To spend or to save?
Four times it's OK to splurge
Your fitness
Why spend? While shelling out for gym memberships can add
up, the motivation gained from a personal trainer or group classes
makes it a worthy investment if you need that boost to get
going.
How to save: Signing up for boot camp is a cheap way to get
benefits of a trainer. Or, sign up to a gym with a mate. "Lots of
gyms waive the joining fee if you sign up a friend," says Kate
Leal, personal trainer and owner of Forging Physiques.
Your health
Why spend? When you consider the chances, it can seem
pointless paying private health insurance, but think ahead. Hoping
to fall pregnant soon? Most funds have 12-month waiting periods for
claiming pregnancy-related costs.
How to save: Head to a site like helpmechoose.com.au to compare
funds. Also, examine your extras, advises the site's Dr Adir
Shiffman. If you don't need optometry or physio, then basic
hospital and ambulance is best.
Your investment wardrobe
Why spend? Quality items last the distance. It might sting
to spend $300 on an Italian leather bag, but if you carry it five
times a week over two years, it works out as 60 cents per
wear.
How to save: Buy neutral colours in styles that won't date, like a
flattering LBD or blazer. And time it for bargains. "Shop early
during sale season," says image pro Annalisa Armitage.
Your finances
Why spend? If you want to save a deposit for a property,
first get financial advice. "A well-designed plan rather than a
shot-in-the-dark approach is likely to save you from making costly
mistakes," says Jill Wilberforce, co-founder of financial service
Wisewoman.
How to save: First, get a detailed rundown of all the fees, which
should be fixed or based on performance. See fpa.asn.au for a list
of FPA-accredited advisors.
By Michelle Wranik
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