When you start living a more frugal lifestyle and focusing on saving money and cutting your costs, it can be exciting to watch the number in your savings account go up. Cutting back on unnecessary expenses is a great change to make in your life and you’ll reap the benefits every single month. However, some people might get unnecessarily carried away with this and start cutting out costs that might actually be worth keeping.
Certain things are worth splashing the cash on for various reasons – here are some examples.
The safety and security of your home and family are not something to play around with. Protecting yourself and what you own should form an important part of your budget at all times. Paying for things like security systems for your home, alarms and good quality locking systems, as well as insurance for your health, home and car, are definitely expenses worth keeping – and even upgrading if you feel like you might need to.
Investing in your health can come in many different forms – health insurance, good quality food, exercise and things that benefit your mental health too. If paying for a gym membership, dance classes, gymnastics, tennis lessons, or any other form of exercise class is something that motivates you and allows you to exercise in a way that feels good, that can be considered a worthy expense. Furthermore, we all know that fast food is accessible because it can be affordable. However, plenty of whole, healthy foods can be more affordable too and we believe that investing in good quality food is investing in your long-term health: a very worthy expense. Finally, spending money on therapy or a specific hobby that brings you joy and assists you with your mental health is an expense worth keeping in the budget.
Lifelong learning is something that everyone deserves. Whether education for you looks like paying for university, or simply for some online courses in skills that you find interesting or may benefit your career or lifestyle, this is an expense worth paying for. Not only will you be benefitting yourself in the short term by learning new skills and challenging your brain on a daily or weekly basis, but this can also benefit you financially in the long term. Learning new skills and earning yourself new qualifications can help your progress in your career which will eventually contribute to growing your income. This means that spending money on your own education is really an investment that will pay dividends in the future – what a win!
While it is important to be mindful of your spending and watch that you don’t waste your money, it’s also important that you allocate some of your income for important things like these we mentioned. Your safety, health and your education are three major components of your daily life, and investing in them will always prove beneficial at the end of the day.