Five Things Worth Paying For In A Recession

Just because the economy is imploding doesn’t mean you should entirely freeze your spending. The Wall Street Journal brings us a list of five things that are well worth their price, even in a recession.

  • 1. Pay For Expert Advice: Google can’t replace your lawyer, tax advisor, or financial advisor. Open your wallet to professionals who are familiar with your particular situation.
  • 2. Pay To Reduce Debt: Now isn’t the time to take on more debt, and that’s what happens if you stop paying off your existing obligations. Debt also affects your credit score, making other financial services more expensive, so stick to your debt repayment schedule and work with creditors if you need extra help.
  • 3. Pay Into Your Savings Accounts: Keep saving for your future by continuing to take advantage of employer matches while they still exist.
  • 4. Spend On Yourself: It’s ok to spend on yourself, but only for things that have a substantial impact. We also think it’s important to keep giving yourself little gifts here and there to help maintain your sanity. Just don’t overdo it. Think chocolate, not diamonds.
  • 5. Pay For Some Things You Can Do Yourself: Keep focused on the big picture and figure out which spending is actually worthwhile. Sure, you could shovel the driveway, but if your hip’s been hurting and your 60th birthday is around the corner, give the teen next door $50 instead.

Scrimp to Save More Than Money [The Wall Street Journal]
(Photo: Jezz)