The Little Things Can Cost You In the Long Run

[Chett]

Yesterday I tried to get caught up on our yard work. I began to mow the yard and heard a strange noise from the mower deck. I was a little surprised that something may be wrong since I had just replaced a pulley, shaft, and bearing a few weeks ago. The total cost in parts was nearly $60. When I heard the noise I initially thought about continuing to mow and checking out the sound later, but I knew that most likely I would forget, then put off checking out the noise and eventually forget about the problem altogether. I decided to get off the mower and check out the noise immediately. When I looked over the moving parts I noticed a grease fitting was missing from the shaft I had installed. It is a small inexpensive peace of machinery that ensures everything stays lubricated and running smooth while the blades are spinning.

I hopped on my motorcycle and went to the parts store and picked up the grease fitting, the grand total was $0.97. As I made my purchase I said aloud to myself, "It's funny how the smallest cheapest parts can cost you the most money if you don't take care of them." The employee behind the counter laughed and replied, "How true. You wouldn't believe the money people spend on problems that began with parts costing less than $5.00."

As I left the parts store and enjoyed a unseasonably cool Ozark August ride home I wondered where else did the "little things can cost you" concept applied. Then I remembered a few conversations or instances that have occurred over the past few weeks that further this notion.

Last month a friend of mine called and asked if I could come and help him work on one of his rental houses. He said the floor was rotting in the bathroom. As I walked into the bathroom I felt the floor give under my feet. I found the source of the water leak that cause the floor rot and it came from underneath his toilet, the wax seal. We went to the hardware store to purchase the new wax seal. The total cost for the seal was $5.28. The cost for the flooring, screws, and other materials was about $60. If he would have paid a professional contractor to do the job he would have paid a few hundred dollars. All for a part that cost just over $5.00.

This past week as my dad and I drove to Colorado we tried to solve the world's problems on our 16 hour drive. His wife manages apartments that provides housing for elderly and low income residents. He spoke of the tragedy of seeing women who once lived on a large farm or stayed at home as home makers, living as widows with little to no social security built up since they never "earned an income." He said a lot of these women have a tough time getting by with the basics each month. I asked him if he knew if any of their husbands had taken out life insurance policies on themselves for the benefit of their wife. He said he doubted it and many farmers go without insurance of any kind, especially life insurance. Again something like life insurance that is relatively cheap (my wife and I pay less than $50 each month for our policies) can guarantee that if one of us were to die, the other will be provided for financially for some time.

These are only a few examples of how something relatively inexpensive can save (or cost) you a lot of money. Have you encountered any experiences that relate to this topic, or what other inexpensive issues can you think of that have the potential to save a lot of money?