Financial Experts Say These Purchases are Worth Splurging On
There’s no question that saving money is one of, if not the most most important steps one can make towards financial security and independence. However, does that mean you should never splurge on anything? Well, not quite. See, it turns out there are certain things financial experts agree are worth splurging on… within reason of course.
High Value Rewards Credit Cards:
While avoiding credit card debt is a key step to maintaining financial security, responsibly using high rewards credit cards can actually be quite beneficial. While some may have high annual fees, they’ll more than make up for them in things like travel rewards and cash-back payments. Speaking of travel…
Whether it’s a long-desired vacation (either family or solo), tickets to an in-demand sporting event, an academic or skill class of some kind, or even something as simple as a workout class or gym membership, occasional spending on experiences that you enjoy can be incredibly beneficial to both physical and mental well-being. Once again, we must stress that splurging on experiences should be done within reason.
Cookware and Kitchen Appliances:
There are several benefits to splurging a bit on cookware – think pots, pans, baking tools, etc. – in a few different realms. For starters, cooking most meals at home with high quality tools and ingredients is almost always healthier than any meal outside the home. Furthermore, the act of cooking and/or baking can be very therapeutic and a way to de-stress – plus, you’ll be putting those aforementioned cooking classes to good use. On top of that, there’s a financial benefit as well. Namely, while there will be sticker-shock initially at the price of upscale cookware, you’ll definitely find cookware is worth splurging on as you’ll save money in the long run by eating out less.
Hobbies, as we said above relating to cooking, can be incredibly therapeutic and help one de-stress and find mental balance. In addition, some hobbies can be monetized to provide another income stream or extra cash if one so desires. For example, someone who likes crafting should absolutely splurge on a Cricut electronic cutting machine and crafting materials, and in-turn can sell their creations on online marketplaces such as Etsy.
According to Nerdwallet financial expert Kimberly Palmer, spending money on services that make your life easier – grocery delivery, house cleaning, etc. – can be incredibly beneficial:
“To me, money is all about giving you the life that you want, and that usually means spending time in the ways that make you happy,” she said. “The best thing you can do with your money is to use it to free up time.”
We’re certainly not saying you need to go out and splurge on the most expensive iPhone model released each year or anything like that. However, with the importance smartphones have attained in culture – both recreationally and in professional settings, where everything from work emails to messaging with coworkers to even the job application process itself is available and expected to be completed on mobile – we’d highly recommend splurging on a smartphone that can keep up with the times at the very least.
Can you think of any other financially savvy purchases that are worth splurging on? be sure to let us know.
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