Avoiding health, car, or renters insurance to saving money may result to poverty and financial wipe out, comparative spending habit is also a financial mistake made by lots of people — this is also known as "keeping up with the Joneses" some examples are; going for a new car because a coworker bought one, booking a trip to Europe because your friend posted photos of vacation from same location and living in a more affluent area to match someone else's standard
At the end of the day, if your expenses match your income, you’re still living paycheck to paycheck. All it takes is a health crisis or job loss to put you in serious trouble—regardless of how much money you make.