It’s every woman’s dream come true: Saving money by spending money. It sounds counterintuitive, but like I tell my husband regularly, an investment is a good way to save money (and sometimes I actually mean it). Believe it or not, sometimes it’s better to spend more money because it will help you save more money. Read on to find out how you can enjoy a little shopping and still save at the same time.
Always Buy Quality
It’s tempting to want to buy something for yourself or your home that’s cheap, but it’s not always the best idea. Sure, you can spend $100 on a cheap dining room table now, or you can spend $2000 on a better quality table. In a year, your expensive table will still be amazing. In five years, your expensive table will still be amazing. In 10 years, you’ll still have that table. Buy the cheap one and you’re spending money to replace it every year.
Always Buy Classic
This one goes hand in hand with the last piece of advice. If you can avoid the trendier items you shop for, you can save some money. Sure, it might be more expensive to buy that classic black dress by a well-known designer, but that dress is high-quality and timeless. That chevron stripe party dress would look great at the next wedding you attend, but next year you won’t want to wear it again. That black one, however, you’ll be wearing for years.
Warranties and Maintenance
You might be tempted for forgo the extended warranty on that new car, or not have it maintained as often as possible, but this is a mistake. You need to pay for that protection now so that you’re not paying even more for repairs later. Every oil change, tire rotation or service appointment you miss is a little bit more you’re going to have to pay in more damaging repair bills later on.
Upgrade Your Appliances
Some people balk at the idea of spending hundreds or thousands of dollars upgrading their appliances, but it will save you in the long run. For example, that new energy efficient air conditioning unit is going to cost a lot now, but it’s going to save a lot, too. You’ll spend less each month on your utility bills, and sometimes less is a lot less. Newer appliances can save as much as 40 percent on your energy bills each year. That’s a lot of savings.
Paying Off Debt
Yes, you need to pay off your debt. It might seem cheaper to put more and more into your retirement or your savings and pay only the minimum on your debt, but it’s not a good idea. Spend that extra money paying off your debt and you’ll save hundreds – or thousands – in interest in the long run, and you’ll have more free cash when you’re all paid off.
(Photo by James McCauley/Harrods via Getty Images)