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Money Minute: 5 signs you're too cheap

Everyone loves to save but some people take penny-pinching way too far. Here are 5 signs you’re too cheap.

Skimping on your health. If you’d rather “self medicate” or you’ve ever cut your pills in half to save money on medicine, then here’s a wake-up call: you’re cheap! Health care is ridiculously expensive, we get that, but you shouldn’t sacrifice your health to save a buck. Not taking the right dose of medication now or skipping the doctor's office when you're ill could lead to bigger -- and more expensive -- health issues later.

Wasting time saving money. You shouldn’t have to sacrifice your time and sanity just to save money. When you spend money on a housekeeper, a laundry service, or a REAL plumber to fix that leaky faucet, you’re buying yourself something valuable in return — time.

Not investing in activities that make you happy. What good is saving money if you’re completely miserable all the time? You should spend money on activities and things that you actually value. You may not find double coupons for a relaxing day at the spa, but there is value in investing in activities that make you HAPPY. You can’t put a price tag on a relaxation.

You choose cost over quality. There are some things in life that are worth the extra cash — go ahead and splurge on a quality pair of shoes or a suit that will last you many years. Treat yourself to a decent meal once in a while and stop hitting up the $1 menu. Your body’s got to last you a few more decades, right?

You buy fixer-uppers. Whether it’s an extreme fixer-upper home or a used bike, don’t kid yourself into thinking you can handle repairs by yourself (unless, of course, you're a veritable MacGyver, then by all means, buy the run-down house with the leaky roof). You may save money, but you might only make your problems worse in the process – and wind up hiring a professional to clean up after you anyway.

Are you obsessed with saving? We want to hear from you: yfmoneymailbag@yahoo.com.

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