When Is It Worth Spending a Little More Money For a Better Product?

Source: Thinkstock

Source: Thinkstock

Sometimes it pays to spend more. But many people who are in a money saving mindset approach purchases with just one thing in mind: cost. However, you shouldn’t just be asking “how much is this?” Rather, you should be determining the item’s value and whether it will pay off in the long run. These purchases often cost more initially, but have the ability to eventually save you a lot of cash. Ready to start saving? Here are seven purchases that can save you a bundle.

1. Bike or Transit Pass

This is a great and viable option if you’re a city dweller. Think about it: if you get rid of your car, you’ll save thousands each year on insurance, car payments, repairs, and gas. It even trickles down to something as small as the car washes you get. Cutting out these expenses will amount to substantial savings. How much exactly? AAA estimates that it costs $9,122 per year to own and operate a sedan.

While the idea of bidding adieu to your car may seem scary, there are plenty of great replacements. For instance, replacing your car with a bike or transit pass is a great way to ensure you can still get around. If you’re running errands for the afternoon, U.S. News & World Report suggests looking into Zipcar, which lets you rent a car for a short period of time. Uber and Lyft are also great resources. You just download the handy app and let them know you need a ride.