Some things in life are worth paying up for. Cosmo's financial columnist and CEO of LearnVest, Alexa von Tobel, tells when it's okay to go big and what you can cheap out on.
Splurge On
1. Your haircut. For something you're in 24–7–365, like your hair, spending a lot is worth it. Think of it in terms of cost per wear … ditto for eyeglasses and jeans.2. Health insurance. Budget insurance may seem like a good deal because of low monthly premiums, but you'll pay a higher deductible before insurance chips in. Don't buy a bronze plan if you can afford a gold one.
3. Phone chargers. Best-case scenario with a cheapo phone charger is that it takes forever to power up your phone. Worst-case: It damages or fries it — they tend to be poorly made.
4. Your mattress. You sleep on it every single night. Enough said!
Save On
1. Trendy stuff. Speaking of cost per wear, crunch the numbers before you shell out for psychedelic print pants and neoprene anything. If it'll have a short shelf life, get it at Zara or ASOS.2. Rental car service. First, check if you're already covered. You need to upgrade only if you don't have a combo of comprehensive and collision coverage from your auto, health, homeowner's or renter's insurance, or through a credit card.
3. Your car. New cars lose an estimated 20 percent of their value as soon as you drive them off the lot. Look for a used one with fewer than 30,000 miles (warranties tend to expire after that).
4. Prescriptions. Ask your M.D. if you'll get the same results from a generic — they're an average of three times less expensive than a name-brand Rx.
This article was originally published as "Should I Splurge?" in the December 2014 issue of Cosmopolitan. Click here to get the issue in the iTunes store!
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