7 reasons why you should spend to save

OFTEN times, we are desperate to save a few ringgit so that we can afford that new car or a new Smartphone, but we fail to realise that there is a difference between spending frivolously and spending wisely. No, I am not talking about total frugality or b

23Sometimes, you have to go an extra mile to save yourself needless expenditure. Still don’t understand what I mean? Well, here are my top seven reasons why spending more can save you more.

HOME PRESERVATION

1They say, “A stitch in time, saves nine’, I could not have said it better. Indeed, if you keep overlooking necessary maintenance issues in your home, things could get real serious. Malaysia is very much prone to extremely hot and humid weather, thus, a sturdy home can not only give you protection, but also reduce larger maintenance costs in the future.

Apart from the weather, there could be possible structural issues such as leaky roofs, which won’t take a second to spark into a bigger issue. Therefore, every household should have a checklist of necessary repairs and improvements that are separated by time, for example, weekly, monthly and annually, etc.

For instance, in your monthly category, you can put a reminder to clean you AC filter, while in the annual one, you can add spring cleaning items, such as cleaning out your storage room. You are free to include anything in your list. However, make sure that the repairs are absolutely necessary and do not let any home maintenance company fool you into making unnecessary renovations.

SMART SHOPPING

Retall and shopping outlets have seasonal promotion and sales. If you can wait for the right time, it is quite easy to get something you need with a deep discount but ease be cautious not to treat this as a sporting event. Make a list of things for you’ll need. This is your “wish-list”. Do some survey and watch out for places that sell these items. The trick is to delay as long as possible until the opportunity arises for you to buy it at a deep discount.

SELFPRESERVATION

Health is your greatest wealth. So no matter how busy you are, never skip breakfast. There are numerous studies that show how a nutritious breakfast can improve performance, boost immunity, reduce cholesterol, etc. Skipping meal can save money and cut fat, but you need to skip the right one.

Don’t eat after dark but take nutritious breakfast. Unfortunately, most people are too busy get to work in the morning, then reward themselves with big meal during dinner time and even supper. I know it is very hard to change. Here is the trick -wake up 1 hour earlier, and sleeping an hour earlier will solve the issue.

BUY IN IN BULK

4There are several supermarkets and brands that offer discounts if you buy in bulk. Not only this, but some household items such cleaning equipment and sanitary products can be bought in bulk as well, since most of them have a long shelf life. A trip to the supermarket just because you ran out of toothpaste, does not make any sense, plus you will have to bear the transportation cost for such a redundant journey.

However, don’t get carried away, make a list before you get out of the house. Supermarkets can be extremely confusing and you might end up buying a lot of unnecessary items.

MEMBERSHIPS

5It is a complete myth that all memberships are pointless, then why do companies still offer it? lt is because some are not if you are clever enough to make some simple calculations. Using these cards you can save a lot in buying your daily or weekly necessities.

According to experts, there are a few memberships, such as petrol stations, clothing, supermarkets, pharmacy and a few credit cards that are worth to spend money on. For those shops that you frequently patronise, it make sense to join their membership for rebate and rewards.

Before you go out and splurge on all sorts of memberships, let me hold you right there! Research first, and then deliberate whether it is worth it or not. Ask your neighbours, relatives and friends and even the companies themselves, about its benefits, then weigh in your opportunity cost. I’m sure you will find a lot of hidden gems. The trick is to join the membership that suits your spending habits and lifestyle.

EDUCATIONAL DEVELOPMENT

6mostI cannot stress enough just how important education is. It is the

important asset that you will ever invest in your lifetime. No matter what happens, never skip education, as it will cripple you otherwise. Although I understand first hand just how expensive universities and college tuitions can be, that doesn’t mean there isn’t any way to go around it.

A degree or doctorate is only an academic achievement, It can help you land a decent job but it is not a guarantee of success. You need to learn constantly, especially the specialised skills and also the financial knowledge that’s not ever taught in schools. You can save yourself from repeating costly mistakes that others had made, such as being scammed in some fancy investment schemes.

So spend money on books, online courses, seminars and workshops. These educational materials not only save you money, but also increase your moneymaking capability. Don’t forget that you get an income tax relief for buying books.

SPEND ON LOVE

7The word “relationship” does not only end with your boyfriend or girlfriend, it can extend to your parents, spouse, friends and even acquaintances. When I was younger, I used to be very active, attending seminars, conferences and joining social networking events, etc.

I met lots of great people along the way and I am happy to say that during some of my most desperate time, they were there for me as I have been there for them. What I mean is that, Investing a little bit of time and maybe doing something extra special for the people around you every now and then is good for you, as they say “happiness is the best medicine”.

I hope that by now, you have grasped the meaning of “spend more to save more”. Just to clarify a few points - take care of your house and yourself buy bulk items that have long shelf life, research about memberships and how much they will save you and last but not least, allocate a budget for learning and make some good memories with the ones you love.