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It is a great feeling to find a bargain and save some cash. Yet, are there some times when it could make sense to spend a bit of extra money?

The truth is that there are definitely some occasions in which it is a smart move to increase your budget. The following are some of the situations in which the cheapest option isn’t always your best bet.

For a Long-Term Solution

Is there a worse feeling in life than that of having to replace something that you only recently bought? Saving money on a purchase only to have to splash out on it again later on is called a false economy and should be avoided at all costs.

If you need something to give you long and faithful service in the years to come then it is a good idea to pay a fair price for it, as it can make sense to spend more now rather than have to buy it twice or more. Whether it is a car, a bed, a pair of shoes or something else, you should look to pay a decent price for long lasting quality where possible.

Provided that you can then go a long time without having to make the same purchase again then this will have proved to be a very wise investment.

To Make Savings in the Long Run

There are often situations in which paying a little bit more in the initial price can save you money in the long run. A good example of this is when you pay extra for a more fuel efficient car that cuts down on your on-going expenses.

Alternatively, maybe you will buy a more energy efficient freezer, choose an expensive coffee maker that lets you make cheap coffee, or purchase re-usable cleaning cloths.

There are many ways of saving money in the years ahead by putting some extra thought into it just now. Before paying out the purchase price just take a few minutes to think about issues such as maintenance and the cost of running it.

To Do a Good Turn

Could spending a little bit more help to make someone else happier without costing you a fortune? The best example of this is probably seen when you buy from a charity shop and pay over the odds for something you don’t really need.

If you see the chance to do a good turn then you probably won’t mind paying extra, as long as it isn’t going to cause you any financial headaches further down the line. This will make you feel good about yourself, which is a priceless feeling.

For Peace of Mind

Finally, when could paying a higher cost give you a greater level of peace of mind? Well, this could be when you pay for a high quality product that comes with a long warranty you can trust.

Insurance also falls into this category. While this is an intangible product that most people look to save money on, getting a suitable policy from a reputable insurer is well worth doing.

Knowing that you and your family are well protected for the uncertainties of the future is a fantastic feeling and something that it is well worth paying a little bit of extra money for if you can.

Conclusion

Saving money gives us all a buzz but it is clear that there are times when looking for the cheapest possible deal isn’t always the best approach. By thinking about your needs in advance you can work out whether or not you should look to spend more than you originally budgeted for.

Has there been an occasion when paying out extra has turned out to be a smart move on your part?