Cheapskates often get a bad rap. Some is deserved, but the stereotypes can be misguided as they will spend up for things they value. In an online forum, frugal people discussed items they’re happy to spend on. Here are ten of their favorite splurges, cheapskate or not.
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You spend a lot of time on your feet each day, even if you have a desk job, and it’s important to take care of them and wear comfortable shoes even if they cost a little more.
One reader said, “Shoes for sure, you only get one pair of feet in your life!” Another chimed in, “Yep. I worked retail for nearly 30 years. I wish I had realized earlier how important good shoes are.”
Ever heard the saying, ‘you get what you pay for?’ Cheap toilet paper isn’t usually worth the money, and you’ll end up using more of it anyway so you aren’t really saving anything anyway.
One person replied, “Toilet paper. Not going to expand on that one. Ha ha!”
For people who love their coffee in the morning, a good quality brand is worth the cost. As one commenter replied, “Coffee. I have to have good quality coffee in the morning or people may die. It’s a win/win.” Another replied, “Oh me as well. Nothing worse than bad coffee!”
Good quality tools are worth the money, especially if you use them a good bit. One person replied, “Good quality tools will last a lifetime and can be passed on to the next generation. Cheap ones break in the middle of a job and will need to be replaced. Wasting time and money.”
Cold Weather Gear
If you live somewhere where it gets really cold in the winter, quality cold weather gear to keep you warm is worth the money.
One commenter said, “Other people have already mentioned shoes, so I’ll go for jackets and coats. It can get very cold where I live and having a good jacket and a good coat is essential. I’m willing to spend good money on a good jacket and a good coat that I know will keep me warm throughout the winter.”
There’s a lot to be said for feeling safe in your home and neighborhood, even if it means you have to spend a little bit more.
One person said, “I’m paying about $150-200 more a month to live in a safer neighborhood, where I can walk around at night without much worry.”
Buying high quality food when you can will actually save you money on your health in the long run. As one person said, “It’s definitely food for me. I’m frugal about everything else. I try my best with buying food at the cheaper store. But I still want my fruits, veggies, protein, and all other vitamins and minerals even if it costs me extra money than just buying cheap bulk food.”
Buying inexpensive car parts doesn’t do you a whole lot of good if you just have to keep replacing them over and over again. If it’s something that keeps your car running better to just go ahead and spend the money.
One commenter said, “Car parts. Especially anything having to do with the engine, transmission, and fuel system. I always look for OEM parts for that rather than aftermarket equivalents.”
Going on vacation is expensive. However, numerous cheapskates revealed they have no problem spending up to create memories.
One person says, “There is still a limit (no Ritz Carlton stays for us) but the point for me is to be relaxed and enjoy not cooking or meal prepping, pick up a few souvenirs, etc.”
If you add in using a rewards credit card you can stretch your budget even further and enjoy nice properties on the cheap.
Some of the best money that you can spend is the money that you spend on your health and that includes a gym membership as long as you actually use it.
One particularly fit commenter said, “Gym memberships. I actually have one near home for the weekends, one near work for lunch hour, and a Planet Fitness for when I’m on the road. It’s ridiculous, but daily exercise seems like a good investment.”
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This thread inspired this post.
I’m John Schmoll, a former stockbroker, MBA-grad, published finance writer, and founder of Frugal Rules.
As a veteran of the financial services industry, I’ve worked as a mutual fund administrator, banker, and stockbroker and was Series 7 and 63-licensed, but I left all that behind in 2012 to help people learn how to manage their money.
My goal is to help you gain the knowledge you need to become financially independent with personally-tested financial tools and money-saving solutions.