The Only Things Financial Experts Say Are Worth Spending Extra Money On
According to a recent Gallup survey, a record 55% of Americans reported that their financial situation was getting worse. While it’s clear that many Americans are struggling financially, you don’t want to make your situation worse by trying to cut back in the wrong areas.
MoneyLion consulted with financial experts to gather insights on what's worth spending extra money on and why, so you don’t end up putting yourself in a more challenging financial situation.
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Assembling Furniture
“If you make $40 per hour and you waste a Saturday assembling furniture in order to save a $90 assembly fee, then you've lost six precious hours that would allow you to make much more money,” said Cody Schuiteboer, a financial expert and president of Best Interest Financial.
This expense is worth it because the fee may be much lower than your time is worth, especially if you have a busy schedule. You also don’t want to set something up incorrectly, which could lead to damage and additional expenses.
Free Shipping
Melanie Musson, a finance expert with Quote.com, noted that it’s worth spending a little more to get free shipping.
“It’s not worth spending $50 more than you would have, but if you could get free shipping after spending $75 and your cart has $65 worth of products, and shipping is $15, you’d be better off spending another $10 on products to avoid shipping costs altogether,” she said.
Spending on Quality Everyday Items
Schuiteboer pointed out that spending more on items that you use regularly and that wear out quickly will save a significant amount of money in the long run. He added, “You could replace a $40 pair of work boots in two years while spending more on a single $180 boot that could last for five.”
The problem with buying the cheap version of something you use in your daily life is that you’ll end up replacing it many times. This logic also applies to your running shoes and mattress, since you’ll be using them daily.
Preventive Maintenance
"Prevention always seems overly expensive up until the exact moment it saves you everything,” said Schuiteboer. When it comes to preventive maintenance, the return isn’t often clearly visible, but it’s significant because you save money on future headaches.
For example, a $90 oil change can save you thousands of dollars in serious engine problems, and regular dental visits can help you avoid an expensive surgery in the future.
Good Seats for Events
It’s worth spending extra on good seats, per Musson, because you’ll get a much better experience for an extra $50 or so than you would with the cheapest seat in the venue. If you’re trying to maximize your experience, you want to ensure you return home with memories rather than complaints.
Grocery Delivery
Musson believes it’s worth spending on grocery delivery, especially if having groceries at home enables you to eat at home and avoid eating out. Since your time is valuable, having things delivered is a luxury many people consider worth it. You also don’t end up spending money on takeout since you have food waiting for you at home.
Professional Advice
The experts agree that consulting professionals when dealing with legal or financial issues can be much better for your budget in the long run, since it helps catch issues that could turn into expensive problems.
Schuiteboer elaborated, "Doing it yourself is free until the mistake that you didn't know you were making comes due.” You want to do your best to spend money up front to prevent a bigger loss in the future and protect your current income.
“The value of spending extra money on things depends on your ability to spend the money. If you have a lot of time and no money, your cost-benefit analysis would be different from that of someone with little time and a lot of money,” said Musson.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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