If you’re looking to save more money, try spending it—but in the right ways. It may seem a bit contradicting, but there are certain times when spending some money can actually help you save more overall:
Staple pieces for your wardrobe
A stylish, high-quality wardrobe that is modestly priced is certainly doable, but sometimes investing in a couple staple pieces for your wardrobe—the types of things you’ll wear over and over—can help you to save money. If you’re eyeing a pair of shoes or a jacket with a higher price tag than what you’d normally pay, for example, the investment could pay off if you plan on wearing them just about everyday. A lower-quality wardrobe staple piece might fall apart and need replacing, and you could end up spending more money in the end as a result.
High-quality, durable items
In addition to clothing, you may want to evaluate some of the other things in your life that you use frequently and often need replacing. Sometimes, you just get what you pay for, and constantly replacing certain things will end up costing you a lot more money in the end. With these types of products, you may have just been better off buying a durable and high-quality item initially. It may cost more, but if it lasts a long time or comes with a lifetime warranty, it could be worth it.
Advice from a financial planner
Many people can benefit from the professional advice of a financial planner. Even if it’s just a one-time consultation, financial planners are not just for the wealthy and can offer a significant amount of guidance when it comes to your budgeting, saving strategies, retirement plans, investment options, and more.
If you live in an area that offers grocery delivery, consider it for those busy days. After all, time is money, and whether you’re busy with other things or you live far from the nearest grocery store, that delivery fee might be well worth the extra cost. Not only could it free up your time to take care of other things, but if you do live far from your local grocery store, you won’t have to worry about transportation costs.
Help around the home
Again, time is money—and while many people may not have the luxury of hiring full-time help for around for the home, occasionally budgeting for some extra help can end up saving you time and money. Whether it’s a dog walker or a housekeeper, alleviating yourself from some extra domestic duties can free up your time and allow you to tackle other tasks. For instance, if there’s a project you can take on with that extra time that can make you more money than what you’re spending to hire help, it’s certainly worth the investment.
Some consumers avoid any insurance plans that they are not required to have, because they don’t want to worry about the extra bills. However, avoiding these extra expenses can actually end up costing you a lot more in the end. From health insurance to renters insurance, it can be a good idea to reevaluate what types of insurance you don’t currently have. While there are some policies you may be able to do without, there are other types that you should have. If you need help deciding what types of insurance you need, you could always work with an insurance agent.
Certain home renovation projects
Home renovation projects can be very expensive, but the right ones can add value to your home and help you cut down on monthly expenses. For example, if your home isn’t insulated properly, fixing this issue can help you to cut down on cooling and heating costs.
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Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.