Here at Tilly, we’re constantly advising you on how to save money and budget your hard-earned dollars, but what about the life changing items that you should invest in for your wellbeing? As important as it is to have savings behind you in case of an emergency or to continue building your wealth, there are things we need to purchase that may beg you to spend a little extra money for quality where it counts.
A good mattress
Getting a night of quality sleep is all dependent on the kind of mattress you sleep on. After all, sleep dictates the mood you’ll wake up, the energy you’ll have the next day and your general health. According to Huffington Post, the average human lives to about 80 years-of-age, with 26 of those years spent sleeping and an additional seven years spent trying to get to sleep.
Although no bed will last a lifetime, you’ll certainly get your money’s worth when you spend your hard-earned cash on a bed made of high-quality materials. All mattresses eventually decline in support ability and it’s recommended they’re replaced every 8-10 years. With this in mind, a $2,000 dollar mattress adds up to 55 cents per night over a decade, which is a very small spend when broken down.
Financial advice
Spending money on a consultation with an expert who can provide quality advice on how to manage your money will ensure you’ll save you a whole lot of money in the long run. It embodies the idea of “give a little, get a little”, a move that is integral to investing in your wealthy future. For example, at Switzer Financial Group, a firm that Maureen Jordan has an interest, Switzer Advisory is a specialised team of financial advisers who successfully help clients create, manage and protect their wealth through different investment cycles.
Your health
A gym membership is a justifiable expense for anyone who values their health and wants to live an active lifestyle. An active lifestyle may extend your life by increasing your health, and at the end of the day there’s no point in having money behind you if you’re not well enough or around long enough to enjoy it. The same goes for health insurance, purchasing high quality, nutritious food, dental appointments, trips to doctors and specialists and the optometrist if necessary.
It’s normal to assume you can skimp on your health expenses because you’re young, fit and healthy now, however on the chance that this changes, it’s important to take preventative measures and invest in your health where you can.
Education
Although a HECS debt is a daunting amount of money to take on for your higher education studies, it’s an integral investment into your future, providing you the base to securing a career and then making great money. Plus, HECS is paid off slowly via tax and the amount is dependent on how much you make. If financial hardship does occur, you have the option to apply to the ATO to defer your repayment and if you happen to pass away before you’ve paid it off, the debt is cancelled and no one in your family is left with the rest of the bill.
Warranty and insurance
Prepare for the worst but expect the best when you purchase insurance for your house, car, health, pet, etc. Although paying a sum per month can seem like a waste of your funds, it’s minimal compared to how much money you’d have to fork out if you were involved in an accident or your pet required major surgery. Ensure to seek advice on the correct level of insurance or warranty you might need so that you’re not paying for extras that you don’t require or opt for the basic level of insurance that will still save you if the unexpected occurs. If COVID-19 has taught us anything, it is to have an emergency plan in place.
Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regard to your circumstances.
