More bang for your buck: 11 expenses that you should never cheap out on

Unlike the horrible trip you took with your cousin and her pals last year, you will never say, “that was a waste of money” when it comes to these 11 expenses.

It’s because these costs help make you well, emotionally, financially, in your career and physically. My advice if resources are scarce is to prioritize your spending here on these items … and you can still look for good value in the process.

A great mattress: You’ll be a happier and more productive person when you’ve slept well. Mattresses are an investment, but when you find the perfect one for your body it will aid in quality restorative sleep, for between seven and 10 years. So, even if the darn thing costs you $1,500, that’s about $0.50 per good night’s rest. Look for deals, clear out and mix and match sales to bring the costs down.

Quality paint: Paint is one of the most economical and simple ways to transform the way a space feels. A small room can look much bigger (and vice versa). Wall colour can alter mood, brighten a space and might actually motivate you on WFH days. Quality paint is also more durable and goes on sale from time to time.

Safety gear: Helmets, life jackets, car seats, mouth guards, shin pads, baby monitors and more. I like to include car tires in this list, too. Cheaping out on this gear can be dangerous. Let published safety rankings drive your decisions, not a low price. Even the very best gear gets marked down occasionally like Boxing Day, Cyber Monday and Black Friday.

A place to read, relax, recharge: Sometimes this is a couch or chair, other times it’s a quality yoga mat at a local studio or a hammock, even sitting with your therapist. The idea is for you to set up the conditions for restoration, without breaking the bank (which actually causes stress). For me, I use the Calm app daily and buy yoga classes at a deep discount when they go on sale once a year. Both are factored into my budget. Some readers may even have benefits for these investments, which are worth exploring.

Nourishing food: Though inflation seems to be quelling, food remains expensive. But, core principles of affordable nutritious eating are to buy what is in season, shop at a discount grocer, add more vegetarian options to the menu, meal plan (great for saving and your waistline) and compare prices. Staples like oats and rice can be bulk purchased when they go on sale. Good food is fuel for your body, mind and aids in quality rest.

Shoes that feel and look good: We’ve all had crummy cheap shoes that cause blisters and it’s unnecessary. The goal is comfort and style for what you need, not volume. Assess your lifestyle and buy quality shoes less frequently because they’ll last longer and still look great. Occasionally popular brands will go on sale, but if they don’t, bake this investment into your budget.

Financial advice: People with financial plans retire with more money. These are carefully constructed typically with a CFP or qualified money coach and consider what it’s going to take to get you prepared for retirement. Financial advice costs money (rarely will you get a “deal” on these costs), but pays off in spades over your lifetime. Another way to think about this investment is if you don’t spend on your financial wellbeing, you may forego hundreds of thousands of dollars of potential interest and returns on your money throughout your working career.

Insurance for the big stuff in your life: I have found insurance to be misunderstood amongst my clients and students, which is why many are tempted to cut it out when money is tight. But, it’s the exact thing that can save yourself and family from financial ruin, and therefore should be tampered with. Instead, focus on working with qualified professionals for life, critical illness and disability insurance and for home and auto insurance (these are typically different professionals). These pros will help you understand the biggest risks in your life and recommend appropriate levels of coverage. Ask for discounts like alumni specials and multi-line (bundle) deals. Avoid small insurance costs that often are a waste of money.

The guts of your home (if you’re an owner): I’m referring to pipes, plumbing, electrical work, windows, the roof and other stuff. It’s not sexy, but if not well maintained and replaced when needed, the damage to your home can be extreme (and sometimes uninsurable). Negotiate the costs on all of this work and research any eco grants that might be available in your area.

Major appliances and electronics: You use these items all the time. If your stove half works and your earphones are horrible, you will be unhappy and annoyed every single day. The good news is you might be able to get this equipment second hand, or in an open-box sale at a big-box retailer.

Eye care: I don’t know about you, but bad eyeglass frames and ripped contact lenses are the pits! Keep up to date with your checkups. Invest in quality eye care/wear. Apply for benefits for these costs if applicable and/or potentially see if you might be eligible for the medical tax credit.

The key with these costs is to plan for them. And, when temptation arises to buy something you really don’t need, this list is a reminder of what’s really important.

This article was originally published in The Star. Lesley-Anne Scorgie is a Toronto-based personal finance columnist and a freelance contributing columnist for the Star.