For many people around the world, their financial situation is all about trying to find the money to afford all the purchases they need to make. Because of this, people seem to be obsessed with getting a great deal on something or buying what they need for the cheapest possible price. However, this really isn’t the best option in all situations.
Yes, it’s good to be frugal and smart with your money. But sometimes, being smart with your money means spending more money on your purchase. To help you know when this should be the case, here are three times when it makes sense to spend more on a purchase:
When It’s For Your Health
While there are a lot of things that it’s perfectly fine to scrimp on, your health shouldn’t be one of them. If there’s anything that going to have an effect on your physical or mental health, it makes sense that you should invest money into it. According to Dani Pascarella, a contributor to Forbes.com, this includes your fitness, both while at work and outside of office hours.
When you’re working, try to invest in equipment that’s ergonomic for you. And after work is over, make sure you’re using your money for things that will improve your physical health, like a gym membership, and your mental health.
When You Need Something Of A Higher Quality
If there’s ever a time where you need to buy something that you’re either going to be using a lot or are needing to keep around for an extended period of time, then it makes sense for you to spend more money on getting a product that’s a higher quality rather than something that’s cheaper but essentially disposable.
According to Amy Freeman, a contributor to Money Crashers, some of the general items that it makes sense to spend more money on for a higher quality include clothing, shoes, furniture, cookware, appliances and electronics, and your car or home.
When It’s Something That Makes You Happy
Although it’s important to not just spend your money hand over fist for things you really don’t need, sometimes it’s perfectly okay to indulge for yourself and spend money on things that will make you happy. What’s the use in having money if you can’t use it to improve upon your own life.
According to David Weliver, a contributor to Money Under 30, money that you spend to make yourself happy should just be spent intentionally, meaning that you find a way to balance getting what you need with allowing yourself what you want.
To help you make the money you spend more meaningful, consider using the tips mentioned above to determine when it makes sense to spend more money on some of your purchases.