Cutting expenses is an important step to balance your budget and set yourself up for financial success. But consumers who are hyper-focused on price rather than quality may neglect to see the value in spending more today to achieve long-term financial health.
“If you purchase cheap, low-quality items, you will constantly have to replace them when they fall apart,” says Natasha Rachel Smith, personal finance expert at TopCashback.com, a cash back shopping website. “In the long run, you will spend more on one item between the initial purchase and replacements than if you had bought the more durable option.”
[See: 12 Shopping Tricks to Keep You Under Budget.]
In addition to making strategic purchases based on quality and longevity, there are other financial benefits to spending more money.
Here are seven areas you shouldn’t skimp on:
Clothing. If you have a closet full of clothing, yet you often feel like you have nothing to wear, it’s time to review your shopping patterns. If you’re trying to save by purchasing only cheap items, you’re going to get stuck with garments that don’t fit well or easily fall apart, leading you to spend more on new wardrobe staples.
“The problem comes from falling into the habit of buying clothes we think are OK but don’t love, because they are inexpensive,” says Ruth Soukup, owner and founder of LivingWellSpendingLess.com, a website dedicated to providing everyday solutions and easy-to-use tools to simplify life. “Feeling great about the way we look doesn’t fall into the equation.”
Buying quality clothing you will actually wear regardless of the price saves you more in the long run, Soukup says. The trick is to focus on the fit and to buy well-made pieces that won’t go out of style with the passing season. Consider the cost-per-wear when determining if an article of clothing, a pair of shoes or an accessory is worth the splurge.
When it comes to denim, Trae Bodge, a shopping expert at TrueTrae.com and U.S. News contributor, says “cheap jeans don’t fit as well or hold up as well as more expensive jeans.” Keep an eye on sales from your favorite brands by creating a customized deal alert based on your style and size or look for discounts through flash-sale sites such as HauteLook or Gilt Groupe.
Fitness. If you’re worried about spending money on a gym membership or buying fitness equipment in order to finally get in shape, think of it as an investment in yourself. Regular exercise boosts your immune system, translating to fewer sick days and improved mental function for peak performance on the job. Regular physical activity also has a positive impact on mental health and relieves stress, improves memory, leads to better sleep and boosts your overall mood.
There are plenty of free outdoor exercises easily available to dedicated penny-pinchers. However, a membership to a health club offers access to a wider variety of physical activities to help you stay committed and challenged. Compare prices at different clubs in your neighborhood and negotiate on membership options to save, but don’t forgo a fitness regime for the sake of cutting costs.
Hair care. You can slash costs on hair care by seeking discounted services from students in training at beauty schools or at home, but complicated styles and color treatments are better left to the hands of a stylist you trust, even if it means paying more. Otherwise, you may not be satisfied with the outcome and end up paying more to get your locks fixed.
“If you have tricky hair or if you are going for a new color or style, don’t go to your local beauty school or inexpensive salon chain to get your hair done,” Bodge says. “A good cut will grow out well, so it will last you longer than a bad cut anyway.”
[See: 8 Big Budgeting Blunders — and How to Fix Them.]
Dog food. When it comes to pet food, skimping on quality foods can result in exorbitant veterinary costs later on. A well-balanced pet diet is essential in reducing and preventing diseases and other health issues. Search for labels that say “complete and balanced” to ensure the food has met the nutrient requirement established by the Association of American Feed Control Officials.
“Cheap food for pets is like fast food for people; consuming it on the regular leads to health problems that are far more expensive than investing in quality, healthy food in the first place,” says Kendal Perez, a savings expert and U.S. News contributor.
Reduce the cost of quality food by ordering in bulk online. The online pet shop Chewy.com, for example, offers 5 to 10 percent off monthly shipments.
Tires. Top-of-the-line winter tires can cost up to $550 per tire from brands such as Goodyear, Bridgestone and Firestone. However, quality is key as they not only provide safer driving conditions in ice and snow, but last longer, too. Shelling out more money on quality tires offers less maintenance work since you won’t have to replace them as often. To get the biggest bang for your buck without sacrificing safety and longevity, compare prices at warehouse clubs and look for promotions and discounts at auto body shops.
When Timothy Wiedman, a retired professor based in Grand Rapids, Michigan, began losing traction when driving on the factory tires that came with his truck, he decided to splurge on higher-quality winter tires. Compared to the lower-quality tires that began slipping after driving for around 40,000 miles, the new ones have maintained performance after 64,000 miles of driving, he says.
Paint. Though painting a room yourself is a smart way to cut costs on a home improvement project, it’s not a wise idea to pick a lackluster, albeit cheaper paint. Perez says low-cost paint options don’t always cover up previous wall colors nearly as well as the more expensive, higher-quality options, which often include paint and primer. This means you can get the job done in less time and with less paint.
You don’t have to blow your budget on the best paint, however. Shop over holiday weekends when many home improvement and hardware stores offer discounts and rebates, Perez says.
Mattresses. The National Sleep Foundation recommends that adults ages 26 to 64 get a minimum of seven to nine hours of sleep each night. So, when you consider the cost-per-use value for the roughly 3,000 hours of sleep adults get each year, splurging on an expensive, quality mattress seems like a no-brainer. Yet, many consumers are turned away by the initial cost and go with the lesser-priced options. Unfortunately, cheap mattresses often give out, meaning they’ll need to be replaced sooner, and may also impact sleep quality, which can have negative health effects.
“Buying a cheap mattress can lead to health problems related to lack of quality sleep, not to mention soreness and discomfort,” Perez says.
[See: 10 Foolproof Ways to Reach Your Money Goals.]
Since mattress prices are often inflated to make discounts look like a better value, Perez recommends researching options among multiple retailers and test-driving them before buying. When comparing your options, don’t forget to ask about the mattress warranty and return policies.
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When Spending More Benefits Your Budget originally appeared on usnews.com
