4 Signs You’ve Been Too Frugal for Too Long

For many, being frugal is worn like a badge of honor. For example, Warren Buffett is known for living in the same house he purchased in 1958 and using coupons to get free breakfast at McDonald’s. Being frugal is a great way to save money — but what happens if you become overly frugal?

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Frugality can be a great thing, but it can also become addictive (and not in a good way). For example, being frugal at the expense of others can push loved ones away. Here are four signs you’ve been too frugal for too long and what you can do about it.

Also see 10 luxuries that are worth breaking your frugal habits for.

Money mistakes the super wealthy never make - that you might be doing now.

You Avoid Necessary Expenses

One key sign you may have become too frugal is that you avoid spending on even things you absolutely need.

“For a while, I had the mentality of ‘nothing new until it’s broken’ and even when it’s broken, it still felt off to go ahead and try and replace it,” said Stanley John Kebite, website coordinator for Adventure Entertainment . Kebite caught himself doing this when he refused to replace his worn-out shoes, despite them affecting not only his comfort but also his health. It was then he realized he had crossed the too-frugal line.

Instead of putting off necessary expenses like shoes, consider putting money aside specifically for clothing purchases. That way, you can spend on needed clothing items without feeling like your budget is being derailed.

You can also regularly go over your needs and wants so that you know subconsciously that your needed items are okay to spend on and won’t lead you to financial ruin.

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You Go Out of Your Way To Save a Dollar

Another key sign you may have become too frugal is that you go out of your way to save even the smallest amount of money, which could end up costing you time.

“I originally started my business because thrifting allowed me to get more ‘bang for my buck,’ but even though my income increased, I couldn’t get myself to spend,” said Aaliyah Kissick, founder of The Financial Literacy Diaries . Kissick, who loved thrifting, ran an online resale boutique for several years and secured scholarships to earn a degree in financial planning without taking on any debt.

She knew something was amiss, however, when she realized that she was spending three to four hours a week cutting coupons and another three to four hours a week driving to various stores to save $20.

After doing some digging, Kissick concluded that her grandma’s Depression-era ways had unintentionally bled over into her finances. “Most people in my generation are famous for luxury spending, but I became so focused on being financially secure that I lost out on having fun,” she said.

You can still be a savvy shopper without spending the equivalent of a workday trying to shop frugally. Sign up for loyalty programs for stores you frequent to help maximize your spending.

For example, Target offers an app called Target Circle, which offers exclusive manufacturer coupons that are already preloaded so you don’t have to chase them down. Target also regularly has deals where if you spend a certain amount of money on household or pet items, you can get cash back via a gift card or a discount taken off at the register.

You Miss Out on Memorable Events Because of Guilt

Have you continually found yourself missing out on fun and memorable events because you feel too guilty for not saving money? That could be a key sign you’ve become too frugal.

“There were times when I’d held back on a fun night out with my friends and family simply because it felt wrong to go out and spend money,” Kebite said. Being overly frugal took a toll on his life and made him consistently stressed, even when he said there was no need to be. Skipping social events to save money led him to feel isolated and robbed him of memorable moments he could have shared with friends and family.

Kebite overcame this by learning how to set a budget that was balanced. It was important to him not only to hit his financial goals but also to allow him space to enjoy living his life. Whether that looks like going out with friends or buying himself a new pair of shoes on purpose, he relies on his balanced budget to help keep stress about his finances at bay.

You’re Unaffectionately Called Cheap

Another sign that you’ve been too frugal for too long is getting new nicknames that aren’t the most flattering. For example, when others refer to you as cheap or a cheapskate.

While most can agree that there is nothing wrong with being frugal, there is something wrong with being frugal at the expense of others. For example, conveniently leaving your card at home during social outings can leave a bad taste in your friend’s mouth and may even keep you from being invited back out again.

If you have a hard time spending money on fun, look for things that are free to do for everyone. You can also ask for a separate bill when out with friends if you’re scared about paying more than your fair share.

Being frugal isn’t a bad thing, but it can easily become one.

This article originally appeared on GOBankingRates.com : 4 Signs You’ve Been Too Frugal for Too Long