I know you love saving money, too.
And while I believe saving money is essential, it may be hard to believe, but sometimes I think it’s worth spending a little money too.
While I’m a proponent of saving money whenever possible, there are instances where I think it’s worth spending a little more in the long run.
In these cases, it’s better to go for quality over quantity.
In addition to buying a better item, paying a little more can save you money in the long run.
While I don’t condone overspending, it’s a good idea to make a major purchase if it falls into one of the categories listed below.
These items are the best things to spend money on when you make a big purchase or find ways to use the extra money.
Your Favorite Thing to Spend Money On
Take the time to think about the things that are important to you before you think about the things you should spend your money on.
There is no point in saving money over a lifetime if you never enjoy the things you spend your money on.
Taking stock of the items that are important to you will help you discover the areas of your life where you’re willing to spend a little more and those where you’re willing to cut back.
In addition to giving you an idea of the things you value most in your life, allowing yourself to spend a little more will make saving in other areas a little more bearable.
When thinking about the things you plan to spend more on, don’t dwell on the material “stuff.”
Instead, think about the things that make you happy or make your life easier, and then ask yourself if spending more in these areas would be beneficial.
If you keep in mind the spending items that are important to you when your budget, you may have some wiggle room in these important categories.
18 Best Things To Spend Money On
Below is a list that you can use as a guide to creating a spending framework to help you make financial decisions.
It will also give you the opportunity to find areas in your budget where you can cut back on spending so that you have more money to spend on the areas that matter most to you. This will make budgeting a little more fun and satisfying.
Things to spend on your home
Whether you’ve just bought a new home or are looking to upgrade the one you live in, buying items for your home can quickly become expensive.
Whether it’s renewing furniture or doing major renovations, there are many ways to spend money on your home over the course of your lifetime.
While there are many places in your home where you can opt for less expensive items to save money, spending a little more on these items is a good idea.
How much time do you spend in bed per day?
Since you spend most of your day lying and sleeping on your mattress, it’s a good idea to invest in a high-quality brand.
Although buying a high-quality mattress is expensive, the price is well worth it when you consider how a good mattress will improve your overall quality of life.
In addition to helping you sleep better, a good mattress can also, improve your posture, mood, and overall well-being.
If you are looking for a mattress, we just purchased a Casper mattress. If you use this link, you’ll get 20% off your mattress (excluding bundles, Element, Casper dog bed, Casper outlet purchases, and rebates).
We chose the original hybrid option – it’s very comfortable and worth the price!
If you have kids or pets, I highly recommend getting some waterproof mattress protectors and/or a foam topper.
We layer it so that there is a waterproof mattress protector, then a sheet, then a foam topper, and then another sheet.
This makes it easy to clean and gives the mattress extra protection.
We have had a few accidents on our mattress before. They have never outgrown our mattress topper.
I am very happy that I purchased these extra items to keep our mattress in good condition.
In addition to the mattress, the mattress protector and topper have been great things to spend money on!
While you don’t have to buy new furniture for your pets, it can be helpful if you are trying to train them to stay off of sofas or beds. I highly recommend getting a dog bed for each member of your household. This will help keep their favorite spot clean and safe from being clawed at by other pets! When we first got our dog, we bought her a cheap mattress from Ikea that she loved sleeping on.
3) Large Appliances
If you’ve ever bought a used refrigerator or washing machine, you know that they can be both a blessing and a curse. They are often cheaper than buying new, but they may also have problems with them that aren’t immediately apparent (like a broken handle on the door!). It’s important to do your research before buying these items second-hand so that you don’t end up spending more money than you need to later on.
If you’re buying toys for a pet, it’s important to make sure that they are sturdy and won’t fall apart easily. If your dog is an aggressive chewer, for example, he or she may not be able to handle certain toys that have been designed for gentler pets.
Spending money on health and wellness
Spending money on health and wellness is one of the best things you can do to improve your quality of life.
But if you’re like most people, you don’t have a lot of money to spend on your health and wellness, so how can you make sure that what little money you do have goes toward the best things?
You can start by figuring out what your priorities are and making sure that everything else is secondary. For example, if you’ve decided that getting enough sleep is one of your top priorities, then spend less time on social media or watching TV.
If you want to improve your diet, then go for the cheapest option it may not be as good as a more expensive option, but it’s still better than nothing at all. Plus, it’s extremely difficult to budget for groceries when they cost so much per day! So set aside some money for this purpose before everything else!
Almost anything that improves your quality of life will cost more than nothing even if it only lasts for a couple of weeks or months before something better comes along.
6) Running shoes
Running shoes are an absolute must if you’re going to be running around outside. If you can’t afford to buy a pair right away, try borrowing some from someone who has them or looking for cheap ones at your local thrift store. You’ll also need to invest in good socks as well!
7) Gym membership
A gym membership is a great way to stay active on the cheap. It’s definitely not as good as having your own equipment at home, but it’s a lot better than nothing! You can find inexpensive gyms in just about every city and town, so look around before you decide.
8) Refinance your home or auto loan
This should be pretty obvious, but if you have any kind of debt, refinancing is a great way to save money. Your interest rate might be higher than it was originally, but it could be worth it if you plan to pay off your debts faster.
9) Start a business or side hustle
If you’re looking for ways to spend money, there are two main categories: Start a business or side hustles.
Starting a business requires capital investment, whereas side hustling doesn’t require any upfront costs. Both options offer great benefits, though.
Side hustles are usually short-term projects that help you build skills and experience. They may be paid gigs, unpaid internships, or volunteer work. Side hustles give you flexibility and freedom to pursue your passions.
On the flip side, businesses require capital investment and long-term commitment. Businesses take longer to launch than side hustles because they involve planning, building, launching, growing, and scaling.
However, once you’ve launched a successful business, you’ll reap the rewards for years to come. So whether you’re looking for a quick cash infusion or a long-term career change, consider starting a business instead of a side hustle.
12) Pay down your student loan
Just like paying extra toward your mortgage, paying down your student loan will help you achieve financial freedom sooner. Since student loans are often the largest debt that people carry, reducing this amount can save you thousands of dollars each year.
13) Refinance your home or auto loan
Going through the refinancing process can save you a lot of money. Even if your bank doesn’t offer the best interest rate, there are still options available to help you get a lower monthly payment or pay off your debt sooner.
14) Start an investment portfolio
Having investments is a good way to diversify your financial portfolio and prepare for retirement. This is especially important if you don’t have a pension or other retirement plans in place. You can invest your money into stocks, bonds, and alternative investments such as real estate.
From going back to college to taking a course on personal finance, there are plenty of ways to learn more about money. The more you know about the subject, the better equipped you are to make smart financial decisions.
You can use a platform like Skillshare to find classes on a variety of topics.
16) Pay off your debt
If you have any outstanding debts, such as credit card bills or student loans, it’s best to pay them off before saving or investing. This will prevent you from paying interest on money that could be better used elsewhere.
17) Create an emergency fund
Having an emergency fund can help you avoid taking out more debt in case of an unexpected expense. You should aim for having three months’ worth of savings in case something happens like losing your job or needing to pay for a major repair. The easiest way to build an emergency fund is by setting up an automatic transfer from your checking account into a savings account.
18) Decide on your investment strategy
If you’re not sure where you want to invest, don’t rush into making any rash decisions. Instead, take some time to learn about different ways of investing money and decide which one works best for you.