Most of us, when we are looking to tighten our belts and save a little money will stop spending as much as we can in day to day life. This often works out well because many of the things we spend money on, like fancy coffees and glossy magazines, are not exactly essential. However, there is another way you can save money and that is by spending money.
Yes, really. There are a number of examples of how spending money can save you more money, so let’s take a look at some of them now:
Insulating your home
One of the best examples of saving money by spending money has to be home insulation. Paying a company like All Seasons Energy to install spray insulation in your home will cost you very little, but it will mean that your home is much more energy-efficient, which means your heating bills will be lower. So effective is home insulation that it can easily pay for itself in a couple of years, after which you are in profit.
Buying bulk groceries
Yes buying your groceries in bulk will mean that you spend more upfront, but it often opens up discounts which mean that per item, you are spending less than you usually would. If you have the capitals to buy in bulk, it is almost always a good idea to do so, providing the foods have a long shelf life or you are able to adequately store them, of course.
Spending money on insurance, whether it be pet insurance, home insurance or health insurance in some parts of the world, is almost always going to make good financial sense because it means you will not have to find hundreds, even thousands of pounds to cover vets bills, replacement furniture and the like should something go wrong. It really is better to be safe than sorry.
Unless your children are young and still growing, b buying the highest quality clothing you can afford for the whole family is a really good idea. Why? Because good quality clothing may cost more in the first instance, but they will wear out far more quickly than cheap clothes, which means you will end up paying more overall.
Spending money on small home repairs, such as leaking taps or loose roof tiles, as soon as you spot them means that they will never get the chance to develop into bigger problems, which means you will save money overall. So many people leave small repairs thinking they will save a bit of money on the cost of a plumber or whatever, but that so often leads to the problem getting worse, so it really is a false economy.
As you can see, you really can save money by spending money in a wide range of areas, so it would be wise to not always assume that keeping that money in your account is the best course of action for you or your bank balance.
*this is a collaborative post*