Spend A Little Now To Save More Later: 5 Things You Don’t Want To Skip Because Of Money
If you don’t have a lot of money left over in your budget every month after covering basic necessities, you have to do a lot of prioritizing in your life. However, some things that look as though they are optional and cost too much money might really be things that could bite you later if you don’t spend money on them now. Here are five instances where you will want to spend some money now to avoid expensive bills in the future:
Insurance
At a minimum, if you have a car, you have to have liability insurance. Being caught without car insurance could mean an expensive ticket and a license suspension. As for health care, The Affordable Care Act now requires most people to have health insurance as well. If you are low income, you may qualify for Medicaid or get tax credits to lessen the cost. Not having adequate health insurance, especially if you have chronic health issues, could result in very expensive medical bills later on. Putting of routine health follow ups can mean that you are missing a serious health issue. Renters insurance is a good idea, too, to protect your possessions in the event of a fire or other disaster. If you own a home, you will want to invest in good home insurance to protect your house and personal belongings. Replacing a damaged home and items from a disaster is much more expensive than insurance.
Dentist visits
Even if you take great care of your teeth and brushing and flossing every day, it’s still a bad idea to skip your regular dental check ups, says the professionals at Dentistry Plus. You might have a small cavity that can grow much bigger and become infected, which can lead to very expensive and painful dental work. Dentists also look for other problems, such as mouth sores, that could become much larger problems if not dealt with. If you have a hard time paying for dental care, look for free or reduced options such as a free clinic, dental college or initial offers at dentist offices.
Home maintenance
Owning a home can be expensive, and to save money, you might let minor maintenance go unnoticed, or not fix small problems. However, that can be a big mistake. That broken downspout could eventually lead to water getting in your basement. Ignoring signs of termite damage could mean a larger bill later to repair the damage. Be sure to follow up with with regular maintenance and repairs to avoid expensive replacements down the road.
Car maintenance
Another thing you don’t want to skip because of money is regular car maintenance. Going too long without changing your oil or other fluids can cause serious damage to your engine. Likewise, small problems such as a chronically low tire or a chip in your windshield can lead to much pricier problems later. Spending a little money now to take care of the problem can save hundreds, if not thousands of dollars in care repairs.
Retirement saving
If you are young and don’t have much money, saving for retirement is likely the last thing on your mind. However, skipping out on saving when you are young means you will have a lot less money when you retire. With the power of compounding, even small amounts saved when you are young can grow into large amounts when you are old. Skipping saving altogether could also mean you are giving away losing free money from employer 401(k) matches.
Though it can be tough, it’s a good idea in these instances and others to spend a little money now to save more later. Try to set aside some money each month to spend on these items, which will save your wallet in the long run.
Category: Family Finances
