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Being cheap can cost you big bucks

We all cut corners to save money, but sometimes saving money can mean losing money -- and even risking your financial future.

On "The Early Show," CBS News Business and Economics Correspondent Rebecca Jarvis explained how being a little too frugal can really hurt you long-term.

What's really at risk when you do shave some outlays?

According to Jarvis, this is really a matter of a finite set of things: If you cut corners now in some areas, you will likely end up paying a much larger amount of money down the road, and in some cases you could even go broke.

For instance, while a lot of people think, "I'm healthy, I'm fit; I don't need to spend extra money on health insurance," Jarvis told co-anchor Chris Wragge that's a surefire way to really go broke.

"It's a huge mistake," she said, "and it can certainly make you broke if you get into an accident, or if you have an unexpected illness. So, what we recommend is catastrophic or high deductible coverage. This is coverage for healthy people. You're not necessarily going to get paid for every time you go to the doctor. But in the event of an emergency, you will be covered."

Jarvis gave other valuable suggestions involving life insurance, filing tax returns and automobile maintenance -- areas in which being penny-wise could wind up being pound-foolish: