What is excessive frugality, and how do I stop obsessing? [Video]

Is being frugal pushing you over the edge?

As the cost of living continues to rise across Canada,many are turning to frugal living tips and smarter spending in an attempt to save money and make ends meet. 

While there’s nothing wrong with being frugal, there’s a darker side when saving becomes an obsession. Being overly frugal can negatively impact mental health, relationships, and your overall quality of life. 

Below, I’ll explain some of the downsides of obsessive frugality and offer some tips on how to balance frugal living with living your daily life.

Benefits of frugal living: smart spending and financial goals

If you’re like most, you’ve no doubt experienced inflated grocery costs, rental rates, fuel expenses, and more.

In fact, 69 per cent of Canadians reported that they were concerned about their ability to absorb an unexpected expense of $1,000 or more, according to a recent study by survey giant Ipsos.

Unfortunately, the average income hasn’t been able to keep pace with the rising costs …