Picking up from When Spending Money Now Can Save You Money in the Future (Part 1), in the following, we will discuss two more specific situations in which it’s fiscally smarter to pay now in order to save money in the long run.
Situation 3: Spending Money on Home Repairs
If you own a home, then your house is likely one of the most expensive – and precious – investments you have made to date. While home ownership can be extremely rewarding in that you are building equity as you pay your mortgage, it can also be a huge responsibility and extremely expensive, especially when you need to make substantial repairs.
Specifically, if it may be time to consider getting a new roof or replacing the insulation in a certain area of your home, the significant expense associated with making these repairs could lead you to rationalize putting them off, as you just simply do not want to spend such a large amount of money at this moment.
However, when it comes to making these repairs, it’s better to NOT procrastinate and to simply bite the financial bullet and get the repairs done. The longer you wait to make such repairs to your home, the more likely it will be that you will end up having to spend more money on home repairs in the future, as other damage to your home may occur if such important elements are allowed to continue to deteriorate.
Situation 4: Spending Money on Car Repairs
Like your home, your car is a significant financial investment that comes with a great deal of responsibility; also like your home, your car can require expensive maintenance that may be easy to put off because you simply don’t want to spend a couple hundred dollars (or more) at the moment.
However, putting off regular service for your vehicle and/or procrastinating getting essential equipment on your vehicle replaced when necessary (such as your car’s tires or brakes) can ultimately cost you far more money in the future, as it’s likely that more likely that additional mechanical problems will develop in your car’s vital systems.
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