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Purely Dominica

Purely Dominica

During these tough economic times, more families need to economize and save. But cutting back everywhere isn’t always the best course.

Sure you’re cutting back to save money,but you and your family have to eat, house yourselves and stay healthy.

But once you’ve taken care of the essentials, financial experts say there are additional areas that require real investment, whether you are spending time or money.

The Wall Street Journal recently rounded up six places it pays to spend more cash, not less.

In a nutshell, the WSJ suggests it’s worth your money to:

1. Pay for expert advice.
2. Pay to bring down debt.
3. Pay yourself.
4. Pay for little indulgences.
5. Pay for some things you could do yourself.
6. Comparison shop.

Tips like paying for a little indulgences may sound a bit condescending, but even they can pay off big-time in the long run:

Indulging in the occasional guilty pleasure—a $4 latte, for example—can be a good idea when times are lean, says Erica Sandberg, author of “Expecting Money: The Essential Financial Plan for New and Growing Families.”

“It’s a very dreary existence when you cut down your expenses to an absolute skeletal budget,” Ms. Sandberg says. “If you do that too long, it’s like a diet, and you are going to raid the refrigerator.”

Be sure to take some time out to read WSJ article [Scrimp to Save More Than Money – via Consumerist] for a more in-dept explanation behind each expense – and while we’re on the topic to “Saving or Spending money” we’d love to hear what expenses you think are worth paying for in the midst of this global recession. Let’s hear what you’re to say in the comment.

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