We all know the value of a buck. And we all try to spend our money smartly. Sometimes it’s better to go for the bargain-priced items, and other times it pays to shell out more. That’s because the least expensive options, in some cases, can end up costing you more in the long run.
How can we know when a substantial spend is an investment versus just a splurge? It all starts with taking a look at our priorities. Are we using our money in line with our values, or are we letting it dwindle away on things that don’t mean much to us?
If the latter is the case, it may be time to get your monthly budget back on track. But, no matter what you believe is the best use for your hard-earned cash, there are a handful of things that most of us can agree are worth the investment, even if it’s hefty. That’s because these expenditures will continue to deliver on value over time.
Before making any pricey purchase, it’s good practice to ask yourself some questions. Will it help you save time? Will it give you an experience you’ll remember for years to come? Will it make you feel more confident, or provide the opportunity for you to advance in your career? Big picture questions like this help us determine if big spends are worth it.
Take a look at this list of six things that are worth the high (often really high) expense.
1. Items that Promote Your Health
Why wouldn’t you want to invest in your health? For some folks, this is the top priority of spending. Such expenditures range from organic produce to a personal trainer to a piece of fitness equipment for your home. Not only will you find that these feel-good items are good for you physically, but you could also find that they’re good for you mentally, too.
2. A Good Mattress
The health benefits of sleep are so great that a good mattress gets its very own category in our list. According to the National Institute of Health, sleep is essential to good overall health. Think about it. If you’re not well rested, you may not be as productive at work, you may find it harder to concentrate, and you may just feel crummy in general. So, investing in a mattress that gives you the best sleep is money well spent, even if you can’t get the full seven to nine hours of suggested shut-eye each night.
3. Travel and Vacations
It’s been shown that we are all happier when we spend our money on experiences rather than material things. So, go ahead and book that trip to Bali you’ve always wanted to take. Not only will you get a slew of pleasurable memories, but it’s also likely that during the journey you’ll rack up some good R&R and rejuvenate your mind and body.
4. Time-Saving Services
There’s no dollar value we can put on our time – it’s the one thing we can’t get back. Outsourcing tasks around the house can be a great investment in ourselves, as it frees us up to do other things. Say for instance that you hire a housekeeper. That’s a handful of hours freed up from weekly cleaning duties that are now entirely yours. In essence, we are buying ourselves more time and freedom, and we can turn that into more happiness for ourselves. Other services out there include grocery delivery, dog walking, house repairs or painting – the sky’s the limit on the help we can get at home.
5. Tailored Clothes
Ok, so this one isn’t as obvious, but stay with me. It’s worth having clothes that fit you well; not only do you look better, but you’ll feel better and more confident. Name brands don’t matter – what matters is that your clothes fit well. With this in mind, let go of thinking about which designer suit to splurge on, and instead think about getting a tailor for a custom fit. Small tweaks, like shortened sleeves or pant legs, can give you a more polished look and make a big difference in your appearance and your attitude.
6. Your Education
This is the crème de la crème of spending nowadays. Today, around 70% of students who graduate from college have student loan debt. Commentators have gone around and around on whether getting a higher education is worth the cost. But remember that an investment in yourself and your schooling can pay off big time. By increasing your skills, knowledge, and expertise, you increase your ability to land jobs and get pay raises. Still, my overall advice is to not go overboard with education costs. Shop universities and programs, and try to get the most value for your dollars.