Of course, saving and spending money wisely is important in life. However, as much as spending in moderation is important, there are some things that are worth investing in. Here we look at the five things that you should feel comfortable splashing your cash on this decade.
- A home
Buying a house is a significant investment that will cost you thousands, but it’s certainly a shrewd one. There are several reasons for this and the first one is simple: you own it. This gives you a level of security that you just don’t get when you rent. Of course, it also comes with responsibilities, such as paying the mortgage and any repairs or maintenance of the property, but you never need to worry about a landlord turfing you out when they feel like it. Secondly, you may be able to make profit out of your home. This is uncertain – but if house prices have risen when you come to sell, you’ll get a good return on investment.
- An experience
It’s unlikely that you’ll ever regret spending money on travelling or an amazing experience. After all, when have you ever come home from a holiday or a music gig and thought about how much it cost? Almost never. While holidays and other fun activities can come at a hefty price, they will give you lasting memories that you’ll treasure much more than a big bank account.
- An education
Investing in your education will always be worthwhile. Whether you’re already working or you’re just starting out, you may want to pay for a course to develop a specific skill. This could be anything from mastering Excel to improving your marketing prowess. Or, if you want to retrain, you could pay for a university course that will help you get that dream career. Of course, education isn’t all about work. You could learn a new language, embrace a new culture or further your understanding of historical events. The choice is yours.
- A health-kick
If you want to start the new decade as you mean to go on by getting fit and healthy, why not join a gym? Yes, you’ll have to pay for the monthly membership fee, but it will be more than worth it. If the gym isn’t for you, try classes or start a new sport like football or netball. It’s also worth paying a little extra for good quality food, like fresh vegetables, unprocessed meats and other natural ingredients. Your health is arguably the most important thing of all, so spending money to improve it is smart.
- A hobby
Investing in your own wellbeing is always a good idea. So, prioritise spending money on things that make you happy, whatever they may be. For instance, if you’re a yoga lover and enjoy nothing more than zen time on your mat, then paying for classes is a no-brainer. If you love painting, buy new art supplies. Enjoy baking? Then investing in a decent bit of kit is more than worth it. Paying for things that make you happy is important – so aim to spend less on the frivolous things and more on your hobbies.
When it comes down to what makes a good investment, there are certain questions you should ask yourself. Will I get a return on investment? Will it make my happy? Will it improve my life? If the answer is yes, then it’s likely to be worthwhile. Of course, some of the items in the list require a more significant level of investment than others – the key is to spend what’s appropriate to you and within your means.