Are there really things that you can buy that will save you money in the long run? Let’s take a look.
We all want to save money right? But let’s face it, finding ways to do so these days can be tricky.
Everything is getting more and more expensive and there are an ever increasing number of subscriptions that are popping up that you just ‘need’.
Think Spotify, Netflix, Kayo Sports.
I’m sure you have all heard of the generic money saving tips like don’t eat out, create a budget and buy second hand. But what if we told you that you can save money in the long run by buying things. Sounds fun right?
Yes, that is correct you heard that right. There are certain items that you can buy that will save you money in the long run.
It sounds a little bit counter intuitive, but there are certain items which you can spend a bit of money initially, that over the long term will end up saving you money.
And today we will be talking about 8 different items that you can buy that will save you you money over the long run.
We also highly recommend that you check out our ShopBack Review. If not you are missing out on a ton of savings off of your everyday purchases.
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1. A Water Bottle
We all need to drink water to survive. So what happens when you leave the house with out a water bottle? You probably end up spending money to buy a drink.
Most high quality water bottles will cost no more than $30 (most are far cheaper) and will last you 10+ years if you look after it.
So lets say you cut out 1 drink purchase a week valued at $3.50, thats $182 saved a year, $1,820 saved every ten years or $9,100 saved every 50 years.
Now there are two types of people. The first looks at this and rolls their eyes at the amount, but the other sees it as a super easy way to save a little bit of money without having to give up anything.
If you want to become better at managing your money you need to be able to appreciate these types of savings. After all, this only only one of many purchases that can save you money. When you add them up, what at first were quite small gains, suddenly turns into something more significant.
My favourite choice for a water bottle is the Thermoflask 50061 which has served me well over the last few years.
2. iPhone Case
The old iPhone hey. As amazing as they are, you could not design something that is easier to break if you tried.
We have all been there. Its slid out of your pocket when you were getting out of the car, you dropped it when you were drunk or your cat attached the charging cord and ripped it off the couch.
Look, it happens. And it is probably going to keep happening. And as long as iPhones are as fragile as they currently are, every time it happens, your screen is likely to break.
Getting your screen repaired by Apple is expensive as hell! You could risk taking it to a non-Apple store. But if anything goes wrong it will completely void your warranty with Apple.
The magic solution? Just buy a phone case. Trust me you will be thankful you have one on the next time you drop your phone.
You can browse a wide range of cheap, high-quality phone cases at Casetify.
3. Coffee Machine
If you don’t drink coffee you can skip this one. But if you’re one of those people who cannot function in the morning without a coffee like I am, then you know how quickly the cost of a coffee can add up. Or maybe you don’t?
Let’s say you buy one $5 coffee every day. Those small purchases add up to a whopping $1,825 on coffee every year.
That’s $18,250 every ten years and $91,250 over your coffee drinking life time (50 years). It is a lot of money.
The best way to save money here is through buying a coffee machine. It is an initial outlay of cash that will save you money over the long term.
Let’s take a look at a few examples for those with differing budgets and see how much you can save.
Breville Barista Express Espresso Machine | This high quality machine costs you $617. Let’s say you purchase $350 worth of coffee beans for the year and $50 of milk. You are saving $825 a year. Free international flights anyone? 10 free tanks of petrol?
Breville Nespresso Essenza Mini Bundle | This pod machine will set you back $209. With $350 worth of pods and $50 of milk a year you will save $1,216.
When you buy a well priced coffee machine, you can actually save yourself money in the long term.
4. Drying Rack
Nothing fancy or interesting here. Just a plain old drying rack.
Most people spend approximately $100 every year (electricity) to operate a dryer. Well you can virtually reduce this to $0 by using a drying rack to dry your clothes.
$100, what that’s nothing, who cares! But hang on, if you don’t use your dryer, you can sell it? Most dryers cost $500+ these days.
There’s $600 saved in the first year and $100 every year after that. Not to bad at all!
I have opted for the L.T Williams Rack. It has multiple compartments which makes it easy for drying multiple pieces of clothing at once.
5. Stop Smoking
Are you are a smoker? If so you probably know how expensive cigarettes are.
Most smokers will chew through a pack a week. That’s $2,600 a year and $26,000 every 10 years. It’s a heck of a lot of money.
Smoking is a habit that both slowly kills you and slowly burns a hole in your wallet. What better motivation do you need to stop smoking than to significantly improve your health and save $2,600 every single year.
I understand smoking is addictive, but to me if someone said you can drastically improve your health and save enough money each year to fully fund an interstate holiday, let’s just say I wouldn’t blink an eyelid.
One of the best ways to stop smoking? Nicotine patches. The patches deliver nicotine to your skin. Over time the patches give you less and less nicotine to the point where you will have less and less cravings.
6. Budget Tracker
This one is a bit of a no brainer. Without knowing where your money is going and actually setting targets and limits for certain types of expenses, your spending is doomed for failure.
That is why so many people preach budgets. Now I sit on the fence with budgets because I am realistic and know that in my life most expenses that pop up are one off miscellaneous expenses that make them hard to budget for.
However, on the flip side I do acknowledge that setting spending limits on certain expense areas such ads food and drink can be a terrific way to prevent splurging.
To kickstart your budgeting journey, I recommend purchasing the DebtorEdu Comprehensive Budget Planner.
There are 261 working days a year. That means, unless you are in the minority that is not working full time, you are probably spending close to 261 days at some sort of workplace.
Of those 261 days, you will most likely eat lunch 261 times. I’ll be completely honest with you guys, I am a serial offender at buying lunch out.
These days I spend probably $15 a pop every time I buy lunch and most of the time I still have a bit of an appetite afterwards.
$15 x 261 = $3,915. Oh my goodness. It is a hell of a lot of money.
There is one pretty simple solution. Make and pack your own lunches. If you can do this, you can easily cut your lunchtime expenses in half. Savings of just under $2,000. WOW
But to be able to pack your own lunch everyday, you’ll need a lunchbox.
Luckily for you, we have the perfect solution. The Hap Tim Lunch Box is the only lunch box you will ever need. This easy to carry, 2 in 1, well insulated lunchbox is the perfect way to allow you to bring your own pre-cooked meals to work.
8. Gym Equipment
Do you have a gym membership?
If you do I’m going to take a stab in the dark and say you are probably paying anywhere between $15-$25 a week for your membership. For the sake of this article, lets split the middle and go with $20 a week.
That equates to $1040 or $10,400 every 10 years. It really adds up.
Many people trick themselves into thinking that it is cheaper paying $20 a week than spending $2,000 on a home gym. And it is, in the short term.
But if you can make that commitment and invest in your own gym equipment you can save yourself thousands of dollars in the long run.
It seems counter productive spending so much money in an attempt to save money, but if you think you are someone who wants to use the gym regularly in the decade ahead, then you will save yourself some serious coin.
One of the best things about buying your own gym equipment also, is that it holds its value remarkably well. In fact, in the latest COVID pandemic, the shutdowns impacted supply chains and second hand gym equipment was actually selling for more than brand new equipment was a year earlier.
You can browse high quality yet affordable gym equipment at Gym Direct.