Thursday, May 23, 2024

Save Money In The Future By Spending More Now.

December 20, 2017 by  
Filed under Money/Business, Weekly Columns

(Akiit.comSometimes it’s good to spend more. In some cases, spending a little more can be an investment, saving you money in the future. Here are just a few examples of how we could all have a little more disposable income in the future were we to spend a little more now.

Overpay your debts

Many people with debts stick to the minimum repayments. However, it can often be worthwhile paying your lenders a little more if you have the means to do so. The longer your debts go unpaid, the more interest they collect. By paying off your debts as soon as possible, you end up paying less interest in the long run, technically saving money. Some people may need a little more help to get out of debt if repayments have got so large that they’re harder to keep on top of. Negotiating interest rates may be an option if you’ve been making each of your repayments on time. If you can help it, your best course of action is to not take out loans at all unless you really need them. Avoid payday loans with high interest rates and low deposits – a higher deposit could be worth the lower interest rates in the future.  

money 2021

Switch to renewable energy

Going green can help to preserve your money in many cases. For many it’s the upfront costs that are an obstacle. When you pair your solar panels with the correct provider, such as Gexa, you can start enjoying the rewards of your investment right away and reduce your electricity bills. The drawback is that they cost a lot to install. If you’re not thinking of moving home any time soon, you’ll likely make your money back in a few years. The same can be said of paying for home insulation in order to spend less on gas or paying for a greywater recycling system in order to lower your water bill.   

Create a rainy day fund

A rainy day fund is a savings account that can help to pay for emergencies. This might include roof repair or a surprise medical bill or an expensive car fault. Having a saving account can help you to cover the cost of these disasters without having to resort to a loan, which will only result in paying extra money in interest. It could also be used as a deductible for insurance claims (a deductible is an amount you’re willing to pay out your own pocket before an insurer steps in – offering to pay a high deductible can lower your insurance rates). Just makes sure that you don’t dip into it for personal expenses that aren’t emergencies.  

Make preventative repairs

When getting your car serviced, you may be told that certain repairs could be worthwhile making but aren’t vital. Many people will forgo these repairs if they’re not essential, but this can often result in more costly repairs in the future. A worn part may cause other parts to work harder, resulting in them wearing out faster too. This also extends to home repairs. Many people ignore cracks in walls for years. These can eventually get so big that major structural work then needs to be done, when it could have required simpler and less costly repairs a few years ago.

Catch health problems early in the bud

Similar to preventative repairs, cures for health problems can often be less costly when caught early. A simple tooth infection might be curable with some cheap prescribed antibiotics if you see the dentist early. Wait it out until the pain is unbearable and you may need root canal treatment or even teeth removed, which could cost hundreds. Check-ups can sometimes be useful for spotting things you may not have noticed. This is useful if you have a pet and want to save money on veterinary bills – animals can often be good at hiding pain and may only start to show signs of discomfort when things are getting serious enough to warrant surgery.

Staff Writer; Shelia Moore

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