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The comfort principle: How spending more can save you money.

There’s many tips and tricks that can get you to save money, and the comfort principle is one of them.

As responsible people, any tool we can add to our arsenal that helps us live a financially responsible life is a great one, so let’s cut straight to the meat of it and see just how this phenomenon can help us!

Spending to save

The heart of this idea is that you should, when possible, spend more on things that matter. When you’re starting to look at your money in a responsible manner, the first thought is often to cut down costs as much as you can. Drop that grocery bill down; buy cheaper clothes; eat out less.

The truth, however, is that you shouldn’t always think this way. Poorer quality products often last less than their counterparts; the story of buying cheap shoes every few months – or headphones, even – is one most of us are familiar with!

Great products cost more, but they’re built to last. If you can confirm what items are great, and not just pricey for no reason, you’re on the way there.

Time to think about time

So, we’ve established that you should spend more on certain things. How, then, can we figure out what those things are?

Simple: by how much time you use them. Thinking this way boils down the equation and makes it much easier to confirm what is important – and worth spending more on – in life as far as your purchases are concerned.

Let’s take your bed as an example. You should spend around eight hours sleeping in it per day; probably the single largest amount of time you’ll spend in your life using a product or item! This one is, unsurprisingly, top of the list. Great mattresses and sheets are worth spending more on; they’ll last longer, and they’ll benefit your health and wellbeing. Don’t skimp here.

Respect the basics

It’s important at this stage to remind our readers that this principle works at its best when you have the fundamentals in check! If your spending is still erratic, it’s a great idea to work on the basics of fiscal responsibility.

You’ll do your best if your income and outgoings are reviewed each month. If you aren’t in a position where your monthly financial situation is clear, you’ll be more at risk of destabilising yourself by spending more on the items that are worth the investment.

Instead of being tempted by the lure of larger purchases, then, recognise that they form part of a purposeful drive to save money in the long run. It’s great to spend more on items that are worthy, but only if the purchase is calculated and appropriate to your income. 

Use that data

You’ll see that this idea brings with it a lot of planning and calculation. This is a great tool in your arsenal; even if you decide against investing in a pricier item that’s high on your list, you’ll have built up a very useful, ordered summary of where you spend your time.

This can help beyond just saving. By reviewing what your list looks like, you can get a real, qualified sense of what your habits and patterns are. If you’re interested in changing your routine to focus on different things in life, working on the comfort principle is a useful place to start. Not only will you have the choice to invest wisely, but you’ll also have a solid list of where your time is spent to start from!

A better future

This is a very interesting and novel way to allocate your money. By understanding where your time is spent, you’ll build a logical, reliable list that can really help guide your spending and saving. In time, making the right choices in this regard will build a ‘snowball’ effect for the best; you’ll be spending less each month, and the money you save will be allocated to things that matter to you most.

If we can help with a loan to suit your current financial needs, be sure to visit our website’s main page. It’s what we do!

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Tim Woodley
Financial Content Editor at Everyday Loans
Tim Woodley has been a financial copywriter for over 8 years, using his experience and skill to draw out and discuss interesting financial subjects and learning points that help make life better. https://www.linkedin.com/in/tim-woodley-725267133/