8 High-Value Investments That Justify the Splurge
When considering a potentially costly purchase or service, you might focus more on how the expense affects your budget right now than the potential payoff you could get over time. In some cases, making expensive purchases could lead to additional opportunities, get you a more reliable and functional product or even benefit your health. Here are eight high-value investments that can justify the splurge.
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1. Postsecondary Training
Although current tuition costs might make you reconsider going to college, a degree can lead to better earnings and employment stability. You can also benefit from career opportunities that fit your interests.
But to get the most from this investment, pick your school and degree wisely and consider the cost versus your salary potential. You should also take steps to minimize student debt. Kristina Ellis of Ramsey Solutions suggested seeking scholarships, working while studying and applying for government grants.
2. Health Insurance
While most Americans have health insurance, you might decide to go without it because of unaffordable premiums. But, with medical debt being a major issue, the financial risk of being uninsured is high, along with the health risks that result from having less access to care.
If you face a health emergency or develop a chronic condition, the coverage cost can quickly become worth it. To save money, check if you’re eligible for Health Insurance Marketplace subsidies or Medicaid.
3. High-Quality Appliances
Whether you’re shopping for a new washer and dryer set, fridge or water heater, resist the urge to choose the cheapest model. First, these appliances might not last you very long, leading to replacements sooner than you planned. Plus, they might not perform as well as costlier models and could use water or electricity less efficiently. Research high-quality appliances carefully since paying a bit more now could save you money and trouble later.
4. Proper Dental Care
Since dental visits can be expensive even with insurance, it’s not uncommon to skip checkups or ignore dental issues. The problem is that disregarding routine dental care can lead to needing major dental work that costs far more than a checkup or small filling would. In the worst cases, you could even lose teeth and face, needing implants that add up to thousands. It’s worth investing in this care to protect your wallet and oral health.
5. Home Exercise Equipment
When used regularly, the right exercise equipment has benefits that can outweigh the upfront cost. First, you could get rid of a potentially costly gym membership and any travel costs. Since you can work out at home on your schedule, you might feel motivated to work out. Plus, you could reap the many benefits of regular exercise, including a healthier weight, lower risk of certain diseases, increased physical strength and a better mood.
6. Homes
While some situations justify renting, a house can be a high-value investment with perks. For example, you can have more stable housing payments, benefit from property appreciation and equity and get tax deductions. You would also have the chance to improve your home’s value and make it more enjoyable. Just make sure you’re ready to settle down and handle the responsibilities and costs of homeownership.
7. Reliable Vehicles
Whether you buy a new or used vehicle, spending extra money on a reliable vehicle can help avoid financial strain from frequent repair bills and alternative transportation costs later. Ideally, you’ll pick a budget-friendly vehicle that is in good condition, has a warranty and ranks highly in reliability scores from sources such as J.D. Power. Also, consider the vehicle’s safety features and avoid going cheap when you eventually replace important parts such as tires.
8. High-Quality Furniture
Cheap furniture might suit your budget, but you face the risk that it will wear out more quickly than high-quality furniture and ultimately cost more due to frequent replacements. There are also other considerations, such as health issues from low-quality mattresses and chairs and bedbug concerns with used pieces.
Rather than taking the best bargain, consider the furniture’s sturdiness, comfort and likely lifespan. You can still seek ways to save on pieces.
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This article originally appeared on GOBankingRates.com: 8 High-Value Investments That Justify the Splurge
