Long-term savings: How spending now will save you money in the future

We have all been tempted to buy the less durable brand of tyres because they were slightly cheaper than the Pirelli tyres. We have all been tempted to purchase a HDMI cable from our local pound shop, because it is a fifth of the price of the one available in PC World. And we have all been tempted to buy a cheap jar of coffee instead of the one we really like, simply because it is £3 cheaper.

On all the occasions that we succumbed to these temptations however, we have been left disappointed. Those off-brand, cheaper tyres only lasted 500 miles; that £1 HDMI cable broke instantaneously; and that cheap coffee was not nice. Every time we go for the cheaper option, it ends up costing more in the long run.

Below is a list things you can buy which will lead to future savings.

Comprehensive insurance policies

Pictures of Money (Flickr)
Image Credit: Pictures of Money (Flickr)

Due to the fact that it can save you money upfront, it can be very tempting to opt for partial car, home or life insurance coverage. However, the money that opting for partial coverage will cost you in the future if you ever have to claim from your insurance provider, is undoubtedly more than you could ever have originally saved. When contacting an insurance company, ensure that you get the most comprehensive coverage available.  Automotive insurance from belairdirect can provide you with this sort of comprehensive coverage.

Home-fitness equipment

Image Credit: dubajjo (Pixabay)
Image Credit: dubajjo (Pixabay)

Home-fitness equipment is expensive. An exercise bike costs upwards of £200; a compact elliptical trainer costs upwards of £250; and a treadmill can cost upwards of £400. However, if you have a gym membership and are unable to go to the gym everyday due to work or personal commitments, in the long run, home-fitness equipment can be more than value for money. A gym membership costs an average of £492 per year – not including the cost of commute. This money can be put towards buy home-fitness equipment which can last a lifetime.

High quality clothing

Bargain hunting is something that everyone partakes in every time they step foot in a clothing store. If a green knitted jumper in Topshop costs £15 and a similar item of clothing costs £40 in a Hugo Boss store, if is more than likely that you will purchase the cheaper jumper. However, this may not always be the right course of action. More expensive clothing made from higher quality fabrics, although more expensive to buy, is much more durable and will last you much longer.

Buy energy saving appliances

Although you may not be interested in the effects which some appliances can have upon the environment, the money that can be saved on your energy bills by purchasing eco-friendly appliances should undoubtedly be something of interest. Energy efficient washing machines, tumble dryers and refrigerators are more expensive to buy than regular appliances; however they will save you a large amount of money on your quarterly electricity bill

 

*This post was submitted on behalf of PennyMindingMom.com.

 

 

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