Let’s talk about being frugal. It’s a lifestyle that many people enjoy, but those who don’t understand frugality often don’t understand how it works. First, we have to note the difference between being frugal and being cheap. Being frugal means that you understand the value of your possessions and you always buy something that is worth the money. Being cheap simply means that you go for the lowest cost option whenever possible.
For instance, let’s say you wanted to buy a set of garden furniture. If you were frugal, you’d look for deals and buy something moderately priced that will serve you a long time. If you were cheap, you’d buy something that costs less and falls apart within one season.
So how does this help us save money on our homes? Here are a couple of situations where spending more on your home improvements and appliances can actually save you more in the long run.
Electricity Bills Electricity is one of the most costly utilities we pay for. However, there are ways to spend more money in order to make it cheaper in the future. One of the most obvious ways is to install solar panels. By using sunlight to generate electricity, we effectively save a lot of money each year. However, with the initial cost in mind, you might be wondering “are solar panels worth it”. The first thing to keep in mind is that solar panels start saving you money the moment they are installed and setup. Secondly, you have to realise that solar panels take a couple of years until they pay for themselves, meaning it’s best to install solar panels only if you own your home and plan to live in it for many years to come.
Broken Appliances The main difference between a cheap microwave and an expensive one isn’t just in the new tech features, but also the chance they have to breakdown and the lack of support you have for the cheap microwave. That’s not to say that you can’t get by with cheap appliances, but if you want peace of mind and you don’t want to replace your kitchen appliances every couple of months, then you have to invest in good quality. If you invest in something more expensive, it’ll last you a good couple of years thanks to the warranty, and there are fewer chances that it will break down and impact your daily routine. On the contrary, if you buy cheap appliances and constantly replace them, then you probably aren’t getting a good deal.
Your Vehicle The ultimately way to save money is to simply get rid of your car and switch to a bike or public transport instead. Sadly, that’s not possible for everyone and you might end up buying a cheap, old vehicle to get you from point A to B, nothing fancy. However, you might realise that the older your vehicle is, the higher the repair costs and the worse the fuel economy is. If you invest in a new hybrid vehicle that uses electricity, then you might see huge savings because it offers better mileage for the fuel. They are also easier and cheaper to repair because a new model is more widely used, meaning replacement parts are readily available and you don’t need specialised mechanics to repair an ageing car that’s falling apart.