As many of you know, we love the “F” word in the Mad Money Monster household. I’m talking about frugality here. Frugality is a major component of our overall plan to achieve financial independence and give ourselves the OPTION to retire early. But despite being frugal, there are things we spend our money on. So, if you love frugality like we do but still want to live a top-notch life devoid of deprivation, I highly recommend spending sufficient money in the following categories.
1. Healthcare
Healthcare is one of those areas that, in my opinion, you absolutely cannot scrimp on. Your health is paramount to everything else in life. Have you ever heard the expression…you have nothing if you don’t have your health?
I am a firm believer that this is 100% true. Anyone who has dealt with major health issues or had a big scare can tell you that the quality of your health can have a tremendous impact on your mood and outlook. When you’re battling poor health, you really don’t care about the size of your bank account or when you’re going to reach your financial freedom number.
Bottom line: Don’t be frugal when it comes to your healthcare. Pay for quality coverage, have the routine, recommended check-ups, and don’t ignore any warning signs.
2. Education
Mr. MMM and I are BIG advocates of higher education. Although we both acknowledge that college degrees, certifications, or technical training aren’t necessary to become successful and/or earn a high salary, we do believe that having advanced schooling under your belt can never hurt.
Because of these beliefs, we also feel that it’s okay to spend money on education. Both, Mr. MMM and I borrowed some money to complete our college degrees. And although we do advocate higher education, we also encourage getting that education as cheaply as possible.
Borrowing money for higher education is completely acceptable as long as you’re smart about the amount you’re borrowing based on your future income potential. Check out how we attained our college degrees without going into massive debt.
Bottom line: Be practical about the amount of money you’re going to make after completing your education and borrow money based on those predictions.
3. Quality Food
This one ties back into #1 – healthcare. When it comes to staying healthy and feeling good, the quality of food you consume matters.
I’m not saying you need to shop exclusively at Wholefoods (although we do love it there!) and buy only things labeled “organic”, but you should definitely take an interest in the overall quality of food you and your family eat.
By taking advantage of coupons and store sales, buying in-season fruits and veggies, buying in bulk, and possibly even growing some of your own food, you’ll be able to save a ton of money with not much effort.
Bottom line: Take advance of in-season fruits and veggies, buy in bulk, and consider growing some of your own food.
Other articles you might enjoy:
- How To Keep Your Friends If You’re Frugal
- Pet Ownership: A Frugal Guide To Happy, Healthy Pets
- Frugal Hacks For A Fabulously Fun Weekend
- We Made Our Dream Home A Reality
- Frugal Hacks To Live An Awesome Life
4. A Nice Home
A nice home goes along with a safe home in my book. We are absolutely okay with spending money on a home in a good area and improving that home to suit your needs and taste.
We have spent quite a bit of money renovating our home and have never regretted a single dime. Granted, our home is on the smaller side so it’s much easier to afford those luxuries.
Aside from our home being small and cheaper to renovate than a larger home, we’re also always together making memories in it, so we believe that spending money on tailoring it to make us happy is a worthwhile financial endeavor.
Bottom line: Spending money on having a nice, safe home is completely acceptable for any frugal advocate. Your home is where you live, sleep, eat, and breathe – make it yours.
5. Experiences
Last but certainly not least, are experiences. There is no doubt about it, spending money on experiences makes us happier than spending money on STUFF.
As a kid, we never went on any family vacations. The biggest thing I remember our family doing was driving to the beach (and back) in one day. Yep. We drove 3 hours to the beach, spent the day, and hopped in the car and drove 3 hours home.
My family simply didn’t have the money for anything more than that. And that’s okay – I’m glad my family didn’t spend money they DIDN’T HAVE or go into debt to give us vacations.
BUT, if you do have the money to spend, I highly recommend spending some of iton experiences, because experiences will last a lifetime.
Two years ago we hit the road and embarked on a not-so-frugal Disney vacation. We had a wonderful time and it is an experience my family will remember forever.
This year, we plan on taking a 3-week road trip out to the Grand Canyon in our van! Yes, we have joined the ranks of #VanLife (part-time) and are loving it. Although this won’t be the cheapest form of entertainment, we plan to save where we can, pay cash for everything, and enjoy every single minute of it. I do hope you’ll follow along on the blog and via our other social media channels. 🙂
Bottom line: Spend money on experiences that will last a lifetime instead of more STUFF that’ll end up in storage or your next yard sale.
