In today’s economy, the hottest commodity is “value.” Finding a great value is easier said than done, however, partly because many companies have become creative in the ways they disguise the ever-shrinking size and quality of products.
It’s not just your imagination: From cereal boxes to toothpaste tubes, your dollar is buying lots of empty space. Egg McMuffins resemble finger sandwiches, slices of bread disappear into toasters, and candy bars insist they are “fun size.” Fortunately, there are still opportunities to save for the value-conscious consumer. Recently writer Lesley-Anne Scorgie offered up her own list of eleven purchases where finding value is not just important — it’s vital to your long-term financial health and satisfaction. Writing in the Toronto Star, she urged: “My advice if resources are scarce is to prioritize your spending here on these items … and you can still look for good value in the process.” 1. Your mattress: Buying a great mattress improves the quality of your sleep, boosts your productivity, and enhances your overall contentment. You’ll be sleeping on this mattress for a decade or more, so it’s important to make a comfortable choice. 2. Quality paint: This may seem like a quirky priority, but paint can inexpensively transform your living spaces. Paint can brighten a room and shift the mood. It’s a way to make a big change in your interior environment without spending a lot. 3. Safety gear: The columnist cites “helmets, life jackets, car seats, mouth guards, shin pads, baby monitors” and quality tires as items that can help prevent dangerous, and ultimately costly, accidents. 4. “A place to read, relax, recharge.” You don’t need to book a flight to Kawaii — setting the stage for relaxation can be as simple as buying a comfortable sofa or taking a yoga class. Take a stroll at the beach, sit by the pool, play catch with your Golden Retriever. The possibilities are endless, and most are cheap. 5. Good food: By good, the author means nutritious. Ironically, the healthiest items are often the cheapest. You’ll spend a lot more on a highly-processed meal than you will on some greens, carrots and fruit. Not only will you spend less, you’ll feel better; and, in the long run, almost certainly have fewer health issues. 6. Good shoes. Like a good mattress, quality shoes make you feel better. And attractive styles can boost your confidence, as well. 7. Financial advice. This is my personal favourite. As Ms. Scorgie notes: “People with financial plans retire with more money. These are carefully constructed typically with a CFP or qualified money coach and consider what it’s going to take to get you prepared for retirement.” Here, the costs of inaction can turn out to be exorbitant from a long-term perspective: “Another way to think about this investment is if you don’t spend on your financial wellbeing, you may forego hundreds of thousands of dollars of potential interest and returns on your money throughout your working career.” 8. Insurance. This purchase is “the exact thing that can save yourself and family from financial ruin,” advises the columnist. “Focus on working with qualified professionals for life, critical illness and disability insurance and for home and auto insurance.” 9. “The guts of your home.” This includes plumbing, wires and exterior surfaces. Just as regular maintenance goes a long way to extending the life of your vehicle, updating these aspects of your home can head off much more costly renovations down the line. 10. Appliances and electronics. Ovens that don’t quit on Thanksgiving and TVs that don’t go blank during the big game will enhance your quality of life, and satisfaction. 11. Eye care: Your eyesight is precious, and cutting corners with lenses and exams is a risk you shouldn’t take. Some dangerous eye conditions have zero symptoms in the early stages, and can only be diagnosed by a professional. Important information about mutual funds is found in the Fund Facts document. Please read this carefully before investing. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Unit values and investment returns will fluctuate. Insurance products, including segregated fund policies, are offered through Beyond Business Financial Solutions Inc., and Investment Representative Nathan Garries offers mutual funds and referral arrangements through Quadrus Investment Services Ltd. Comments are closed.
|
AuthorNathan Garries is a Certified Financial Planner who has been involved in financial advising, financial planning and wealth management for over two decades, carrying on a family tradition of three generations. Archives
October 2022
Categories |