Is being frugal the answer to all of life’s struggles? It turns out, not necessarily.
Keeping frugal habits is a great way to plan for the future—building emergency savings, a nest egg for retirement, and navigating whatever life throws your way.
Yet sometimes, sinking serious cash into the right investments makes more sense, whether it’s for boosting your happiness, a long-term investment, saving money in the long run, or protecting what matters most. Let’s dive into smart splurges that might just change your life.
1. A High-Quality Mattress
Tossing and turning on a lumpy, old mattress? That won’t just make you chronically cranky – missing out on quality Zs can tank your health and productivity. A high-quality mattress could be your ticket to feeling better and making more money over time. Beyond just feeling groggy, chronic sleep deprivation has significant consequences. It weakens your immune response, making you more susceptible to illness, and impairs cognitive function, hindering your work performance. Plus, poor sleep is also linked to higher risks of chronic diseases like obesity and diabetes.
Don’t just research brands; research sleep needs. Everyone benefits from a good mattress, but side sleepers or those with back pain have specific needs. This will help you make a targeted purchase.
2. Experiences Over Stuff
That designer purse might make your heart flutter, but the joy will fade quickly. Spending on amazing experiences delivers lasting memories and strengthens bonds. Plan a getaway, hit up a concert, or take that once-in-a-lifetime class you always dreamed about. Research backs this up: Experiences tend to bring more long-term happiness than things you eventually toss in a drawer.
Material possessions often trigger the “hedonic treadmill“—the initial joy fades, leaving you wanting more. Experiences, however, contribute to lasting happiness because they shape one’s story and foster connection, both with others and the world around them.
Instead of an object wish list, start an experience dream list! Bucket list places, events that spark excitement, skills you dream of learning – turn this into an action plan, even if it takes saving over time.
3. A Reliable Vehicle (If You Need It)
Your clunker breaking down yet again costs you money on repairs, missed workdays, and major stress. Upgrading can be a smart financial decision if you rely on your car. A dependable vehicle equals peace of mind and fewer surprise expenses in the long haul. This isn’t about a status symbol but reliability as a tool. Unexpected car trouble disrupts your income potential (missed work), adds costly emergency repairs, and creates major stress, impacting your well-being.
Crunch some numbers. How much did your clunker cost in repairs over the last year? Factor in missed work time. Compare that to potential monthly payments on a more reliable (but still sensible) car. It might illuminate the long-term savings. You don’t need a brand-new latest model to get something reliable, either.
4. Courses to Sharpen Your Skills
Struggling in your career or dreaming of a better-paying gig? Leveling up your skills could be the key to unlocking serious earning potential. Don’t be afraid to invest in online courses, bootcamps, or even a degree if it will significantly increase your income. This is an investment in yourself, and the payoff often beats any savings account interest.
Research by Georgetown University’s Center on Education and the Workforce found that individuals with a bachelor’s degree earn a median of 84% more over their lifetime than those with only a high school diploma].
The job market changes constantly. Investing in ongoing education protects your income potential in the long run and opens doors to better opportunities. Plus, learning new things boosts confidence and overall life satisfaction.
Don’t just browse courses – analyze your growth plan. What skills would unlock a promotion in your current field? What adjacent skills could make you valuable in an entirely different, more lucrative one? Target your learning.
5. Outsourcing Tasks You Hate
Do you drown in laundry, loathe cleaning, or simply don’t have time for chores? If the cost fits your budget, outsourcing can be a lifesaver. Beyond the surface benefit of less drudgery, outsourcing strategically can significantly improve your quality of life. Less time spent stressed over chores means more mental bandwidth for things that bring you fulfillment or income. Plus, if you hire a specialist, the job might be done better than you can manage yourself, saving time and potential frustration in the long run.
Don’t think all-or-nothing. Analyze your most-hated task; is it worth outsourcing even once a month? Research prices for services (housecleaning, grocery delivery, etc.) in your area, then compare that to what your own time is worth per hour. It might illuminate the practicality.
6. Home Upgrades That Boost Value and Comfort
Leaky roof stressing you out? Drafty windows driving up energy bills? Strategic home improvements can improve your day-to-day life and increase your property’s resale value.
This isn’t just about resale; it’s about your current enjoyment. Fixing nagging issues reduces daily stress and improves your home’s functionality. Smart upgrades can also save you money over time – better insulation means lower energy bills, for example.
Split your list into “must-do” repairs and “dream” upgrades. Get accurate quotes on the must-dos, then factor those into your budget. Even small improvements on the dream list (new light fixtures, a fresh coat of paint) can greatly impact your everyday happiness at home.
7. Health and Wellness Expenses
This doesn’t mean fancy spa days (although those are nice!). True health (physical and mental) is your foundation for everything else. Preventive care and proactive wellness strategies tend to be cheaper than dealing with major health issues down the road. Plus, when you feel good, you’re more productive and engaged in your work and personal life.
Don’t just think doctors! Is a gym membership more sustainable for you than unused workout DVDs? Would meal prep delivery help you eat better with less stress? Think about health holistically and invest in what will make the most impact on your well-being.
8. Quality Footwear
Your feet are the foundation for your entire body! Shoes aren’t just about fashion – they greatly impact your overall health and well-being. The American Podiatric Medical Association emphasizes the importance of proper footwear in preventing foot problems, which can lead to savings in healthcare costs. Plus having to replace them frequently is more expensive in the long run.
Visit a reputable shoe store for a proper fitting, including measuring the width of your feet. Look for arch support, cushioning, and materials that let your feet breathe. Do you need specific support for running, hiking, etc.? Invest in a specialized pair if it will protect your body from injury.
Don’t be fooled by price alone: High price doesn’t always equal quality. Research the brand’s reputation and look for customer reviews focusing on long-term durability and comfort.
9. High-Quality Tools for Your Hobbies
Love to cook? Passionate about woodworking? The right tools elevate your enjoyment and results.
Your hobbies recharge your spirit and provide a creative outlet. Low-quality tools lead to frustration and subpar results, taking the joy out of it. Investing in the right equipment enhances your experience, reduces wasted effort, and can even open up the possibility of turning your passion into a profit source.
Skip the cheap stuff that breaks quickly and invest in quality equipment that will spark satisfaction and last for years. Identify your “bottleneck” tool—the one that’s constantly holding you back. Do thorough research on the best option in your price range. Remember, buying it once and loving it for years is often cheaper than replacing cheap versions over and over.
10. Insurance That Protects What Matters
Okay, insurance isn’t exactly thrilling. But shelling out for the right coverage can be the difference between financial ruin and bouncing back after disaster strikes.
Unexpected events like medical issues, property damage, or job loss can throw even the most careful budget into chaos. Adequate insurance acts as your financial safety net for worst-case scenarios. Ensure you’re protected with adequate health, life, homeowner’s/renter’s, and disability insurance. It might feel like wasted money- until it seriously saves you one day.
Don’t assume you’re set! Review your coverage annually. Did your life circumstances change? Marriage, kids, homeownership – these all mean adjusting your insurance. Shop around for quotes, too – companies often offer better rates to attract new customers.
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JayDee Vykoukal is a writer, author, mom, and Doctor of Physical Therapy. She has been writing about everything motherhood and health-related since 2018 when her first daughter was born, and she wanted to stay home. She loves to research new topics and fun facts with her kids to teach them about the world.
