No skimping

There's plenty of stuff where quality doesn't depend on price. Generic aspirin is as good as the heavily marketed stuff, for example, and many store-brand products are turned out by the same factories that make their name-brand counterparts.

There are other areas where you're not obligated to spend at all. Nobody needs an MP3-playing cell phone, a luxury car or a flat-screen television. There are even people who get by without cell phones, cars and TVs.

But there also are some places where you shouldn't even think about skimping -- areas where the potential drawbacks outweigh any savings. Even when your budget is really tight, you should try to make room for the following:

Car maintenance. You've heard the saying "penny-wise, pound-foolish"? This old English phrase means scrimping on a small expense often leads to a much bigger one. That's exactly what will happen if you wait too long to change your oil, swap your filters or investigate that weird grinding noise.

If you have a vehicle, you should invest some effort in finding a good, reliable mechanic -- yes, they do exist -- then make sure your budget includes money for regular maintenance and repairs. If you're not sure how much to set aside, review last year's bills and inflate the number by at least 10%.

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