WHERE SHOULD WE SPLURGE, AND WHERE TO SAVE – that is the question. The secret to living the good life lies precisely here – we’re not into penny-pinching and frugality here in this blog, unless it’s absolutely necessary. We want to enjoy life, have beautiful things and great experiences while having a healthy, happy bank account. Impossible? Not at all!
Here are my top tips for when to dish out, and when no to.
Where to save
Saving often feels like a punishment to many people and we’d rather pass, thank you. However, once we realise it’s not just about saving but saving in all the right places, life starts looking a lot brighter.
Entertainment
I mean going out, shopping, cinema, concerts, travelling, that kinda thing. Now that many countries are in lockdown once again and mobility is severely affected, we look for entertainment online. We may pay for multiple streaming networks, shop on Amazon, etc. or order in food because, well, we can’t eat out, like. This is where we should aim to save bit more. I’m sure you’ve heard me say it ad nausam, but entertainment doesn’t have to be costly!
Clothes
Based on what do you buy your clothes? I used to think that the better price I got (read: cheaper), the better. I was the queen of the sales rack. Then I discovered something called price per per wear: even if the item is pricier, it’s worth it in the long run. Have you heard of the saying “I’m not rich enough to buy cheap shoes”? This is how the wealthy people think – it’s better to splurge on something high-quality than save on cheap items that fall apart after two weeks. Better quality often equals durability. Let me put it in a different way: if you had $500, how many pairs of shoes would you buy? The correct answer is, one really good one that’ll return your investment over many years to come. More ain’t always more…
Transport
Sometimes a car is a must – like when you live in rural Ireland, which was my case a few years ago. I didn’t have a car and it was such a drag. Also, it most parts of the U.S. efficient public transport is a dream. However, if you live in a country that’s well connected through a network of trains and buses, or in a city that has a metro, having a car becomes a luxury rather than a necessity. I know many people who gave up going around in a car in Barcelona, then switched to public transport – and eventually got a bicycle. Cycling is increasingly growing in popularity, it’s cheap and safe – calorie burn is an added bonus.
Gym membership
What are you talking about, Barbara? The gyms are closed! At least here in Spain. I wouldn’t care if they were open 24/7: the first lockdown of 2020 showed us that gyms are totally passable. With the help of YouTube, I learned to work out: I did Chloe Ting’s 2-week abs workout challenge and took up bellydance with Leila Isaac. Many people hired a Personal Trainer who’d come to their own and kick their a$$ while keeping a safe distance. Home workouts took off like never before. So… you don’t need a gym. You can pay a PT instead, or buy a workout program, or pay for a good app because when we pay, we are more motivated to follow through and actually get some results.
Salon procedures
Yes, I mean it. I like a good blow dry, a manicure, a facial like the next girl but the fact is, these should be a treat rather than a recurring expense. At least until you get to the point when you make six figures a month and have 100K in investments. Otherwise, DIY. Dita von Teese is my great idol here because despite all her money and fame, she doesn’t have a glam squad: she does her own hair, make-up, and manicure. Have you seen her? I found this interesting article on Refinery 29 with a great selection of home mani kits at perfectly affordable prices. Besides, if you master it, you can start doing home manis for your friends and and maybe even earn an extra buck. See what I mean?
… And where to splurge
Alright so, now we come to the part you’ve all been waiting for. Where am I allowed to spend, Ma’am? What are those splurge-worthy categories?
Great quality home-cooked food
Good food cannot be scrimped on. During my student days I often saved money at the expense of groceries. Want to go to that concert? Save on food. Need a new perfume? I’ll eat noodles instead. Bad, bad idea… Fresh fruit and vegetables, fish rich in omega-3 fats, nuts and seeds, almond milk – all this is more expensive than pasta, but worth it because nothing – I repeat, nothing is more important than your health. Our body is a vehicle that should keep us going for around 90 years, and we don’t need supplements if we eat well. Ready meals or ordering food means you never know what goes into your food. There are many taste-enhancing chemicals, lots of salt, sugar, and unhealthy fat… My boyfriend and I have never gone out much because we realised that we can cook better quality food at home, for the fraction of the price.
Skincare
Now that we’re skipping salon treatments, it’s essential to get some great skincare products. This goes for both ladies and gentlemen. Again, I feel like our society pushes us to buy make-up instead, and I agree they’re a lot more fun to experiment with… All those lipsticks, eye shadow palettes, blushes! Your face is a canvas after all. I really love the French way of looking at things: if the skin is in a great condition, we can skip make-up, or at least stuff like primers, foundations, concealers, powders… Because that canvas would look so bright and clean. Instead of being a make-up junkie, become a cream-a-holic instead. There are steamers, rollers, face masks, God knows what else you can splurge on as a one-off expense and save a lot of money in the long run.
A good mattress
I never thought about it until I sold a spare mattress to a friend of mine. She’d been sleeping on an old spring bed for ages and was suffering from back pain, neck pain, literally all sorts of pains. Said she couldn’t even get out of bed in the morning. After we’d delivered the mattress, she texted me during three consecutive weeks after about how happy she and her cat were! No aches, no pains. Slept like a baby. Of course she did because my boyfriend had spent weeks on finding the right one. “You must rest so well it’s almost like resting in peace,” he said. Mission completed! We spend around eight hours in bed, and during the night is when our body repairs itself, the brain deletes all the unnecessary files – it’s safe to say having a great mattress is must.
If you add a good pillow and a set of silk pillow cases, even better.
A coach or a therapist
Because we all need one! I’m not saying this because I’m a coach and I want you to hire me. I’m saying this because sometimes we simply cannot see things with clarity. Our fears, insecurities, lack of clarity, dissatisfaction with life and others, recurring drama, money and relationship problems are derive from our unresolved issues and a good therapist of a coach will help us see and break the harmful patterns. I came across this great article on Tony Robbins’ website that sums it all up pretty well. Our childhood traumas largely determine how well we do in life, and if things aren’t as they should be, there’s time to reach out and make some necessary changes.
Insurance
Medical, car insurance, for the house, or even one for some expensive piece of tech that you have like your mobile phone or a MacBook computer, for example. Accidents do happen and it’s better to be safe than sorry. I’m extremely dropsy and I can’t even count all the times that I’ve dropped my mobile phone. Last April a disaster happened – my MacBook Pro’s screen got broken and I had to spend a couple of months with 10% of the screen gone black because I couldn’t decide if I should get it fixed or buy a new one. If only I’d had it insured… Besides, every time I take the insurance, nothing breaks. It must be Murhpy’s law!
I hope my little line-up has help you see where you might be over-spending, and where you’d be willing to compromise and do it yourself. You can always read on my blog post on how to stay motivated while saving money – see you there!