Frugal people create a habit of saving money, not spending. However, sometimes you need to spend money to save money. They do so by anticipating that if they do not spend money on something today, they will be prompted to spend more in the future. It is a form of financial mitigation by looking at the potential financial risk in the long run. Here are basic examples of how you spend money to save money.
Home Repairs
If you do not want to fix a $1000 problem at your home now, you will be looking to spend more than $10k to fix the same problem in a few years. Most home repairs can be fixed cheaply using affordable tools.
Buying a Modem Instead or Renting One
If you are planning to use the internet for a long time, the best option is to buy a modem instead of renting. This will save you considerable amounts in the future. Ask your internet service provider to give you a list of modems they allow for their network.
Not Skipping on Oil Changes and Car Repairs
Do not skip car maintenance when it is due. Servicing your vehicle keeps it in tip-top condition for a long time. You can have a high-mileage car that serves you better than a low-mileage car if you do not skip on oil changes, service, and maintenance.
Brewing Your Own Coffee
Instead of spending $4 for a cup every day at Starbucks, why don’t you buy a bag of premium coffee and make coffee at home? The bag will make many great coffees and save you a lot of money in the long run.
Buying Nice Cookware
If you buy nice cookware and kitchen utensils, you can be assured of their durability. Some of the best high-quality cookware our parents bought have been passed down to generations and are still going strong. Do not buy something that will break while you are cooking.
Buying a Carbon Monoxide Detector
Buying a carbon monoxide detector is a better investment compared to the alternative: death by carbon monoxide poisoning.
Using Principals of Passive Solar Design When Building
The house will be a little more expensive to build because you can’t use one of the really cheap project builders, but it will save you a fortune in energy costs over the lifetime of your home. For instance, have the roof pointed north since it’s so cold in winter. More windows on the south side, use materials that hold heat well, use shading properly, and stuff like that. If you go more advanced, there are ways to have windows open in certain areas to get air moving.
Taking Care of Your Dental Hygiene
Invest in a good toothbrush and use the best toothpaste for your teeth. Dental costs can be quite high, and most insurance companies shy from covering dental care.
Buying a Good Pair of Shoes
A good pair of shoes will last you a lifetime. A cheap pair of shoes goes for a few months, and you are back to the shop to replace them.
Buying a Quality Vacuum Cleaner
Most vacuum cleaners have a lifespan average of 2-3 years. Do not buy these. Spend more to buy a good, high-quality vacuum cleaner that will last you several years and get the job done perfectly.
Buy High-quality Roofing Shingles
There is nothing like lifetime roofing shingles, but since you do not want to replace your roof every 10-15 years, go for quality ones that have a guarantee of more than 20 years. They will be more expensive at the onset but will save you a lot of headaches and stress in the long run.
Replacing Lights With LED bulbs
Not only are the LED bulbs brighter, but they also consume a fraction of the energy. They are also very durable and save you a ton of electricity bills in the long run.
Paying off Debts
Pay off debts immediately or in bulk as much as you can spare. The quicker you’ve paid it off, the more money you have in the long run. It’s like your paycheck goes up.
Avoid Paying High-interest Rates
Pay off things with the highest interest rate first (credit cards, student loans, etc.) You’ll save yourself money by not paying the interest over time.
Investing in a Good CPA
If you are running a business, you need to have a good CPA to handle your accounting demands. A good CPA will keep you abreast of everything happening in your business and offer tips and advice when he sees you making mistakes that can cost you a fortune.
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Joseph Lama
