Cutting costs is the shortest path to financial freedom. Finding a better deal on everything from the mortgage to your weekly grocery bill will help you save money.
Avoiding unnecessary spending online and at the mall also can help you create savings that can be invested to build wealth over the long haul.
However, there are times when a little spending can produce big returns that go far beyond dollars and cents.
For example, Money Talks News founder Stacy Johnson says he now uses two computer monitors instead of one. Yes, that additional monitor cost a little extra money. But Stacy spends a lot of time working online, and has found that splurging on the monitor has made his life much better. As he says:
“If you spend a lot of time online, man, this is like moving into a mansion.”
The point is that sometimes, you can’t really put a dollar value on the amount you spend. If a purchase increases the quality of your life, it might well be worth it.
As Stacy says, “While you should never spend more than you make, it’s nice to get the biggest possible bang for every buck you do spend.”
2 splurges that can make your life better
We’ve made this point before. In our story “50 Affordable Products That Just Make Life Better,” we highlighted products — some costing just pennies, none costing more than $100 — that can boost your quality of life.
Some of these purchases are simple staples that add a little more zest to your day or week. For example, take Trader Joe’s fresh pizza dough, which you can buy for less than $1.50 per pound:
Trader Joe’s fresh pizza dough comes in regular, whole wheat and garlic-and-herb flavors. MoneyTalksNews editor Kari Huus grabs the 1-pound bags of dough to use for her family’s favorite grilled pizzas.
Other products on the list cost more — but are still worth the price.
A bicycle can cost you anywhere from just $50 to thousands of dollars. But Stacy argues that a bike can literally change your life. And you can’t put a price on that:
“Riding my bike, which I try to do at least four times weekly, has definitely improved my life. I listen to TED Talks and other awesome podcasts. I think things through, including business strategies. I’ve come up with lucrative ideas while riding my bike. It gives me a feeling of accomplishment. And most important, it forces me to slow down and see things in their proper perspective.”
Read the story for more great examples of times when small splurges will leave you living large.
What are some of your favorite purchases? Let us know by commenting below or on our Facebook page.