When you’re thinking about saving money and trying to set up a budget for yourself, the obvious thing would be to cut back on expenses – but is that always the smartest approach? As every gamer knows, if you bet quarters, you win quarters – the big wins come to those who invest in their success. It takes a little time and effort, but the results are worth it. The same applies to finances and savings. The cheapest option isn’t necessarily always the best – sometimes you have to spend money in the short term to save money in the long run. Think of it as investing in the future of you.
Outsource your chores
Unless cleaning the house, walking the dog or mowing the lawn is your idea of a good time, you might prefer it if somebody else did the work. It might strike you as totally extravagant, but actually it makes good financial sense if you make more money per hour than it costs you to pay somebody else to do it. By paying the neighbor’s kid to walk the dog, you are creating an income that didn’t exist before and freeing up your own time to make more money. The same goes for grocery shopping. Instead of spending hours weekly in long self-service check-out lines, you can order online from the comfort of your own home and have it delivered, too. Not only that, but you take advantage of sales much quicker by clicking than wearing out your shoe leather. By outsourcing your chores, you will have more time to yourself and more time to do what you want to do, like hitting up a few slots on your smartphone through your mobile casino app.
Invest in quality
An old Chinese proverb says, Cheap things are not good, good things are not cheap. It’s a motto you can live by. Spending money on cheap furniture is actually wasting money – because it has to work hard, it’s going to fall apart, and then you’ll have to get it fixed or replace it. Either way, it’s a pain in the butt you could do without. So why not buy something high quality that you can live with for years? The same goes for appliances – by the time you’ve replaced a $20 kettle three times, you could have bought the $60 version that will probably last ten times as long. Clothes are even more important – to feel comfortable and look your best, you need to spend accordingly. Save up if you have to – a lot of success in business depends on how you sell yourself, and clothes can be a real deal-breaker. Of course, with clothes, you’ll want to buy items that will survive the shifts in fashion trends. The “little black dress” springs to mind.
Being healthy saves money
It’s tempting to cut costs by eating the cheapest food, but even if it doesn’t taste that bad, it’s not doing you any favours. Cheap processed foods and canned goods can end up costing you a whole lot more because they have a negative impact on your health. Also, you can get bored of them really quickly, so you end up wasting money on take-outs in any case. One solution is simply to shop around for healthy food and get some exercise – you will save real money in direct medical costs and productivity losses. A scientific study showed that a 20-year-old adult who reduces their weight from obese level to just overweight will save an average of $17,655 over their lifetime. Go from obese to healthy and you save an average of $28,020. A 40-year-old adult who goes from obese to healthy will save an average of $31,447. Another way of looking at it is that obesity increases the risk of heart disease and diabetes. The cost of medical treatment for those conditions is crippling so it makes sense to avoid them by spending money on quality food.