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Money Fix: When frugal is foolish

Some things are worth opening up the wallet

Some things are worth opening up the wallet for because frugality won't always pay. Credit: Photos.com

Everybody loves a bargain, but at times, being frugal is foolish. There are some things that are worth their price.

Here's when you don't want to penny pinch.

Forget cheap eats: "Buy the healthiest food you can, even organic. The food bill goes up, but long-term health costs go down. Try a local food coop over supermarkets," says Jeanne Brutman, a financial planner in New York City.

Pay for proper protection: Don't scrimp when it comes to protection, be it a health, car, home or life insurance policy. "Under-insuring could put you at severe risk should a catastrophic situation occur," says Howard Davidoff, a personal finance professor at Brooklyn College.

Get top advisers: When you hire an attorney, CPA, contractor to rehab your house, or other professional service provider, go for quality. "Investing a few dollars more for a top attorney or estate planner can pay big dividends later. It's like paying your future self," says Noah St. John, author of "The Book of Afformations: Discovering the Missing Piece to Abundant Health, Wealth, Love and Happiness."

Share: Have a giving spirit. There's nothing more emotionally gratifying than being generous to those who have been good to you, says Davidoff. "Be mindful of the needs of those you care about. You want to make a positive difference in the lives of those who may not be as financially fortunate as you."

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