When it comes to spending, many just look at price tag amounts. Regardless of how much you spend, some purchases offer the promise of major savings in the future. For those purchases, you should consider the value instead of the cost.
With the five following investments, you will spend money now, but save money in the long-term.
Solar Energy
It was impractical to install renewable and solar energy even in giant corporations in the past. Now, wind, solar, and other renewable energy sources are much cheaper and more efficient.
Going off the electricity grid is no simple process. Even though photovoltaic panels might not be a viable option for your home, just one small solar tube in your kitchen or bathroom can cut your daytime electricity usage significantly.
Check your local area’s codes, evaluate your daily and seasonal energy use, and then research the available technology options.
For people who are interested in investing in solar energy projects and facilities that are looking to go green, crowd-funding platforms now exist to make that endeavor possible.
Programmable Thermostat
Air companies advise setting your thermostat to match the outside temperature (around 80-90 in the summer and 50-60 in the winter) when on vacation or out of the home for long periods. However, many forget to reset the thermostat on these occasions. This oversight could result in your system freezing up or your energy bill increasing.
A programmable thermostat with automatic settings is easy to install and only costs about $50. When leaving for long periods, you can set the thermostat at 85, for instance, and have it reprogram itself to a more comfortable temperature the day before you return.
Heating and cooling charges account for about half of a home’s energy bill. A programmable thermostat pays for itself in about four months and can result in savings of roughly $180 a year.
Fuel-Efficient Cars
Car buyers now prioritize fuel economy. Manufacturers are responding with CVTs, hybrid models and diesel options to satisfy consumers.
When hybrid cars first arrived on the market, the awkward sizes, unappealing styling, and high MSRPs left many wary. However, if you scroll through a list of KBB fuel-efficient cars, you’ll find that hybrids have become both cool and affordable.
While many hybrids and electric cars get around a 30-percent up-charge from the fuel version, the excellent fuel economy rates mean a few years of steady driving allows you to recover that extra cost. Plus, with options as low as $14,000 and offerings of 50 MPG per city, you’ll surely breathe easily as you skip your weekly visit with the gas pump.
Reusable Water Bottles
Purchasing a reusable water bottle translates into large grocery savings. Buying plastic water bottles every week is not only inefficient, but the bottles pollute the environment as well. Considering the “eight glasses of water a day” rule, even a 24-pack of bottled water goes quickly with the discarded bottles loading down a recycling bin or trash can.
Reusable water bottles come in various sizes to keep you hydrated around the clock. Feasible options cost between $10 and $20. Many even feature a small, built-in carbon filter to remove most impurities so you can safely refill from any tap or water fountain.
Contract-Free Cell Phone Service
Cell phone companies use long-term wireless contracts to generate profits. This is why the actual phone purchase seems quite reasonable, especially if you wait for an upgrade.
However, those wireless contracts are less than reasonable, and no matter the upgrade discount or rebate offer, you’re paying top dollar for a very controlling service. Considering smartphones’ popularity, consumers must either monitor data incessantly or opt for a more expensive plan.
Instead, try paying more for the phone and finding a contract-free provider in your area.
These investments will help you, in both small and large gestures, to profit well beyond your initial payment. Understand value, not price, and you’ll learn frugal, smart spending.
