How to save money by spending money? That doesn’t seem to make much sense? And yet sometimes you really can spend money in order to make it. It just might be further down the line that you really see the benefits. We take a look at some of the ways it can be done.
Look at it this way. Is it better to buy a cheap t-shirt for £10 that lasts 1 year or a good t-shirt for £50 that lasts 6 years? The latter of course! Sometimes, buying cheap is a false economy. Don’t get me wrong, this is not conclusive. There are some amazing bargains out there. Own brand food items are often half the price of branded items, despite tasting the same and being made in the same factory!
However, some quality items are simply worth paying for. Because despite their price, they offer greater value for money over time. So if you can afford the upfront cost, it is worth doing and good clothes that will last many years certainly come under that bracket.
A classic case of spending money to save money down the line. By insulating your home properly, you save a fortune in energy bills. It is definitely worth doing if you intend to remain in your current home for many years. And it will add to your home’s value anyway. Check what is out there, as there are many government subsidised schemes for those wishing to become more energy efficient. You might even source some cheap solar panels if you live in the right area!
To get value here, you really need to hit the sweet spot on the age of a vehicle to get value for money. New vehicles lost their initial value very quickly. So purchasing a vehicle that is a year or two old can be a very wise investment indeed.
OK, this is a gamble. But can you afford the gamble of NOT having insurance? On something like a home, definitely not. It would be madness not to insure your home. But how about pet insurance? It could be worth your while to spend now, to cover a huge vet bill in the future. Best of all, it gives you peace of mind that should anything happen to a beloved pet, you will not have to raise funds to make them better.
Spending £5000 on home improvements could theoretically increase the value of the property by double that amount, or more. So if you are thinking of moving on, some left-field thinking like this could really see you prosper. Even better if you possess some handy DIY skills yourself.
Even more than clothes, buying good shoes makes sound financial sense. You punish shoes more than clothes, and they need to be sturdy. It’s possible to find sturdy and cheap shoes, but much of the time it makes sense to buy good quality.
We spend a third of our life in bed, so why would you choose to spend that time on a lumpy piece of foam that could cost you money by causing a number of medical issues? The lack of quality sleep can cause a huge amount of health issues too. So invest in the best, it will be worth it.