If you have been following our blog for a while, you probably know that we are always on the hunt for a good deal. There's nothing wrong with a good deal, but SOMETIMES that way of thinking can leave you in a bit of trouble. We believe that there are certain areas where cutting costs should be the priority, but there are also certain areas where paying the extra dollar can be worth it in the long run.
Here is a list of items that we think are the most worthy of spending more on:
1. Education
Spending on education may involve going to college to get a Bachelor’s or even returning to school for Master's. In addition, it may be worth it to invest in courses for certificates and licenses that allow you to move up at your company or that teach you a new skill. Degrees, certificates, licenses, and the skills you learn through education can lead to better opportunities in the future, whether that be monetarily or socially. Spending on education, while it can be costly, is a worthy item because it can lead to higher income and a higher quality of life later in life.
2. Dental Care
The cost of poor dental health is more than just having bad teeth. The University of Illinois Chicago, College of Dentistry says that poor dental health “can affect health, employment, and well-being1”. “Cigna Health calculates that adults who practice good preventative oral health save 31% in dental cost over 5 years.2” In order to practice good preventative oral health, there are some costs. You need a quality toothbrush, fluoride toothpaste, and regular checkups to the dentist, with the occasional tooth filling and teeth cleaning. Spending on Dental care, however is well worth it to prevent future dental care costs, to keep a healthy smile, and to improve your overall wellbeing.
3. Name Brand Products
Sometimes, the generic brands just don’t cut it. Not all generic brands are bad, but some just don’t satisfy what you want. Take for example, Oreos. You might have tried the generic brand to satisfy your cravings, but they don’t satisfy the crisp chocolate cookie and sweet cream that you are craving for.
Another example where the Name Brand option is worth it would be Dawn Dish Soap. This blue bottle of soap does more than wash dishes, it’s also a great de-greaser, which is why it’s the first choice for cleaning oil off wildlife during environmental disasters. It is more costly than the watery generic soaps but a few drops can be more effective in the long run and will leave you will less headaches trying to scrub off last night’s lasagna out of the pan.
4. Memories
You’ve probably heard the saying, “Time isn’t cheap”, and the truth is, it isn’t. We all have a limited time on Earth, why not make the most of it? We aren’t recommending going into debt to go off on a world tour, but there are ways to keep expenditures in check while on a family vacation. Even going on a small weekend trip to the beach or day at the zoo can be money well-spent if budgeted correctly.
5. Services From Competent Professionals
From plumbers to auto mechanics and yes, even us financial advisers, you should be willing to spend to get someone who knows that they are doing. It could cost more upfront but will likely save money in the long run. You’ll also save yourself from the stress of scrambling to clean up the mess created by a cut-rate professional.
At the end of the day, these are not things you have to spend ALL your hard-earned cash on. However, it is important to identify things that are most important to you and spend accordingly.
1. https://dentistry.uic.edu/news-stories/the-many-costs-financial-and-well-being-of-poor-oral-health
2. https://www.cigna.com/static/www-cigna-com/docs/employers-brokers/dental-white-paper.pdf