6. An Accountant
“I do all the bookkeeping for my family business,” says Karen Hastey, who owns a photography business with her husband. “But we have an accountant do our taxes each year to make sure we’re getting all the deductions and returns we possibly can.” Unless you have formal training, you should have a professional take you through tax filing at least once. There are tons of deductions that you may not even realize you’re eligible for. When I bought a Prius a few years back, I would never have known that I could get almost $1,000 back had my CPA not pointed it out.
7. Mental Health
Can you put a price on acquiring the tools and techniques you need to live a happy life? “Therapy helped guide me out of a depression and taught me triggers and ways to cope when I’m feeling down,” says Sarah Segal. Therapy definitely isn’t cheap, but the healing process it can take us through is often necessary to living happily and successfully. Check with your insurance provider for details on your coverage; if your primary physician recommends it, it will often be covered.
8. Quality Furniture
As any former college student can attest, cheap furniture is best avoided whenever possible. Do you really want your future mother-in-law to come over and sit in a chair that collapses, or deal with constant backaches because of the lawn chair you’re using at your desk? Whether you’re talking kitchen table or couch, getting one that lasts and makes you comfortable means spending a little more. “I got a fake leather couch because it was significantly cheaper than the leather version of an armchair,” says Bryan Silverman. “Unfortunately the fake leather started to smell funny within a few months, and I had to replace it with the nicer version anyway.”
9. A Hybrid Car
Yes, they’re sometimes more expensive—especially with the current gas crisis—but hybrid owners end up having the last laugh. (That said, make sure the hybrid you’re looking at does actually have low gas mileage. Some, like SUV hybrids, do not.) According to Consumer Reports, the Honda Civic has the lowest total ownership cost—everything from sticker price, insurance, repairs, and resale value. The Toytoa Prius has the lowest gas mileage. Spending a bit more now will undoubtedly save you money later—and it’s good for the earth.
10. Durable Pans and Knives
Cheap knives and pans will burn your food, cut your fingers, rust, and warp, leaving you in need of new pans and knives before you know it. (And by “you,” I mean me—in the middle of preparing my sister’s special birthday dinner.) Honestly, scrimping on these items is not worth it. Pay more for quality cookware and it’ll last years. “A cheap knife will blunt quickly, and is probably not formed to best cut whatever it is that you’re working with,” says culinary student Natasha Costa. She advises maintaining nice knives by hand washing them straight away instead of soaking or dishwashing them. (Both will dull and corrode knives.) Keep them in tip-top shape by picking up a small sharpener to use daily before cutting.
While it’s always a good plan to look for the best buy before shelling out cash, we shouldn’t feel bad if our research ends up showing that full price is actually the best option. Check out used hybrids and kitchenware sales for good prices on quality things. Financial success in tight times means avoiding the frivolous—even though I want to, I won’t be picking up fancy wine or designer bags any time soon because I don’t need them. What I do need, however, is a place to put my food, a place to sleep, my health, and some comfy furniture to sit on. Who says we can’t shop in a recession?
Updated August 28, 2009
