So what should you spend your money on?

Today’s topic is things you SHOULD spend money on, and how to make those decisions. I spend a lot of time on the Financial Aid Podcast talking about ways to trim expenses, save money, etc. but I don’t usually talk about what you should spend money on. There are two measures by which I judge spending in my own life.
First, quality. There’s a cliche about buying a cheap watch every year or buying an expensive watch once. There’s a lot of validity to this cliche. Quality is very often cheaper in the long run.
Second, use. If you’re going to do, use, or have something only rarely, there’s no point in making a huge investment in it. Case in point, an iPod. If you buy an iPod just because everyone else has one and you don’t use it all the time, then you probably could have either done without it or gotten something cheaper.
So, what should you spend real money on? Number one: the bedroom. I’ll wait for the inevitable jokes in your brain to finish. Basic fact – you’ll spend between a quarter and a third of your life in bed, asleep. The quality of that time is just as important as your waking time, so if you have substandard equipment, you’re basically spending a third of your life miserable. Test out combinations of different kinds of sheets, pillows, and mattresses as you can until you find a combination that lets you wake up even after a short nap feeling refreshed. If you persistently wake up without an alarm after a normal night’s sleep and you’re tired, then your sleeping gear isn’t doing the job.
Second: food. You’ll spend an awful lot on this in your life, and what you spend it on is going to drastically impact the rest of your life. How many times have you sat down to eat, knowing what you were about to eat wasn’t good for you, eating it anyway, and then asking yourself in half an hour, why did I eat that? Spending money on good quality food – food that is nutritious, fresh, and tasty – is never a loss. Now, that said, you can overspend on food very easily by buying prepared instead of doing it yourself, but that’s a topic for another show. One other area I think spending is worth it – good quality filtered water. It can make a huge difference in your day.
Third: learning tools. I’ve made it no secret that I love my iPod and my Apple Powerbook. As tools go, these are much pricier than the bargain basement computers and MP3 players on the market, but they save me LOTS of time each day. I use my iPod probably 4 – 6 hours a day. Most of that time is spent listening to podcasts, audiobooks, training, and stuff that helps me learn. I spend 8 – 12 hours a day on my Powerbook, mostly work related. Having good, reliable, and easy to use tools saves time and stress. Good tools that give you access to knowledge are essential, because in this age of instant job portability, your knowledge and ability to use it are your top values. I should add that a great pair of headphones are also a must if you’re going to consume a lot of audio. I use the Bose QuietComfort headphones at the office. They’re pricey at $300, but they’re well designed and kill the ambient air conditioning rattle, letting me do more work. The cord is also a breakaway cord so when you do something boneheaded like leave your desk and forget the headphones are on, you don’t give yourself whiplash or destroy the headphones.
Fourth: a decent chair. At home and at work or in your dorm room if appropriate. Especially at work if you fly a desk. You’ll spend an awful lot of time in it.
There’s a theme here. If there’s anything you’ll be using for an awful lot of time every day, you want to make sure it’s quality, it’s something that is going to be reliable, easy to use, a pleasure to use, something that will add satisfaction to your day rather than stress you out.
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