Yes, sometimes being cheap can cost you more money than just spending what you need to spend. An example of this is my latest car repair. I’ve known for a while that my water pump was going bad and wasn’t going to last much longer. When I had my car in for service in late May I though about getting it replaced then. I decided not to since I was already spending so much money and thought it would be easier to afford later.
This week my water pump finally went out. I really couldn’t afford the expense of fixing it now any easier than I could in May so that logic was faulty. I was lucky that it went out when I was near home and I was able to drive it to a close by repair shop without it overheating. Although this repair shop has reasonable rates it was still more than I would have paid to have it fixed in the small town shop I was at in May. If I would have had to pay towing fees or missed work this could have been even more expensive. This is a case where being cheap was not the frugal choice.
I think I have learned my lesson on this one. While I had my car in I had them replace the timing belt and leaking valve cover gasket as well. The gasket was needing replacement for a while and was costing me money by leaking oil. The timing belt in my car has never been changed and with my car having over 210,000 it was time to do so since the timing belt going out can ruin the engine. Now I just have to hope that my car keeps going long enough to justify the money I spent on the repairs and maintenance.