Everybody is looking to save money these days and are tightening their belts. Having a solid personal finance plan in place is getting more difficult than ever due to the rising prices of just about everything. It’s important to be very mindful about the money that you spend so you are able to stay afloat and not get into financial trouble.
Ironically, there are times when spending more money is going to save you money in the long run. For instance, when you buy quality made goods that cost a premium, you are only buying it once and then it lasts for many years. In this year you would have to continue buying replacements when you buy inferior products because they are cheap.
In this article, we will go over several instances when it makes sense to spend more to save in the future.
1. On your car
Owning a car can be quite expensive. The problem is that very often we make it more expensive than it needs to be. For instance, it seems wise to forego the extended warranty that was offered when you bought the car so you can save money. However, when you have to get a repair done after the original warranty has expired it is likely to cost you more than what you paid for the extended warranty.
Whatever make and model of the car, make sure to go with a Volvo extended warranty if that is the brand you bought.
You should also be paying for maintenance when it is time. Very often in the name of saving money, routine maintenance issues are put off. Later on, this neglect will lead to parts wearing out before they should and causing expensive repairs to be necessary.
2. Mattresses
A mattress is very expensive and many people go with cheap ones to save money. It’s understandable when you get sticker shock at a furniture store. However, since a mattress is something that you spend a big portion of your time on, it is a good investment.
Spending more for a good mattress also has health benefits. Since sleep is vital to your overall health, paying more for a mattress that helps you sleep better will pay for itself in the fact that you will be missing less work and able to be more productive since you are rested.
Look for mattresses that are made with high quality materials that won’t break down quickly so it will last you longer.
3. Shoes
A good pair of shoes should last you for years. However, many people opt for cheap ones to save money. The result is that they need to be replaced quickly. If you had spent more money getting shoes made by a craftsman, then you wouldn’t be buying new shoes every year or two. The quality ones will still be in great shape and looking good with the right care. Look to have shoes made custom so they are exactly the right fit.
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