47% of Cash-Strapped Middle-Income Americans Are Making This Huge Mistake

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It’s one you should make every effort to avoid. 

For pretty much all of 2022, consumers struggled with rampant inflation. And a lot of middle-income Americans found that their paychecks just couldn’t keep up with higher living costs.

In fact, a lot of middle earners had to cut back on spending to cope with higher expenses. But in a recent survey by Primerica, 47% of middle earners admitted to putting off regular home and vehicle maintenance to deal with inflation. And that’s actually a huge mistake.

The wrong place to cut costs

If money has gotten tight in your world, it absolutely makes sense to cut back on leisure spending like restaurant meals and streaming services. And it’s definitely a good idea to try to find ways to lower your supermarket costs, such as looking out for sales and buying in bulk when that makes sense.

But one area you don’t want to cut back in is home and vehicle maintenance. If you go that route, you might end up spending a lot more money when something goes disastrously wrong. And worse yet, you might end up compromising your safety or having a huge hassle to deal with.

Let’s say you normally have your tires rotated twice a year, but you avoid that this year due to inflation. For all you know, you’re driving on worn-down tires that are hazardous because you’re not an auto expert and you wouldn’t know the difference. That’s not a good situation to land in, so it’s worth paying to have your tires looked at, even if it means having to cut back spending in another area to make that happen.

Similarly, if you don’t properly maintain your home, a host of bad things could happen. Say you don’t seal your wooden deck this year because the cost of the materials you need has gone up. If you skip out on that maintenance, your deck’s wood might rot, rendering it unsafe to sit or stand on.

Also, failing to maintain certain appliances, like your heating and air conditioning system, could result in higher repair bills if a major issue comes to a head. Or, to put it another way, a $200 maintenance appointment might spare you a $7,000 credit card bill when your air conditioning system quits and you’re forced to get a new one.

Don’t be stingy with home and car repairs

When your paycheck is no longer going as far, it’s easy to see why cutting back on home and vehicle maintenance might seem like your only choice. But these are two areas where it really doesn’t pay to skimp.

Doing so could cause you a world of hurt — financial and otherwise — so rather than skip auto and home maintenance, find another bill you can cut. Or, try to pick up a side hustle so you can cover the cost of home and vehicle maintenance without racking up debt, or adding to an existing pile of it.

It’s understandable that you may be struggling due to inflation. But failing to maintain your home or car could have serious consequences you’re truly best off avoiding.

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