12 Things That Are Worth Splurging On

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Being frugal or minimalistic is an intelligent way to manage money. However, there is no point in letting the money sit in the bank if one can’t enjoy it. Here are 12 things worth splurging on because they make one’s life better and justify their cost.

1. Education

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Though getting costlier, education lays a solid foundation for a bright future. It is a fallback plan for every person. U.S. Bureau of Labor Statistics states that workers’ earnings increase as educational attainment rises. Open the wallet for college education, professional/skill upgrade courses, and self-development programs.

2. Life Insurance

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Life insurance coverage secures the financial future of one’s loved ones in their absence. Surprisingly, more than 100 million Americans have inadequate life insurance coverage. Insurance premium is not an expense but rather an investment. It brings peace of mind.

3. Healthcare

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The United States has the most expensive healthcare in the world. Yet, 26 million Americans do not have health insurance coverage. Health insurance coverage protects one against financial losses from high medical costs.

Investing in durable fitness gear, healthcare apps, or gym membership is also a money-smart decision.

4. Capsule Wardrobe

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A lovely wardrobe won’t break one’s bank. Build a collection comprising classic, functional, and versatile attires. Mix and match these outfits for casual, formal, or festive occasions. Add affordable accessories such as a handbag, jewelry, and sunglasses to the collection to complete the look.

Browse clearance sales, thrift stores, or pre-loved shopping websites to buy more clothes for less.

5. Footwear

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The right kind of footwear in quality and fit is necessary. Otherwise, it can cause foot deformities and knee, hip, and back pain. Spending a bit more on shoes that one wears most often is okay.

6. Bedding

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According to a survey, Americans say high-quality mattresses, memory foam pillows, high thread count sheets, down comforters, and weighted blankets are the most worthwhile bedding perks. Plan the budget to splurge on these essentials for restful sleep and overall well-being.

7. Electronics

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Buy upscale models of a laptop, smartphone, headphones, entertainment system, camera, or other gadgets. The longevity of these electronics will outweigh their cost. They will fetch better resale value.

8. Groceries And Kitchenware

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Frugal individuals would agree with financial advisor Suze Orman that eating out on any level is one of the biggest wastes of money. So, when one cooks most meals at home, buying superior quality groceries, fresh produce, and reliable kitchen equipment is not squandering.

9. Personal Care Products

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Cheap products can increase the risk of bacteria and virus-related illnesses, leading to soaring medical bills. Despite the shoestring budget, make room for good quality and safe products for hygiene and skincare.

10. Travel

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Travel is a treasure trove of experiences, memories, knowledge, and connections. It is 100% worth splurging on traveling to new places and indulging in experiential activities. Make the budget on other things stricter to save money for travel. Take tips from frugal travelers.

It also makes sense to spend extra money on buying sturdy luggage that can endure travel escapades for years.

11. Hobbies

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Experts say that investing in hobbies can be money well spent as long as one doesn’t avail of debt. A hobby is a stress-buster activity and brings joy. Many people turn their hobbies into a side hustle at some point in their lives to improve their cash flow.

12. Home Office Furniture

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People working from home can consider splurging money on an ergonomic work desk and chair. It helps stay organized, let the creativity flow, present a professional setup, and maintain a proper posture.