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Expenses That Are Worth It
Legend has it that Benjamin Franklin famously said, “A penny saved is a penny earned.” But there are some expensive things that are worth the money, according to experts. Business Insider notes six instances in which spending more can pay off.
Education. Student loan debt is a serious issue, and you should consider the long-range prospects of the educational path you take. But in general, improving yourself and your skills through education is likely to pay off long-term in better jobs, better pay and more satisfaction in your daily life. And sometimes the education you get, and the contacts you make, at more prestigious – and pricey – educational institutions can help you in your career.
Travel. Leisure travel is very rarely a necessity, strictly speaking. But travel can expand your horizons and open your mind. It can help you rest and recharge your batteries, so that you return with more energy and focus. Plus, it’s fun. And studies have shown that people are happier spending money on experiences than they are spending money on things.
A mattress. Most people spend a third or more of their life in bed. A good mattress can make a big difference in how well you sleep, and how well you sleep can make a big difference in how well you perform, at work and in life. Pay a little more for a comfortable mattress that fits your sleep style.
Clothes that fit. It’s fine to have some T-shirts from your favorite band or your favorite team. But when it comes to clothes for the important parts of your life, splurge on clothes tailored to fit you right. That clothes will make you look better, and also will make you feel better and more confident about yourself. That confidence can pay off in your professional and your personal life.
Time-saving services. Sure you probably could clean your own house or mow your own lawn or build your own room addition. But would that be the best use of your time? If you can afford to hire someone to do something that needs to be done and that you don’t have time to do, don’t know how to do, or don’t like to do, that probably is money well spent.
Your health. Be willing to spend money to take care of yourself, both body and soul. That might mean a gym membership, a yoga class, exercise equipment for your home, a spa treatment – whatever makes you feel healthier and more productive. After all, as the saying goes, when you have your health, you have everything.