When And Why Might You Want To Spend Before You Can Save

Oct 19, 2021 | Lifestyle

When we talk about saving money, we often speak about the things that we should go without. However, as many frugal individuals quickly learn, this mindset has its limitations. In fact, there are times when cutting costs can be an altogether less positive experience, and in those instances, you may find that it’s instead important to spend before you can save.

Predominantly, asking crucial questions about the longevity of an investment and the potential for returns is the most obvious way to determine whether this is the case. More specifically, however, it’s often worth spending to save in key lifestyle areas, the most obvious of which we’re going to discuss here.

1.  In business

Successful business isn’t built on cut corners, and individuals who attempt to save on things like business training, supplies, and beyond are guaranteed to end up losing out in the long term. Instead, spending on high-end stock is far more likely to send efforts soaring, regardless of whether a business loan is necessary to make it possible. Spending more on top-quality colleagues, far-reaching marketing, and competitive stock could certainly more than double the resulting profits. That’s got to be better than saving yourself small amounts, to begin with!

2.  On the road

It’s also often best to spend before you can save while on the road. Certainly, spending more on a newer model with a more updated spec can save on things like fuel efficiency, longevity, and relevance with regards to changing CO2 regulations, etc. Upgrades to safety specs in more recent releases even mean that getting seemingly excessive spending right here upfront could help you to avoid accidents and the escalating costs that they can bring, including the need for higher insurance premiums, a car accident attorney, and lost income due to injury, etc. All of which can fundamentally help your money come right back to you in the form of a vehicle that you’re far happier with for longer. 

3.  For the future

Spending well on your future is also guaranteed to pay off. Benefits including early retirement, family security, and general peace of mind in later life are all certainly possible if you spend a decent amount on both retirement funds and insurance in the moment. This is perhaps the hardest area of expense to justify because it has no significant benefit on the life you’re living right now, but there’s a good reason why no budgeting guide will advise you to cut out retirement or health insurance expenses. With insurance, in particular, even one health setback later in life could well outstrip the amount you’ll pay by getting on top here early. Equally, retirement policies that see your employer also paying a certain amount could soon see you having retirement fun in the sun for half the money you would’ve had to pay otherwise. 

Spending to save may seem contradictory to everything you’ve learned but, as you can see, implementing this advice in the right ways is one of the best financial moves you can make.


– a contributed post

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