Saving money is wonderful.
Clearing debts, paying off credit cards and getting into the black is the best feeling. Then, when that little savings pot starts to grow you find yourself on the way to financial freedom. No longer do you need to panic when a repair bill comes in or rely on credit cards to buy gifts at Christmas. You can start thinking about getting on the property ladder or making some investments. Financial freedom gives you more from life. It gives you stability and reassurance, and it can help to set you up for the future. It’s a long path, which often starts with us saying no to spending and deciding to make changes that will help us to manage our money better.
But, there are some things that even when you are saving like mad, you can’t afford to do without — some things that are always worth spending money on and investing in, even if it means that you need to make cuts elsewhere.
Your Health
We’re lucky enough that we don’t always need to pay for healthcare in the UK. Trips to the doctors are free, as are emergency and essential procedures and medicines. But, some medication and treatment aren’t available on the NHS. Most of these, you can do without. But, some things like varicose vein treatment can improve your quality of life and are worth considering if you need them and can’t get them for free.
Your Home
If you are a renter, all essential repairs should be carried out by your landlord. But, if you own your own home, it’s worth paying for quality repairs and replacement parts when you need them instead of just papering over the cracks and hoping for the best.
Your Family’s Future
What would happen to your family if you were no longer here? Or if you suddenly lost your job and your income? Would they be able to cope without your earnings and help? Or would they find themselves struggling? Most families rely on each other for financial stability, the loss of an income can be crippling. That’s why relevant life insurance is an essential expense for yours and your families future.
Insurance
Life insurance isn’t the only policy that’s worth taking out. In fact, it’s usually worth insuring everything that you can, saving money by understanding your policies and only covering everything once. For example, your mobile phone provider might try to sell you an insurance policy on a new phone. But, your home insurance or even bank insurance might already cover expensive equipment like phones when taken out of the home.
Home, car, boiler, travel and health insurance are all worthwhile investments. But, make sure you fully understand all of your policies and what they cover, instead of just choosing the cheapest.
Your Car
Car insurance and MOTs are both legal requirements that can’t be ignored. But, that doesn’t mean that you should ignore other issues either. Get your car serviced at least every other year, and pay for repairs when they are needed. Most of us are guilty of ignoring the check engine light or little creaks and squeaks. But, a car accident could cost you much more than repairs.
Your Happy
Most of the cutbacks that we make to save ourselves money and stick to our budget are on smaller luxuries. They are a great way to save. But, sometimes, it’s alright to spend money on something just because it makes you happy. As long as you can afford it and it doesn’t mean that you’ll have to scrimp on something more essential. Spend money on your happy if you can without feeling guilty. What could be more worth it?
Food
Food is a funny one. We need it, of course. But it’s another fabulous place to save. You can buy cheaper ingredients and cuts of meat. You can meal plan and write lists. But, sometimes buying more expensive options, like buying a bigger pack of toilet roll, or a bigger joint of meat that you can use for two meals and freeze leftovers works out much cheaper than just buying what you need for the week.
A Mattress
A good quality and supportive mattress doesn’t need to be expensive, but it is worth buying what you can afford and replacing it around every eight years. A good mattress helps you to get a good night’s sleep while looking after your back and neck, and its benefits shouldn’t be overlooked.
Your Computer
Phones and tablets don’t often last for more than a few years, even with care. But, your homes main computer should. Buy a cheap laptop, and you’ll need a new one in a year or two. But a more expensive machine and it could last for much longer. Of course, you should take into account how much you use it, and how essential it is to your home before deciding how much you want to spend.
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