Personal Finance Resources: Financial Education & Literacy

Spend Now to Save Later: 7 Things That Will Help You Save Money in the Long Run

Written by PSECU | Oct 16, 2018 9:40:15 PM

Looking for more ways to save money? Sometimes, by making strategic purchases, you can actually save in the future, even though you’re spending in the present.

Before you invest in a money-saving product, do the math to make sure that you would actually use the item and determine how much it would save you over the lifetime of the product.

Here are seven investments that may help you save money down the line.

1. Low-flow Showerhead and Faucet

Your shower accounts for a good deal of your household’s daily water consumption. In addition to being a greener option than regular ones, water-saving showerheads and faucets will trim money off your monthly water bill. You can also save on your electric or gas bills, depending on the type of water heater you have in your home. Although they cost more than regular-flow showerheads and faucets, low-flow versions often pay for themselves very quickly.

2. Soda-making Machines

Who can resist a cold, bubbly drink on a hot day? While buying a six-pack of soda each week may not seem like an indulgence, that cost can add up over time. If you’re a frequent flyer in the soda aisle, consider purchasing a soda machine instead.

The carbonation capabilities of a soda machine can turn just about anything into a fizzy drink. This means that, in addition to saving money on your soda habit, you can also save calories by making sugar-free beverages and adding in unusual flavors, such as basil or blackberry.

3. Smart Thermostat

Do you always forget to turn the thermostat to an eco-friendly temp before you leave home? By investing in a smart thermostat that will do it for you, you could save hundreds of dollars on your electric or gas bill.

4. Food vacuum sealing system

These systems allow you to vacuum seal food in plastic and freeze it for months at a time without inducing the usual freezer burn poorly packaged items receive. While you’ll have to pay a lot more for a system like this than you would for regular plastic bags, the length of time your food stays fresh increases significantly. This means less food waste and a lower grocery bill.

5. Small Chest Freezer

What will you do with all the food you package with your vacuum sealing system? Put it in your new small chest freezer, of course. You can watch for sales and coupons to bring the cost of the freezer down. You’ll love how much money you can save in the long run by buying things in bulk and storing them for future use. When you have the space, you can freeze:

  • Leftovers
  • Multiple packages of meat on sale at the grocery store
  • Soon-to-spoil fruit

6. LED Light Bulbs

LED bulbs cost a lot more than traditional light bulbs — but they last a whole lot longer. You won’t have to replace your lights for years when you choose LED bulbs, and they traditionally use much less electricity than a traditional bulb, resulting in savings on your energy bill.

Find more tips on how to lower your electric bill here!

7. Refillable coffee pods

If you have a single-serve coffee maker, you know the machine brews you a cup of coffee in just a few minutes. But you also know you have to pay a high price for the single-serve coffee pods you use to make that coffee. Invest in refillable pods, then fill them with regular coffee you get from the store. Just scoop the coffee into the refillable pod, brew your cup of joe, wash out the refillable pod, and repeat. You’ll be helping the environment by eliminating waste and saving yourself loads of money.

See how much you could save here by brewing coffee at home instead of buying it from a coffee shop.

Spend to Save: A Bold and Fun Strategy

While it can sound contradictory at first, spending money can sometimes help you save money in the long run. If you want a financial institution that will help you save money, too, check out PSECU. Our members enjoy many benefits that can help them keep more money in their wallets. We call it Money Back Banking. Learn how to join and check out more ways to save on our WalletWorks page.

Learn About PSECU’s Money Back Banking