Most of the personal finance wisdom out there promotes scrimping and saving to make your money go farther. It is absolutely true that saving money on necessary evils like paper towels, supplies for the new baby, or gas for your car makes a ton of sense, and making frugal decisions on a consistent basis can add up to major savings over the years. However, there are some categories where spending more money is justified, if not encouraged. Here are 5 vital areas well worth a financial splurge.
1. Healthy Food. The old saying is true, “you are what you eat.” It’s sad that the more wholesome and nutritious a food is the more expensive it is as well. It’s much cheaper to feed your kids a box of animal crackers than a fruit salad for a snack, and much cheaper to feed yourself a McDonald’s cheeseburger than a hearty salad for lunch. When it comes to foods you consume, cheaper is definitely not always better. Make room in your budget to add some more produce and organic products to your grocery cart. A healthier family is something you can’t put a price on.
2. Fitness Expenses. This will mean different things to different people. Maybe it’s a gym membership, an elliptical machine for your home, or just a sturdy pair of running shoes. Whatever it is you need to perform your favorite workout, spend the money and buy it. Yes you could save lots of money over the years by canceling the gym membership, but if this transforms you into a couch potato those savings are worthless in the end. A financial splurge to stay fit now will almost certainly pay off financially in the future by cutting down on medical expenses.
3. Education. College is expensive. Post-graduate education is even worse. But even so, a solid education forms the foundation for your future earning potential. Of course there are exceptions to the rule, the Mark Zuckerbergs of the world, but by and large your career will be based upon the degree that you obtain. Eat ramen noodles and live with 8 roommates, but find a way to get your degree. Also recognize that learning is a life long process. Don’t be afraid to go back to school to pursue another passion or to travel down another career path. An investment in education is an investment in yourself, and that’s never a bad idea.
4. Experiences. When deciding where to spend your hard earned money, choose experiences over stuff. Take your family to see the Rocky Mountains, bring your grandma out to dinner, travel with your best friend to your college reunion. Experiences create memories that stay with you forever, stuff creates clutter that you won’t even use a few years from now. Splurge on the memories, you won’t regret it.
5. Gifts. One of the most rewarding uses of money is in the blessing of others. Give generously to the people who help you, guide you, support you, forgive you, and love you. No you can’t buy love or friendship, but you can splurge to show appreciation to those who matter most to you. Seeing how happy you can make your loved one with your thoughtfulness is the gift you receive in return, and well worth the splurge.
There are so many frugal ways to save money on things that aren’t that important. Remember to splurge on the things that really are.
Twitter: @FrugalFinance1 and @seeitmarket
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of her employer or any other person or entity.
