When it comes to big-ticket expenses, you may be thinking along the lines of luxuries like dining at fancy restaurants or shopping for designer clothing. While wanting to make extravagant purchases is not necessarily bad, there are others that offer a much higher return on investment (ROI) despite a hefty price tag.
However, most Filipinos feel hindered from making these investments because a month’s worth of savings may not be enough to cover the costs. It’s perfectly fine to wait for a little longer until you’ve made enough, but there are also ways to make that purchase without completely emptying your savings account. For one, you can explore your options for a quick cash loan Philippines-based consumers trust when it comes to big expenses. That way, you can easily secure financial help to get a head start on reaping the rewards of your investment.
With that in mind, you should reassess your list of priorities to determine which ones can deliver long-term benefits. To help narrow down your choices, here are some of the best purchases that come with a hefty fee but promise great returns.
Even though it’s been years since your graduation, you can still opt to learn new skills or further your expertise in a given field. Pursuing a postgraduate degree, for instance, will broaden your knowledge and boost your caliber as a professional. Including an additional degree or certificate in your resume will open the doors to more career opportunities—and possibly even a higher salary.
Apart from formal education, you can also sign up for online courses to hone your talents in other fields. Consider investing in short courses or boot camps for subjects that interest you, be it graphic design or flower arrangement. You can also look for programs that teach you in-demand skills such as software development or data visualization. These can give your portfolio a significant boost and lead you to high-paying jobs along with other lucrative opportunities.
Quality Furniture and Kitchen Appliances
Constantly having to replace furniture and appliances in your home can be burdensome and leave large dents on your funds. Instead of buying pieces of furniture that last only a couple of months, consider purchasing items that can stand the test of time. For instance, a high-quality mattress can be quite pricey but nothing beats feeling fully rested after getting a good night’s sleep on a comfortable bed.
Other furnishings you may want to splurge on are tables and chairs. Flimsy furniture, aside from being breakable, could give you a slew of health issues including back problems. As such, you may want to go big on your furniture to prevent constant spending on replacements. When the time comes and you’ve secured enough savings, you can sell your old furniture and make a quick buck.
Similarly, long-lasting kitchen appliances can be relied upon for quick and efficient meal preparation. Consider investing in major appliances such as microwaves, refrigerators, and induction cookers that cut the time for preparing even the simplest of meals.
A Go-To Bag and Solid Pair of Shoes
There are plenty of stores both online and offline that offer cheap alternatives for clothing. However, if you want apparel that lasts a lifetime, you may want to invest in reliable items made from top-of-the-line materials. For example, when you purchase a bag, choose one that’s sturdy enough to be your “daily driver” but also stylish enough to carry during Friday nights out. Having a whole set of bags is fine, but you should have one item that you can always rely on.
Shoes are another wardrobe essential that should have high ROI. Buying designer shoes can be a bit indulgent, especially for low- or middle-income earners. However, one versatile pair of shoes that can take you from the mall to the jogging path is an investment worth making. When shopping for footwear, consider going for shoes designed around comfort and movement. Branded running shoes, for instance, often incorporate ergonomic elements along with interesting designs and high-quality materials that can withstand wear and tear.
You can always opt for public transport and ridesharing services to get from point A to point B, but having your own vehicle can give you the freedom of being mobile. A car can be a good investment, especially if you’re tired of having to go through grueling commutes every day. You can apply for loans tailored specifically around cars, but you can also secure quick loans if you have some savings to relieve a bit of the financial burden.
Alternatively, you may want to buy other items for transport such as bikes and motorcycles if these are your preference. Despite being less expensive than cars, these two-wheeled transport options can also last a long time with proper maintenance.
A Mobile Phone and Laptop
Nearly everything is done online these days, which is why web-enabled devices are an absolute must. If you haven’t yet, consider upgrading your devices to get the most value out of them. A highly efficient laptop can last for years and help you with your work-related tasks and entertainment needs without issue.
Generally, a trusty laptop should be able to accommodate streaming and gaming activities as well as bandwidth-heavy workloads. Many online side hustles also require devices with the latest specs, and having a laptop with high-mid to high-end features can help you secure these gigs and add more income streams.
Purchases Worth Every Peso
When making big-ticket purchases, you should ensure that the benefits of your spending go beyond instant gratification. It’s nice to reward yourself from time to time with expensive items, but there’s a difference between indulgent spending and investing for the future. In the world we live in today, we are presented with more ways to grow our income and secure the financial help that we need. We should know how to make the most of these opportunities to set ourselves up for a more comfortable life down the line.