Coming from a bank, you’d expect our most common financial advice is “Save! Save! Save!” (And, hint hint, put it in your online savings account!) But sometimes it makes more sense to “splurge” on certain purchases or you may end up spending more in the long run.
Here are some common items that may require more of an initial investment, but will be worth the extra money down the road:
- Mattress and bedding
You’ve heard it plenty of times. Sleep is vital to your body’s recovery and overall function. Sleeping on an old mattress or buying the cheapest one in the store can negatively affect your quality of sleep and lead to long-term problems such as back pain or other health issues. Surprisingly, good sheets also can also improve the quality of your sleep. While 1,000 thread-count sheets aren’t necessary, picking sheets with a minimum of 250-300 thread count made with high quality materials will help your sheets hold-up and still feel soft and soothing after multiple washings.
We often take them for granted, but our feet take us everywhere we go. While we’re not suggesting high-end designer shoes, there are many instances when splurging on a quality shoe is worth the price. For instance, when running or exercising, supportive shoes that fit properly will guard against injury. Or if your job requires you to be on your feet all day, you will need padding and structure to guard against foot and leg pain. Lastly, ladies who love to wear heels or have to dress up for work every day should invest in well-fitting shoes. This can prevent or slow foot problems such as bunions, corns and sore feet in general. Plus, a well-made shoe will last longer with a simple heel tip replacement.
- Healthy hobbies
If you love yoga, chances are your $9.99 yoga mat will quickly wear out. Instead of buying mats over and over again, selecting a higher cost mat with a lifetime guarantee will last longer and save money (and waste) in the long run. A yearly bike tune-up may seem excessive, but if you pedal away the miles in the warmer months, this could save costly future repairs or the need to replace your bicycle sooner than necessary.
- Continuing education
If you would like to attend college, graduate school or earn a certification, don’t let money stop you from pursuing a dream that also could increase your earning potential. Look at it as a long-term investment that will potentially pay you back not only financially with a better paying job, but with happiness in doing work you love.
Although it may seem like a splurge, spending on your safety is a necessity. If you feel unsafe walking at night, the cab or ridesharing order is certainly worth your peace of mind. When it comes to insurance, make sure you have enough to cover mishaps, injuries and your death – especially if you are married and/or have children. The same, cheap insurance you use at 22 is probably not the best option at 52.
If you have the means, donating to a cause or charity close to your heart is always a good splurge. Many psychological studies have shown that the dopamine receptors that cause pleasure in the brain are activated by the simple act of giving and sharing.
While splurging can be dangerous, spending extra on the right items or cause is more of an investment. [Shameless plug: To make your money work for you, consider a checking account that pays you back like the First Internet Bank Interest Checking account.] Contact a First Internet Bank Relationship Banker today at 1-888-873-3424 for more information or visit us online at firstib.com to open an account.