If you have reached this post it is because you are looking to optimize the management of your income so that it performs better. And yes, you read the title right. It is possible to save money by spending, in fact, sometimes, it is the only possible way to do it. This is a technique known as ¨improve or upgrade to save¨.
Continue reading if you are interested in learning more about this way of saving money. We're getting started!
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How to save by spending more?
Contrary to what many may think, spending money is one of the best ways to save money.
One of the most common actions taken by people who want to limit their spending is to buy cheaper items. And this works for certain products, especially food, but when it comes to appliances, textiles and shoes, it's not so simple.
Let's look at some examples of upgrading to save.
Example 1
It is normal for you to try to buy cheap clothes and shoes, but sometimes buying the cheapest is not the best thing to do, as they are usually poor quality items. It is preferable to spend a little more on better quality clothing or footwear that will last longer than to buy something extremely cheap.
If you do the latter, you will probably have to renew your clothes more frequently, which in the long run represents more monetary expense.
Example 2
Another area where the idea of upgrading and saving can be applied is in home appliances. Not only because better quality means greater durability, but also because it usually means lower electricity consumption, less time spent on a task, better quality in the result obtained or help us to replace external expenses. All of the above contributes to lower costs for our bills.
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If we replace incandescent bulbs and fluorescent lamps with LED technology elements, we will obtain greater durability in the items and lower electricity consumption (long-term savings).
Example 3
Personal electronic devices are another element that can represent important annual expenses. Especially if we replace them every season. This depends a lot on personal appreciation and the type of use we make of it. However, if we acquire medium-high range devices, we can shift the replacement of these to a period of time longer than 5 years instead of doing it annually.
Example 4
Another fixed expense that almost all human beings have is transportation. Either by public transportation or because you have your own vehicle. Also, for most, it is one of the most difficult to improve because of the cost of the investment.
However, if you are in a position to do so, and it suits your mobility, perhaps you should consider replacing your combustion vehicle with an electric one. The latter usually have tax exemptions or credits. In addition, they represent a considerable saving in the cost per kilometer traveled, being able to recover the investment by concept of ¨stopped spending¨ before the end of the useful life of the vehicle.
In case you do not completely trust electric vehicles, you can opt for a hybrid.
Final thoughts
As you can see, the strategy of upgrading and saving is an excellent way to optimize the available resources to accumulate money in the long term. You can even do it gradually, with what you save after one upgrade you do another and so on. So you can start with a moderate initial investment and, in addition, not only save, but also improve your quality of life progressively.
