Go on, Splurge: 10 Times It Makes Sense to Spend Extra Money

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

when to splurge

Penny-pinching is often the name of the game when it comes to finding extra money in your budget. In fact, according to our December 2016 survey, 20% of you said your biggest money regret was spending frivolously. Another 34% said it was not saving or investing enough.

Even though more than half of consumers want to spend less while saving more, it’s not always the best idea to cheap out on what you buy. In some cases, it can make sense to splurge a little on high-quality items that you use on a regular basis.

Here are 10 items that regular folks (along with myself) are willing to spend a bit more on:

1. Tools

I learned the hard way how important it is to buy high-quality tools. After I married, I bought a cheap tool set to keep at home. Just about everything in that set broke. And I had to replace each item individually. At first, I bought cheap replacements.

Soon, though, I realized that buying a cheap screwdriver every few months would eventually cost me more in the long run. I decided to buy high-quality tool replacements as items broke. The result? Now, 15 years later, I still have those replacements. I shouldn’t have to buy another hammer or pair of needle-nose pliers ever again.

2. Handbag

You’re likely to use a purse every single day, Melanie Sheridan, a consultant, pointed out. Sheridan said that it’s not just about matching your outfit, though.

Women are increasingly looking for functional handbags, according to consumer trend analysis company NPD. A cheap $20 handbag is likely to deteriorate fairly quickly, requiring you to purchase another one after a few months.

“It’s worth finding brands that won’t fall apart,” said Sheridan. “I look for sales and shop the outlets to save what I can on these more expensive bags.”

A good purse that you can count on to carry your important items each day is worth paying a little extra.

3. Toilet paper

There are few things in life that you’re more likely to use on a regular basis than toilet paper. And when it comes to quality, it’s easy to tell when you’ve opted for a cheaper brand.

“Generic toilet paper is flimsy, less absorbent, and significantly less soft,” said Nate Masterson, marketing manager for Maple Holistics.

While he pointed out that there are plenty of items that you can buy off-brand without poor results, it’s worth it to spend more on better toilet paper.

You’ll use less toilet paper to accomplish the same goal and avoid some of the unpleasant side effects that come with generic toilet paper brands.

4. Clothing

We all wear clothes. I like to buy a few high-quality items that have a classic appeal, rather than trendy styles that are meant to be discarded next season. (Although, if you do have threads to get rid of, you can sell your unused clothes to make a little money back.)

It might mean a small wardrobe, but it also means I save more money in the long run since I rarely need to buy new clothes.

Amy Manley, an entrepreneur starting her own clothing line, also feels that splurging on clothing makes sense. However, she also likes to spend a little more on clothing that aligns with her values.

“I incorporate the type of fiber, manufacturing origins, and company mission into my purchasing decision,” Manley said. “These values, including environmental or social quality, correlate with garment construction quality and these items often last longer than those made quickly and cheaply.”

5. Coffee Maker

Making coffee at home, rather than buying it from a coffee shop, is basically saving money 101. After all, 62% of Americans drink coffee on a daily basis, according to a 2017 National Coffee Association report. That could mean big savings for you over time.

If you’re going to make your own coffee, consider splurging on a better machine, suggested Natasha Rachel Smith, a personal finance expert at TopCashback.

“It’s a part of your everyday life, so why would you cut corners and not purchase a good coffee maker?” Smith said. “Whether you enjoy specialty or plain coffee, the money you save by having a coffee maker at home will quickly add up to make up for its price and then some.”

6. Foundation (and concealer)

“It’s possible to wear some drugstore makeup, such as eyeliner, lipstick, and mascara,” said Sheridan. “But for foundation and concealer, I go to Ulta or the makeup counter at the mall.”

Foundation and concealer often apply a barrier on the skin. Blush, eyeshadow, and other makeup items often go on top of foundation and concealer, so they aren’t in direct contact with the skin all the time. Low-quality ingredients in foundation and concealer can irritate the skin or even cause a breakout, said Sheridan.

She also likes that buying more expensive foundation and concealer allows her the opportunity to speak with someone who can help her with more accurate skin tone matching. You don’t have to go through several bottles (and spend a bunch of money) to find the right fit for your complexion.

Looking good (and maybe even a little more natural) is worth a few extra dollars to Sheridan.

7. Sheets

You sleep on your sheets every night, said Jason Bauman, an SEO specialist at a law firm. He recommended spending a little more on sheets that can help you get better rest each night. The National Sleep Foundation points out that higher skin temperature can lead to poor sleep results, so consider sheets that can help you keep cool.

“There’s almost nothing, except for a raise, that will do more to improve your workweek than a good night’s sleep,” Bauman said. “You don’t have to spend thousands of dollars, but the money you do spend will be worth it.”

8. Shoes

Bauman is also willing to spend extra money for high-quality comfortable shoes. He learned this lesson after buying a pair of cheap loafers for his first job out of college.

“I didn’t want to spend a lot of money for real oxfords,” Bauman said. However, after a few weeks, his feet were almost unbearably sore at the end of the day. Not only that, but he also had to replace the shoes as they quickly fell apart.

“Not only were the shoes uncomfortable, but over the course of a year I’d spent more than if I’d just bought more expensive shoes in the first place,” Bauman said.

9. Phone charger

We’re all pretty dependent on technology to help us stay connected and even to work. What would you do without your phone?

With that in mind, Smith recommended getting a more expensive phone charger that lasts longer and is less likely to fry your phone.

“Purchasing aftermarket phone chargers may appease your needs and wallet in the short term, but [you’ll] probably have to replace the charger in a couple of months,” said Smith. “Splurge a little to purchase the correct charger for your phone to avoid additional expenses in the long run.”

10. Cookware

I might eat off cheap plates and drink from mismatched glasses I bought at the thrift store, but my pans are higher quality. Several years ago, tired of flaking nonstick surfaces and cracked casserole dishes, I spent money on pricier cookware.

The items I bought have lasted more than 10 years, and I don’t need very many of them. I only bought the cookware and sizes I use most. It’s saved me time and money over the years.

Deciding to spend more on everyday items

Not everything is worth splurging on. However, there are some purchases that are worth the extra cash. Consider your situation and what you’re likely to benefit from each day. Sometimes it’s a matter of comfort or convenience, and sometimes it’s more about the long-term savings.

“Purchasing low-quality items to save a few bucks can cost more in the long run,” said Smith.

But she also pointed out that sometimes it’s about more than your financial bottom line: “The overall rule is to never neglect quality or your needs just to save a few dollars.”

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.