5 Huge Ways that Spending Can Save You Money
Yes, you read that right. Sometimes spending can actually help you save money. But wait, the only way to save money is to avoid spending, right? Nope. It might sound counter-intuitive, but it’s true. Here are 5 huge ways that spending can save you money!
Free 5-Day Surefire Money Makeover Challenge
Struggling with finances and need ways to start cutting costs and seeing savings ASAP? I’ve got the solution! Start my free 5-Day Surefire Money Makeover Challenge here by filling out this form:
SUPER IMPORTANT! Okay, real quick before we get started, we need to get a fresh perspective on the idea of spending. When most of us think of spending, we think of buying ALL the things.
When I hear someone say that they’ve been spending money, I get visions of those dolla dolla bills swirling through the air aimlessly as the person runs crazy through the store just grabbing things willy-nilly.
The word “spending” can have a negative connotation. But here’s the thing. We have to spend money in order to survive. So spending isn’t automatically a bad thing.
True, we can easily go over budget if we get caught up in spending too much money on our wants versus our needs, but not all spending is bad. So we need to shift our mindset in order to tackle this spending-can-save-you-money thing.
In order for spending to be able to save us money, we have to switch our perspective from just throwing money around without any purpose—or for instant gratification—and instead look at it as making an investment.
Okay, now that we’ve got a fresh perspective, let’s get to those 5 ways that are gonna help you spend in order to save!
1. Spend to invest in quality
Whether it’s lunchmeat, toilet paper, or a lawnmower, considering the quality and longevity you’re going to get out of the item is super important.
Sure, it’s easy to just go with the cheapest thing, because it doesn’t hurt as much. The impact on our wallets is more minimal. But it’s not the best strategy, trust me.
Getting the cheapest roast beef sandwich meat you can find might seem appealing, until you sit down all ready for a nice delicious sandwich, and instead you bite into tough, tasteless “meat” full of hard bits of cartilage. Gross.
Then you find yourself going out for Arby’s because you need something that tastes better than that nasty thing at home. So now you’ve spent more than you would have if you’d just gotten roast beef at the deli counter instead.
Same with toilet paper. That one-ply stuff is a joke, I’ll just tell ya right now. There’s a reason that stuff is the price it is. Shudder.
Even if you don’t end up going out on a special trip to the store (there’s extra gas money you’d have to spend) for some quality toilet paper (more money spent), you’ll have to use like 4 times more of it than if you’d paid for quality in the first place.
So again, you’ve probably spent more by trying to be cheap.
Well, what about bigger purchases? Okay, let’s tackle that lawnmower example. So you go buy the cheapest lawnmower there is, because why would they sell it if it didn’t work? Good point.
And I’m sure it will work.
For one summer.
So you could spend $100 on a cheap mower that’ll last you maybe a year. Or you could buck up and spend maybe 3 times as much by investing in a quality mower, and have it last 8 to 10 years.
$500 or so paid once for 8-10 years of use, or around $200 paid every year? It’s a pretty clear choice! Even if you invested in a more expensive model, you’d still come out paying only half as much.
Remember, we’re not just throwing money away with no return. We’re investing now so we don’t end up spending more in the long run.
Be sure to do your research to get the best deal you can for the best value, and yes, spending will end up saving you money!
2. Spend to pay in full
While I love this one—and using this strategy will help save you a ton—I understand that it’s not for everybody or for every financial season.
We’re living on a very small fixed income at the moment, so I get it. My husband and I have had 2 ER visits and 3 surgeries in the past 6 months alone, with another surgery possibly on the horizon.
So it’s not within our ability to pay our insurance premiums upfront. It would be amazing if we could because it would make for huge savings, but it’s simply impossible at the moment. And that’s okay.
So if you’re in the same boat, I get it, believe me. So for us, it would be wiser to know our limits lest we charge the payment in full on a credit card and then have to pay interest. NOT WISE.
But, when you can, avoid payment plans for things like auto insurance and homeowners insurance and pay those bills in full upfront. You’ll get much lower prices.
The same is true for lots of the more costly things, like furniture and large appliances, so pay in full upfront if possible and avoid the interest!
Another way spending to pay in full can save you money is when it comes to medical bills. Most of the time, medical providers will set up a payment plan for you over a period of months without collecting interest, so that’s not bad.
But, if you can afford to pay most of your bill upfront, call your provider and let them know. Many medical facilities will accept a discounted payment if you can pay it immediately over the phone. So if you can, do it! I’ve saved hundreds of dollars by doing this.
And like I mentioned before, paying in full means you don’t have to worry about taking out a loan or using a credit card and having to worry about heinous amounts of interest sneaking up on your soul. So if it works with your budget, spend that money to pay for things in full.
3. Spend on yourself
This might sound kind of weird, but yes, it makes sense, I promise.
When I say spending money on yourself can help you save, I’m not talking about trips to Starbucks, getting your nails done, or nights out. Not that there’s anything wrong with that, but obviously, those aren’t monetary investments.
I’m talking about savings. As in a savings account. So instead of spending on disposable purchases, like going to the movies, you’re actually investing in yourself, your family, and your future.
So make a plan to start contributing to your savings account, no matter how small the amount is. Don’t have a savings account? Go open one ASAP, it’s super simple! Most banks or credit unions only require around a $25 deposit to open an account.
Free 5-Day Surefire Money Makeover Challenge
Struggling with finances and need ways to start cutting costs and seeing savings ASAP? I’ve got the solution! Start my free 5-Day Surefire Money Makeover Challenge here by filling out this form:
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But why should I open an account? Why start contributing to savings? What’s the point, how will it save me any money?
I’m glad you asked!
Saving for specific purchases is going to save you money in the long run. Let’s take a big appliance like I mentioned earlier. Let’s say your refrigerator goes out. It’s beyond repair, so like it or not, you’ve gotta make a large purchase that you didn’t plan on.
But you don’t have the money to spend $1,000 right now. So you have to agree to a payment plan. With interest. So you end up paying more than the actual price because you had to buy it on time. If you would’ve had some savings set aside, that wouldn’t have happened.
Or what if an emergency was to come up? Like God forbid a wreck or fire or serious illness or injury, an ER visit or hospital stay, an unexpected surgery? And the thing about emergencies is, they’re emergencies. You absolutely cannot plan them.
A refrigerator, you could maybe find a way to put that off for a couple of weeks while it was still on its last leg, but, as we know, that just doesn’t work when it comes to medical emergencies.
Planning for future purchases and having savings to fall back on in an emergency will help you save in the long run. By avoiding having to take out loans or rack up credit card debt, you’re going to save yourself a lot of money.
4. Spend to destroy debt
Nobody likes debt. But sometimes it’s a necessary evil, like when you’re buying a house or a vehicle, or paying for college. So choosing to spend more of your income by putting your money toward debt repayment is one of the best choices you can make.
So if you can afford to do it, start paying off more than the amount due each month. By being proactive, you’ll be able to see the principal amount you owe start going down drastically. And who doesn’t want that?
When we first got married, my husband had several different college loans that needed to be paid off. I was so overwhelmed and a bit panicky because I’d never had any debt before.
We focused on paying off the smallest loan first, and once we did, I felt like I could finally breathe again. It was possible! So we started on the next, and then the next. Before we knew it, they were all paid off!
That allowed us to start putting more into our savings account, which we ended up needing when my husband lost his job a year later, and again when my mom had cancer and I started working only part-time hours.
Another big way that spending towards destroying debt will save you money is when it comes to credit cards. Credit cards can be the devil. But they don’t have to be.
If you have credit card debt, set your mind right now to pay it off as soon as possible, and make a written plan of steps to take to make it happen.
So far we’ve never carried a credit card balance and have always paid the balance in full each month. If you have no problem doing that, it can really work in your favor, especially when it comes to reward points.
But if you don’t have that hard and fast line drawn, and having credit cards is too much of a temptation to overspend, then they might not be the best tool for you.
Whether your debt is in the form of medical bills, car loans, small loans for furniture or appliances, etc., write them all down and start paying off the smallest one first. And if there’s any way possible, pay more toward it than just the amount due.
Because the longer you wait, the bigger the balance you’ll have to pay off later.
So make the decision to spend your money towards destroying debt!
5. Spend on others
Alright, bear with me on this one. I know it might sound ridiculous, so let’s dive right in and see how this could be even remotely possible.
Everything that we have here in this world is because God has allowed us to have it and given it to us as a blessing. And we’ve been blessed so that we can share those blessings with others.
First and foremost, we should honor God for all He’s blessed us with by tithing to the Lord through our churches. Then find ways to give even more to causes or situations that are dear to our hearts.
It doesn’t matter if it’s a small amount, because God can multiply whatever you give! And there are other ways to give besides money, such as donating items, using your time to serve or fellowship with others, or even donating your skills or professional services.
Secondly, we’re to share our blessings and give to other believers, those fellow members of the body of Christ. And the Bible tells us that God loves a cheerful giver. So start embracing a spirit of generosity and giving!
We’re also called to go and share the good news of salvation found in Jesus Christ, and helping people is one of the biggest ways we can do that.
If someone we know has a serious need and all we do is tell them what they should do, but we don’t lift a finger to make that become a reality in their situation, what kind of witness is that?
That one stings a little, I’ll be honest.
It’s our duty to share God’s love with those who are lost, because a) it’s what we should do, and b) our generosity and positivity will make them willing and curious to hear about what compels us to do it, and that’s a precious opportunity to share the gospel with people.
So spending money on others is going to bless you not just in this life but on into eternity as well. Honoring God, serving our brothers and sisters in Christ, and reaching out to lost people will reap eternal rewards, plus give us such great JOY!
And when we give cheerfully, whether with money or time, we can watch the Lord bless us beyond measure, in many ways!
Huge savings
So now that we’ve shifted our mindset from spending willy-nilly to spending in order to save, i.e. spending with an intentional mindset, it’s easy to see that spending can be done from the perspective of investing.
So just to recap, here are the 5 huge ways that spending can save you money:
- Spend to invest in quality
- Spend to pay in full
- Spend on yourself
- Spend to destroy debt
- Spend on others
These 5 ways bear several hallmarks of wise spending, so be sure to consider purchases and investments with these in mind: quality, value, price, long-term outcomes, and eternal rewards.
Remind yourself that not all spending is bad, and if you can get into the habit of viewing each dollar you spend as an investment into one of these 5 categories, you’ll find yourself spending in ways that’ll actually save you money!
Free 5-Day Surefire Money Makeover Challenge
Struggling with finances and need ways to start cutting costs and seeing savings ASAP? I’ve got the solution! Start my free 5-Day Surefire Money Makeover Challenge here by filling out this form:
Related posts
- 100 Surprisingly Simple Ways to Start Saving Money Today
- 6 Easy Reuben Sandwiches for Under $10
- How Can I Stop Feeling Overwhelmed?
- 7 Reasons Why You Need a Basic Budget (with FREE worksheet)
- Easy Chocolate Fudge Cake in a Mug
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