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Skimp or splurge?

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zridling:
I figure I'm not the only one broke these days. However, where I can, I buy things gently used or buy high quality new merchandise. I try not to waste money on cheap crap. I'm not a millionaire; I'm not even a hundred-aire. but as this MSN article suggests, there are a few items you can selectively save on:


* Mattress: SPLURGE. You sit, sleep and God knows what else on this item. Get a good one.

* Wristwatch: SKIMP. The phone now doubles as a timepiece.

* Kitchen knife: SPLURGE. One good kitchen knife is a time-saver and is safer.
Maybe you should think of it as "splurging." It's not irresponsible or decadent to buy a quality item that you can use for decades at a reasonable price. (Of course, just because a product is expensive doesn't mean it is high quality...) And remember, if an item is high quality, sometimes you can buy it used!

So my question is: In what things do you "invest" for the long term?

kartal:
-I invest my money in good quality food ( and stay away from drugs, medicine, shots, and supplements)
-I only buy things I absolutely need (When I buy if I can I try to stay away from plastic counterpats)
-I never use-used credit card (not using credit card will also force you to save money)

Those would be my suggestions to those who pursue happy and healthy life.

Shades:
The tip about the credit card is a golden one...I don't even have one anymore. :Thmbsup: And where I live everything can be done on foot as well. Shoppings, super markets, hardware stores, cinemas, bars, banks, restaurants, DVD rental places, parks, coffee houses, cybercafe's...all this within a mile or two. Currently I don't even have a car.

You can not believe what a relief this is ;D...or maybe you can imagine if you are on "other side of the fence".

kartal:
I do not have a car right now too. We use our bikes alot!

40hz:
A good ergonomically designed chair and desk light. Your back and neck are precious -and your eyesight is priceless. Can't ever be too kind to either.

The tip about the credit card is a golden one...I don't even have one anymore. :Thmbsup: -Shades (August 02, 2008, 12:33 AM)
--- End quote ---

Actually, I have one card : Amex.

An Amex card keeps you honest since you have to pay off your entire balance at the end of the month. (Just don't take them up on any of their deferred payment options.) I try to use it for pretty much everything I'd use cash or write a check for. At the end of the month I do one electronic payment and I'm done.

The real value of running everything through Amex is that it provides you with detailed monthly and annual reports for all your purchases. These can then be imported into your personal finance application. Great for creating and monitoring your budget - and worth its weight in gold come tax time.

American Express doesn't charge interest for using their card. They do assess an annual fee. But if you avoid the "metal" cards and stick to the basic green one, it will only cost you $65 a year. Not exactly free, but IMHO that's reasonable for the amount of detailed information it can provide about your spending. And in my case, it pays for itself several times over in tax savings. 8)

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