We’ve all heard the key to saving money is not spending money. This makes sense.

But in some cases, spending money promotes bigger savings.  

Look through this list of money-spending opportunities. See why it’s better for your bank account to splurge rather than following the more traditional methods of saving money. 

1. Create a Home Coffee Station

Do you visit your local coffee shop so often that you know the baristas by name, and they know exactly how to make your favorite latte? Spending $5 at a time may not seem like much, but all those coffee shop visits add up. 

Instead, create a home coffee station. Invest in a coffee grinder, a kettle, and a French press or Aeropress. Or splurge on a top-of-the-line espresso machine. If you save $5/day on coffee, you’ll pay off the best espresso machine in 6 months. Then you’ll save $1,000+/year from then on.  Buying the best espresso machine while enjoying the most expensive beans is cheaper (and tastes better) than Starbucks. 

2. Buy Quality Items

Take a look in your closet. Which clothing items still look brand new? I have a feeling it will be the clothes that were more expensive. 

Paying for quality, well-made items (such as clothing) means not having to continuously replace items. Cheap, fast fashion pieces show wear and tear quickly, which means you need to buy new clothes sooner rather than later. 

This principle applies to many items. Splurge on the more expensive, better-reviewed vacuum cleaner, and you will enjoy it for decades rather than years with the less expensive option. 

If you buy a $300 vacuum cleaner that lasts 10 years, you will have paid about $30 a year. In contrast, if you buy a $100 vacuum cleaner and it only lasts two years, you will have paid more money per year ($50).

When facing a purchasing decision, look for the better value in the long run.

3. Spend Money on Better Food

Do you feel frustrated when you see the healthiest foods often cost the most? The high costs contribute to poor diets, so we don’t eat as healthily as we should.

However, cheap processed foods often lack nutrients and are made using unhealthy fats or added sugars. And they don’t taste as good as the real thing.

Next time you are in your kitchen, look in your pantry. Do you see cheap food you haven’t eaten, hidden in the back? If so, you’ve wasted money.

But, if you shop for fresh raw foods or visit your local farmers market on weekends, you will be more inclined to eat what you’ve purchased. You’ll eat better, and you’ll save money on cheap food you won’t eat or enjoy.

4. Find an Inexpensive Hobby

For many people, spending money is a hobby. Do you spend your free time shopping online or in boutiques? Or do you spend your free time engaging in activities that leave your wallet hurting? 

Instead, look for inexpensive hobbies. Spend your free time reading books from the library, going on hikes on nearby trails, starting a garden (you can grow an herb garden indoors if you don’t have space outside), or taking free online courses.

The right hobby will save you money with the added benefits of reducing stress and boosting your mood.

5. Fill Your Day with Productivity

Do you keep a running list of things that need to get done? If so, when you have a moment, complete one of your tasks.

Try to follow the 5-minute rule. If a task takes 5 minutes or less, then stop putting it off and just do it. 

The goal of this productivity hack is to keep you and your mind engaged so you will avoid shopping because you are bored. 

6. Spend More Money on Things That Matter

When was the last time you went to your doctor for a wellness visit? Do you keep putting off going to the dentist? Are you waiting to buy insurance?

It’s easy to put these things aside, especially if you are trying to save money. But you matter! Invest in yourself and your well-being.

It’s not just your health that matters. Take a minute to think about the things in your life that really matter. For example, if you are married, date nights matter. Regular date nights will cost less than couples therapy or divorce. 

What matters to you in the long run? Will paying to take a class to earn certification mean earning more money at your job? Do you want to spend your retirement years working or resting? 

Invest in yourself today, and you will be so happy when you reap the benefits tomorrow. 

7. Perform Routine Maintenance

It’s easy to put off repairs and maintenance until something is broken. But routine maintenance helps prevent things from breaking. 

Routine oil changes keep your car running efficiently and extend its life. Routine HVAC tune-ups extend the life of your heating and cooling unit.

New cars and new HVAC units are expensive. You can avoid having to pay big bucks for items by taking care of what you have. 

8. Build a Home Gym

Gym memberships can be costly. If you take exercising seriously, consider buying gym equipment. 

Rather than paying a monthly fee, you will pay more for the cost of exercise equipment on the front end, but you will end up spending less as time goes on. If you have the room, you might consider a home gym. If space is tight, you might want to purchase pieces of exercise equipment or an exercise bike.

When your equipment arrives, look for free YouTube exercise channels to take the place of the gym classes you love. Instead of paying for a yoga class, follow Yoga with Adriene. Instead of paying for a Peloton membership, look for “indoor cycling videos” on YouTube.

9. Use Cash Only

It’s easy to spend more when you are paying with credit or with debit cards because you don’t “see” the money leaving your account. 

That’s why many people who want to save money opt for using cash only.

The idea is to pull cash out and put the budgeted amounts in envelopes (i.e., groceries, eating out, and beauty). You only spend the money in the budgeted envelope when shopping, such as paying $30 in cash for a manicure from your beauty envelope. 

Once an envelope is empty, you must wait until your next payday. 

10. Set Aside Fun Money

One of the biggest mistakes people make when trying to save money is not setting aside any fun money. If you go all in on saving, you may find yourself frustrated and unhappy.

Instead, add “fun money” into your budget. 

You can use this money to splurge or spend however you want. Knowing you have a little money set aside for the occasional indulgence will make it easier to stick to your budget than if you simply tell yourself not to buy anything. 

Now you know the truth. To recap:

  • Sometimes it is necessary to spend money to save money.
  • Sometimes the splurges are worth it. 
  • Shift your thinking from saving money to shopping wisely and prioritizing quality over quantity. 

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