In today’s culture, it’s tempting to feel as if you should buy everything in sight! It’s not an understatement to say that consumerism is king and is tightening its grip on its people. As much as you would like to splash out on the latest releases and trends, you also need to be watchful with your money. Making a frivolous purchase at the moment is satisfying, yet it can come back to haunt you further down the line when cash is tight.
Finding the perfect balance between resisting the urge to buy and purchasing essential items is the solution you need to focus on for the sake of your bank account and sanity! Of course, it’s easier to say out loud than it is to do in practice. How do you know what’s essential and what’s indulgent? To you, everything you see might add value to your life and home.
People who find a middle ground are the ones who understand what the most valuable investments are and how to get their money’s worth. When you can spot the potential, that’s when you’re in great shape. With that in mind, you’ll find a selection of purchases below that are worth spending money on and avoiding, as well as the reasons why.
Valuable Purchases
Property Upgrades
While a new conservatory costs a significant sum of money, it will add value to your home. Therefore, you’ll likely recoup the costs, and more, in the future if you ever sell your house. And, if you don’t, they’ll be positive equity that you can exploit if you need a quick cash injection, or if you want to install more upgrades and double down on profit margin.
One thing to keep in mind is that not all add-ons are created equal. Although a conservatory or garage is in demand, a swimming pool is out of the question. As well as being incredibly expensive, potential buyers don’t see them as necessary compared to other household features. So, you should make sure that you research the current upgrades that are in demand, in general, and in the neighborhood. Another vital consideration is a budget planner tool. It’s far too easy to go over budget and eat into your profit, yet a planner helps to cut costs and pull back should things escalate.
As long as you are confident the pros outweigh the cons, then borrowing funds or spending the resources you have shouldn’t be out of the question.
You spend money on food all the time, so this often comes across as confusing. But, the reality is that you might not spend your grocery budget on high-quality items that are fantastic for your health. Natural and organic-produce are essential purchases because you are what you eat. Today that might include plastic thanks to the number of bottles dumped into the seas and on farming land.
Regarding your health, now and in the future, this is a massive problem. Being relatively young and healthy isn’t an excuse to enjoy yourself and not care about the consequences. Although there’s no reason to be a saint, you must take care of your body now to reap the rewards in the long run. Being able to move and think freely doesn’t happen by chance – it’s a by-product of consuming the best-quality fuel. So, even though they are more expensive, it’s wiser to invest in free-range products and leave the microwave and oven meals alone.
Exercise has a direct link, too, which is why that’s another must-have purchase. A gym membership is priceless if it encourages you to stop being gluttonous and lead a sedentary lifestyle.
Traveling
Seeing new places and sampling of new experiences are long-term investments. Sure, some people see them as wasteful because it means spending money and not earning for an extended period. And, there’s no doubt that you will pay a significant sum while reducing your earning power. Still, this doesn’t mean traveling is unnecessary.
For one thing, any purchase that provides a greater balance between life and work is worthwhile. No one wants to be a slave to the wage and look back and regret not taking the plunge, so don’t fall into this category. Secondly, you learn more about yourself in foreign environments. Travelers understand their personality and what they are capable of better than anyone else as they’ve been in tough situations and come out on the other side.
As far as personal development goes, traveling is worth every penny.
Non-Valuable Purchases
New Gadgets
New technology undoubtedly makes life easier, but that doesn’t mean you need the latest iPhone or Amazon Echo. After all, relying on IoT makes you less independent and more fixated on your devices than ever before. Not only is this bad for your health, but it takes away your control. Before long, you won’t remember how to speak to someone without sending a WhatsApp message first!
More importantly, the fact that technology is developing at a rapid rate negates the need to buy the latest releases. In a short while, the product you wanted will be replaced by an almost identical item. Rather than falling for companies’ consumerist marketing strategies, you can wait and get quality devices at knock-off rates. Aside from making you less reliant on tech, it will also save you a fortune in future purchases.
Being happy with what you have is a quality that you shouldn’t underestimate.
Home Decor Fads
There’s a huge difference between property upgrades and home decor fads. The latter is what the majority of homeowners “invest” as they appear to be cheaper. On the face of it, they are, and that’s because wallpaper and a tin of paint aren’t extortionate. However, look closer at the relative costs, and you’ll see anomalies.
Always redecorating isn’t going to add value to your home. Although it’s smart to spruce the place up a bit for a viewing, buyers tend to want to create a new environment. After all, nobody’s dream home is someone else’s cast-off. Plus, applying fresh paint and laying new wallpaper is addictive, especially if you have the attitude that it’s no big deal. It is if you spend hundreds or thousands of dollars per year as it’s cash you could have invested in essential items and services. Instead, you’ve wasted it on trends that faded as soon as they appeared.
If you’re going to decorate, you should try and ensure the style you go for is timeless. That way, there is more chance to add some value and cut back on excessive home decor expenses.
Cars
A flashy car is something that stands out, and it’s valuable for that reason. You might want your neighbors to see that you’re doing well and make them jealous. Yes, it’s not unhealthy to buy nice things to boost your self-esteem and your lifestyle. The problem is that a car isn’t a wise investment.
It loses one-third of its value as soon as you drive it off the lot, which means you’re 33% worse off than when you walked into the dealership. And, there are running expenses to factor in that add up to a considerable figure over time. Worse than that, you don’t need it as much as you think! It’s convenient to have a vehicle, but you shouldn’t rely on it when you walk or use public transport.
A healthy compromise is to opt for a second-hand model. Lots of quality vehicles are used yet are reliable and as tight as a drum.
Which things can you not live without, and which ones should you resist?
