You always hear about the pitfalls of shopping. But sometimes some purchases can actually help save you money in the long run.
Here are 6 purchases that can help save you hundreds or even thousands of dollars every year.
TV Streaming Device
With cable bills creeping up to $100 per month, now is a great time to quit your cable television service. You won’t have to give up all of your favorite shows though. You can purchase a TV streaming device like an Apple TV or a Roku to stream content.
With Hulu Plus and Netflix going for less than 10 bucks a month, you can keep up to date on the latest episodes of your favorite TV shows. When you combine this with regular free over the air television you may not be missing cable too much.
Most people set their thermostat to one temperature and leave it alone. This wastes energy because you’re heating (or cooling) an empty house when you’re away at work every day. By getting a programmable thermostat like Nest, you could cut your energy bill by up to 20% with their auto-away feature.
A New Bicycle
Getting a bicycle to replace your car can save you thousands of dollars per year. Imagine, no more car payments, no more gas costs, no more car repair costs, no more vehicle registration fees, no more car washes and no more auto insurance premiums.
Combined with public transportation you can go just about anywhere with a bicycle. If you ever need a car, there’s services like zipcar.com which let you rent a car for a few hours for about $9 an hour, with gas and insurance included.
Reusable Water Bottle
If you buy a pack of plastic water bottles every week you’re spending over $300 per year just on drinking water.
If instead you bought a water filter and a reusable bottle, you would drastically cut down your costs. A water filter and refills might cost you $50 per year while a bottle could cost you 10 bucks. That’s a savings of $240 every year.
If you can turn your hobby into a business, your hobby expenses can pay for themselves. Here are a few examples of what you can buy:
– Camera. If you enjoy taking pictures, you can purchase a professional camera and make money as an amateur photographer.
– Computer. If you want to start your own blog and make money online, you’ll need a computer. You can justify buying a new computer if it’s going to be your dedicated work computer.
– Sewing Machine. If you’re handy with a sewing machine, you can sell your homemade creations on etsy.com.
A Fuel Efficient Car
It’s possible to buy a fuel efficient car that ends up paying for itself. Consider this scenario.
Let’s say your current gas hog of a car gets you a weak 17 miles per gallon. Then we assume you purchase a used Toyota Prius for $10,000 that gets 50 miles per gallon.
If you commute to work 25 miles each way, that’s 50 miles per day. Assume you work Monday through Friday and a total of 240 days per year. Then factor in an average of another 50 miles on the weekend. You would drive a total of 14,600 miles per year.
Driving 14,600 miles at 17 miles per gallon will use 859 gallons of fuel. At $4.50 per gallon, the fuel for your current car will cost you $3,865.
Driving the same distance at 50 miles per gallon, the Prius will use only 292 gallons. At $4.50 per gallon, the fuel will only cost you only $1,314 per year.
The yearly savings is $2,551. This means that in 4 years, the car will end up paying for itself in fuel savings.