Cutting costs is a good idea if it means getting spending under control. But your cost-cutting efforts can backfire if you pinch pennies on the wrong things. Here are five things you probably don’t want to skimp on:

Automobile repairs

You should do your research before buying any parts for your car to ensure that you get the right type for your vehicle. Additionally, you should check out the warranty on any product you purchase. It might be an extra $50 to have five more years of a warranty, but that is five more years your part is covered. Just be sure that you research what the warranty actually entails.


Homeowners insurance

Standard homeowners insurance does not cover flood damage; this type of policy has to be purchased through the National Flood Insurance Program. Nationwide, just 12 percent of homeowners have flood insurance policies, according to a 2016 survey by the Insurance Information Institute. On average, a flood insurance policy costs about $700 a year, according to FEMA.


Home repairs

In particular, don’t skimp on anything related to leaking water and water damage.To keep costs down, ask the contractor what tasks you can tackle in advance, so he doesn’t have to charge for time spent doing things other than fixing the problem. Also consider buying high-quality materials for your contractor. It might cost more upfront, but you don’t want to use substandard materials that have to be replaced soon.

Renters insurance

If you are a renter, don’t skip renters insurance. Don’t assume that your landlord’s insurance policy will cover your personal property — it won’t, according to the National Association of Insurance Commissioners (NAIC). However, a renter’s policy will pay to repair or replace your items if they are damaged or stolen. And the cost is just $15 to $30 per month, according to NAIC.


Safety gear

Opting for the least expensive products to provide protection might be downright dangerous. For example, properly made bicycle helmets that fit correctly can save lives and prevent brain injuries. Ask for a good helmet that is affordable — perhaps even last year’s model that’s on sale.