For a year now, you’ve heard me talk about saving money in a variety of ways from where to get a cheap will to where to print coupons online to how to make your own gifts. Now, let’s talk about the times you might need to spend a little more in the short-term to save in the long run.
Six examples come to mind immediately:
1) Car Maintenance: Know your warning lights. Listen to your car. You don’t have to be a car whisperer to know when something starts squealing, grinding or knocking in a way it didn’t before. If you get it checked out, you are more likely to have the car much longer. Also, keep up with annual maintenance checks. Small tune-ups catch budding problems that can become something much worse. Know your optimal tire pressure and when tires need to be replaced.
2) Caulk: Check the seams around your entire house. A little caulk around your doors and windows will keep the moisture from seeping in and rotting your frames. Caulking at the edge of your bathtub and kitchen sink will prevent water from running under floors and surfaces. You may prevent major leakage through a second floor ceiling, not to mention mold build-up.
3) Basement flooding prevention: If your basement collects unwanted water, look at the ground around your house. Does it slope away from the house or lead water right back in? You may want to consider having the grading changed. Also, does your drain pipe extend far enough out from the house? And, have you considered a French drain that drains away from the house? Do you have a sump pump installed and is it working properly? Some steps aren’t as simple as others but having a warm dry basement creates valuable living and storage space and will certainly help when you go to resale.
4) Updating your kitchen & bath: I hear it over and over that nothing adds more value to a house then updated appliances and counters in the kitchen and newer elements in the bathrooms. If you are going to spend money on your house this year, look inside first and then go out.
5) Know when you are unable to do the job: If you are worried about taking on a project and don’t feel you can do it properly, consider hiring out. DIY projects will only save you so much if you either put yourself in harm’s way (i.e. unauthorized electrical work) or do such a sloppy job that someone else has to completely tear out your work before starting fresh (i.e. backyard retaining walls and steps or even cabinet and carpet installations –things you don’t want to do twice for quite awhile).
6) Know quality when you see it: With the vast amount of sales and deals retailers are using to lure in customers, you might just happen on the sale of a lifetime on anything from a purse you always wanted to the shoes you were dying to have before Christmas. Usually I don’t buy high ticketed items but when I do, those seem to be the items that last the longest if I buy quality; because one, if I spend that much I will use it until it dies and two, there is a reason things cost more when quality designers are used to make sure the item is made well and fits the consumer’s needs. Keep your eyes open but don’t spend unless you have the extra income to do it.
In the Phoenix, January 16, 2009
