- As a financial planner, my priorities are saving and building wealth.
- But there are times when spending your cash flow is wise, such as with family experiences.
- I also think it’s worth spending money on your health and on professionals who can save you time.
Looking at my work as a financial planner, I’m clearly a proponent of systematic savings and wealth building plans, but I also understand the fact that we must all be consumers of products and services to some degree as we navigate our daily lives.
Just to be clear, I think saving money first should always take precedence over spending, but the purpose of this article is to discuss some of the things I think are always worth paying for your cash flow.
1. Family experiences
No matter how much we plan, we don’t know what the future holds. Nobody promises tomorrow, so it’s important that we do our best every day we enjoy. One of the main things you should do is love and appreciate your family.
The husband loves his wife. Parents cherish every moment with their children as they grow up. Adult children spend time with their elderly parents. These are just a few of many examples. Spending time with someone doesn’t necessarily mean spending money, but there are times when it is applicable.
2. Improve your health
Yes, building wealth is very important, but if an individual is putting their health at risk to do so, it is counterproductive.
Improving your health can mean many different things to many different people, and there are different ways to do it. In certain cases, spending money can help achieve specific health goals. Paying for (and using) a gym membership is a cost many people consider when discussing spending money to improve health, but there are other examples as well.
Personally, I’ve noticed that healthy foods (organic, etc) in groceries are more expensive. Spending a little extra money on healthy food choices can go a long way in improving your health.
Another example could include paying for things that help the individual enjoy and reduce stress. For me personally, it can be as simple as going to the movies with my family.
3. Complete certain professional tasks/projects (which ultimately saves you valuable time)
I understand the idea of trying to find ways to always save money, but there are scenarios one can overdo in trying to do so. Yes, it’s great to be able to save money, but we also have to consider the “time cost”. This concept can apply to all different types of people and business owners as well.
If you are self-employed, you can handle all the tasks related to your business. But in the end, you may find that you spend more time in the back of your business and less time serving your customers. Paying a professional to do your bookkeeping, for example, might be a good way to save your time to earn more money.
Likewise for homeowners: Even the most easy-going homeowners may find that the task will be too time-consuming to do themselves. While fixing things around your home is a great skill and will save you money over the years, it may be best to leave some projects to the professionals to save your time.