Starting the week of June 10, big changes are happening! Our branch signage will be changing from Aventa to Blue!

Back to Financial Education

10 Smart Money Moves That Will Help You Save Big in the Long Run

With inflation on the rise, it's natural to try and find ways to cut costs. However, sometimes cutting costs could make you spend more money. Here are ten investments that can save you money in the long run:

Investing in Quality Furniture

Investing in high-quality furniture may seem pricier initially, but it is often a better option than buying cheaper furniture. Cheap furniture can wear out quickly, leading to recurring replacements and repairs which could end up costing more than the initial investment of buying expensive furniture. By choosing high-quality furniture, you can enjoy durability that lasts for years, ultimately saving money on replacements and repairs.

Opting for Energy-Efficient Appliances

Upgrading to energy-efficient appliances may require a more significant initial investment, but they consume less electricity, resulting in lower utility bills over time. Plus, many energy-efficient models come with extended warranties, reducing the likelihood of repair costs.

Choosing Reliable Vehicles

Buying a reliable, well-maintained vehicle might require a higher upfront cost, but it can save you significant money on repairs and maintenance in the long run. Additionally, dependable vehicles often retain their value better, leading to higher resale or trade-in values when you upgrade.

Subscribing to Maintenance Service Plans

Rather than purchasing items outright, such as tools or electronic gadgets, consider subscribing to maintenance service plans or warranties. These plans can cover repairs and replacements, sparing you from unexpected expenses in the future.

Here are a few items worth considering extended warranties for:

-Electronics, like computers and gaming systems




Investing in Home Insulation and Energy-Efficient Upgrades

Improving the insulation in your home and making energy-efficient upgrades, like installing double-pane windows or solar panels, can result in significant savings on heating, cooling, and electricity bills in the long run. Some electric companies offer a check to homeowners who generate more energy than they use with their solar panels.

Hiring Professional Services Instead of DIY

While do-it-yourself projects may seem like a cost-effective option, they can sometimes result in costly mistakes or the need for repairs by professionals. Investing in skilled labor for tasks such as plumbing, electrical work, or home renovations can prevent expensive problems down the line.

Choosing High-Quality Clothing and Footwear

It's important to keep in mind that while purchasing cheaper clothing and footwear may seem like a good way to save money, it can actually end up costing more in the long run. Cheaper items tend to wear out faster and require more frequent replacements. On the other hand, investing in high-quality garments and shoes may cost more initially but can lead to longer lifespans, reducing the need for frequent shopping trips and replacements. It's important to note that higher quality doesn't always mean big name brands. Sometimes, generic brands offer the same quality at a lower cost. Companies like Patagonia, Doc Marten, and Eddie Bauer make seem expensive, but their lifetime warranty can help save you money in the future.

Purchasing High-Quality Electronics and Devices

Electronics are often a significant investment, but opting for reputable brands and higher-quality devices can pay off in terms of longevity and performance. Quality electronics are less prone to malfunctions and require fewer repairs, ultimately saving you money in maintenance costs.

Subscribing to Rental or Service Centers

Instead of purchasing items outright, consider renting or subscribing to services for items you use infrequently, such as power tools, specialty equipment, or recreational gear. This approach eliminates the need for storage space and reduces the overall cost of ownership.

Investing in Health and Wellness

According to a survey conducted by the Kaiser Family Foundation, about one in four Americans report having difficulty paying for their medical bills, while one in six have received unexpected medical bills in the past year. In fact, medical debt is one of the leading causes of bankruptcy in the United States. By investing in preventive healthcare and prioritizing your health and wellness, you can reduce the likelihood of facing high medical bills and the financial stress that comes with them.

Big expenses can seem intimidating at first, but they often lead to long-term savings. If you take the time to carefully evaluate where to spend your money and opt for high-quality options whenever possible, you can reap the benefits of reduced maintenance costs, fewer replacements, and greater overall satisfaction with your purchases.