Yahoo Finance 8 Purchases That Will Save You Money Forever
It can be hard to spend more than what seems necessary, either when there’s a cheaper version available or when you’re shelling out for something that doesn’t have any immediate gratification. But in certain cases, this is exactly the money you want to spend.
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We consulted some of our top money experts to find out which smart purchases are worth the spend now to save you money down the road.
Quality Clothing
Money and budgeting expert Andrea Woroch believes in spending more on high-quality clothing that will last a long time. She said to look for brands that offer guarantees or repair programs that will fix or replace items at little or no cost (Patagonia, LL Bean, Filson and Blundstone are a few).
“When spending more on quality clothing, stick with timeless styles and basic colors that won’t go out of season,” Woroch said. “This strategy will ensure you spend less in the long run since your initial purchase will last a lot longer than buying cheaply made items that either tear at the seams easily or lose their shape with the first wash.”
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Rewards Credit Cards
It’s easy to balk at credit cards that charge an annual fee when there are plenty of free ones available. But Woroch said these are the ones you want.
“Pay an annual fee for a robust rewards card that offers more back in cash, miles or hotel points. Most of the credit cards with the best rewards programs charge an annual fee, and those fees are highest on the cards with the best programs,” Woroch said. “While paying a fee seems like a waste of money, in many cases you may get much more back in the form of rewards and other saving perks that pays for the fee and then some.”
To determine which card is right for you, Woroch advises doing a little bit of research.
“Look at your year-end statement from 2023 to see where you spent the most money, and then look at the card that gives you the most back for those spending categories,” she said. “From there, decide what type of reward would benefit you most such as cash back, miles or points.”
Keep an eye out as well for other money-saving perks like a free annual hotel stay, Uber credits or airport lounge access.
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Warehouse Membership
“Warehouse stores offer amazing deals on bulk packages of toilet paper and milk, but that may not seem worth the cost to you if you don’t have a large family,” Woroch said. “However, the membership fee often pays for itself thanks to the savings you can earn beyond household supplies and groceries.”
Look for discounts at warehouse stores on everything from furniture, kitchen gadgets and household appliances to deals on gift cards, restaurants and theme parks.
“You can snag savings on hotel packages (many of which come with free Costco cash cards) and car rentals, discounts on household services, cheaper pharmaceuticals and even discounts on postage,” Woroch said.
High-Quality Kitchen Appliances
Erika Kullberg, an attorney, personal finance expert and founder of Erika.com, said that it’s worth it to spend more on energy-efficient and well-built kitchen appliances that you’ll get more mileage out of, both in the short and long term.
“I believe any kitchen should have high-quality equipment such as a good fridge,” Kullberg said. “If you invest in a good brand that is proven to stay for a long time and won’t need to be replaced, and is energy efficient, it can really improve your daily living and the amount of money you will save in the long run.”
Energy-Efficient Windows
Another of Kullberg’s favorite investments is good windows for your home.
“Although the initial cost of upgrading to energy-efficient windows could be high, the savings come down in the long run,” Kullberg said. “Because of these windows’ insulated construction, they prevent loss of heat or gain of heat during different times of the year, which means the homeowner is not spending as much to heat or cool during all seasons. They are excellent insulators against sound and UV rays, which helps with comfort as well as energy costs.”
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Professional Tools and Equipment
Better quality tools often come at a significantly higher cost, but Kullberg said this is another cost that’s well worth it, regardless of the project.
“It does not matter if you plan to use the equipment for a single construction project, or if you plan to use it for everyday maintenance jobs. You will have an easier time working with these tools than the cheaper ones,” Kullberg said. “If you are a DIY enthusiast, or if you are purchasing equipment to be used around the house or on proper construction projects, always invest in professional quality to get the best value for your money.”
Durable Outdoor Gear
There’s nothing like an outdoor gear failure when you’re out in the wild to make you regret not paying for good quality.
“Anyone who enjoys the great outdoors knows that investment in rugged outdoor gear is essential to truly experience nature,” Kullberg said. “Consider top-notch hiking boots, camping gear and outerwear to mitigate the elements and rugged terrain, while also ensuring longevity of purchase. Although premium outdoor gear may cost more, its durability and optimal performance provides the best value for money and long-term appreciation of nature.
“As with clothing, look for gear that’s backed by a lifetime guarantee. Brands like Cotapaxi and Osprey will gladly repair your gear that’s been worn and torn. Cotopaxi and REI both offer trade-ins for used goods, saving you money on a replacement.”
Sustainable and Eco-Friendly items
Scott Lieberman, founder of Touchdown Money, suggested shelling out more upfront for several items that both save you money and improve your sustainability game. Here are Lieberman’s top picks:
Smart thermostat: Turning your AC off when you aren’t using it can be a great way to save. If you have pets at home, you can raise the temperature a few degrees so you save money and they stay comfortable.
Reusable water bottle: Many places now have refilling stations for water. Filling up can save you $4 to $7 a bottle at airports and stores.
Rechargeable batteries: Batteries are expensive and use a lot of energy to make. Recharging them helps your wallet and the Earth.
Eco shower head: Cutting back on water usage makes a big difference in your water bills. A low-flow shower head can work fine for most people with no loss in quality.
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This article originally appeared on GOBankingRates.com: 8 Purchases That Will Save You Money Forever
