Frugal people see shopping as a means to an end rather than a form of entertainment. Instead of indulging in retail therapy after a bad…