6 things and experiences you should not mind spending money on, even if they seem expensive

If you live on a budget, you might wonder about the kinds of things and experiences you should really be thrifty about.

I think investing in professional services, staple wardrobe items and buying first-hand quality products is always a better deal than free or cheap substitutes. Also, investing in travel experiences that remove stress or investing in hobbies is a great investment for your mental health, even if it seems ''expensive'' to others.   

1. Professional services: Whether it is doing your annual taxes, setting up a new business or getting your personal finances in order, hiring a financial advisor or a good chartered accountant who has a good knowledge of tax or hiring a tax practitioner or lawyer is always better than relying on free resources like YouTube or Google. Similarly, when you are focused on getting your health in order, the services of a qualified doctor, a fitness instructor, or a dietician are better than free YouTube advice.

Yes, Google and YouTube are good, free resources. But there are a few drawbacks: First, the information in these resources is usually pretty limited as compared to the actual information that exists. Second, this social information is not really arranged in an order of your preference. Third, this information may be biased on account of personal filters and beliefs. Also, hiring a professional may work better for you since a professional can alter your financial advice based on your unique situation.   

2. Staple wardrobe items: When you walk into a party or into your office, you don't need a new set of clothes every week. But you do need a fresh and neat set of classic clothes that can last you long, thus optimizing your cost per use. Spending on basic clothing items like a pair of blue or black jeans, a little black dress, or black pumps is really not a big deal in the long run, even if it momentarily seems like an expensive buy.

If you really want to go cheap on fashion, go cheap on anything that pertains ''to temporary fashion that stays in the moment''. For eg: Summer or winter trends that stay for a season and then go away. Or things you know you won't wear many times. 

3. Purchasing first-hand products: Have you heard your uncles and father's friends ranting about how annoying it was to have bought a second-hand vehicle? How they have wasted so much of their precious time and money on repairing second-hand vehicles? So much so that they could have easily got a new vehicle with the same amount of money! Indians always have this unsaid inherent, hereditary custom of buying first-hand items, be it a vehicle or a mixer-grinder in the kitchen. Though the secondary market is still developing at speed, it seems like, you need to spend a lot of time asking around for good references to get a value for money second-hand product that is worth the price and time.  

4. Buying good electronic products: Have you opened the Electronics tab on Amazon, filtered the electronic device of your choice, and sorted them from least expensive to most expensive? I'm guilty of doing this! 

We all know the thing with electronics: a lower price doesn't really guarantee a good quality. In fact, it is usually the opposite. You might be tempted to buy an earphone sold by a street vendor for 100 bucks, which won't even last you a month. Even if you end up buying 3-4 earphones costing Rs 100-Rs 150 each over a 6-month period, it will probably cost you much more (considering both time and mental frustration) over the long period. Also, the cheap components & raw materials can cause damage to your ears. 

Imagine buying a better, branded earphone with a 1-year guarantee. Though it might cost you a few more hundred bucks, it will save you a lot of time, which is more valuable than money. And you can keep the sasta earphone for an emergency. 

5. Travel experiences that remove stress and unpredictability: You might tend to prefer saving on travel expenses at the cost of your health or the risk of adding some stress to your journey. This could look like taking a local bus instead of a cab, insisting that you would rather walk for a kilometer late at night than take a ride. Also, while traveling by flight, you might tend to take 2 flights and a longer indirect route, than one direct flight, just because it saves you some money. 

There is nothing wrong with these choices. But, if your choices add stress or unpredictability to your journey, you might end up paying more than you intended to because of this stress. If you are expecting to take 2 back-to-back flights, and one of them gets delayed or cancelled, you will have to spend more money for another flight ticket and it's going to be mentally taxing. Was this really the point of traveling in the first place?   

6. Hobbies that directly impact your happiness: Exploring your hobbies makes you happy and your body releases dopamine every time you are happy. Additionally, enjoying your hobbies can directly bust your stress and help you increase your social connections and value to the world. If you regularly spend time on your hobbies, spending some money on items that help you enjoy them better will actually make you feel great about it. Its because you get a different level of confidence in one area of your life, which then slowly spreads to other areas. 

But, if you are someone who is constantly trying new hobbies, or are just starting with one, then don't invest too heavily in it. Especially, if you don't yet know whether you will continuously be doing it or not. If you stop mid-way after investing heavily, you might actually resent yourself.