5 Investments I can’t afford to neglect

Affectionately known as “Frugal Freda” to the Fab Wives; I’m notorious for keeping a close watch on my coins! BUT there are 5 expenses that are truly investments into myself and my future that I can’t afford to NOT make!

1. Retirement Plan

Specifically for companies that match your contributions; not investing in your company 401k is equivalent to telling someone you don’t want an extra $1 for every $2 you invest! If possible, try to maximize your contributions to the highest percentage your company will match so that you’re receiving your company’s full benefits!

If you are an entrepreneur/ your own boss, you can still plan ahead for your retirement by investing in one of the many types of Individual Retirement Accounts (IRA’s). (Click here to learn all about Roth IRA’s)

Wise and long term investments into the stock market are literally like making money in your sleep!

If you can’t afford a financial advisor, there are several investment companies (like Fidelity or Merrill Lynch) that provide tools and resources for the DIY investor!

2. 529 Savings

With the costs of college on the rise, saving for your children’s future is imperative. Investing in your state sponsored 529 savings plan is not only a good way to avoid the need for your child to secure student loans but in most states your contributions are also tax deductible!

If investments frighten you, most states also have an age based portfolio for you to select which will automatically allocate funds to maximize return based on your child’s expected graduation date!

3. Quality Clothes

This is an area I’m still working on 🙂 as a frugalista it’s tough for me to spend $50 on a shirt, however having to replace cheap shirts after two wears is proving to be much more costly in the long run!

Quality, classic pieces will last for years to come and will prove to be a sound investment long term!

4. Marriage

A commitment to love and marriage begins with investing the priceless intangibles such as love, time and energy, however there are also some financial investments you can make to help your marriage grow!

Certainly I don’t encourage you to break the bank, but cheap date nights and/or hiring a babysitter to assure you and your spouse are able to spend quality time together goes a long way!

Additionally, when faced with marital challenges I encourage you to invest in a licensed marriage counselor to help you get through a rough patch in your marriage!

Marriage workshops, seminars and retreats are also great investments into your marriage and allow you and your spouse to connect with other positive couples who are committed to  love and marriage!

5. YOURSELF!

This should actually be #1 on the list!

As wives and moms we clearly have a lot to live for and it’s so important we put our health first. To keep me focused on fitness I’ve invested in a personal trainer. Think you can’t afford one? Think again! I swapped out the $30 I spend per week on eating out and put those funds to work towards my fitness goals! With the help of google and a lot of online research, I was able to find a very affordable personal trainer and began seeing results within the 1st 30 days!

Investing in your mental and emotional health is also key! Spa days, massages and facials are all great ways to feel rejuvenated and refreshed!

Additional degrees, a certification or a specialized license for your industry are also great investments and are sure to help you maximize your earning potential in the long term!

Additionally, don’t be afraid to step out on faith and turn your passion into a paycheck! If you have a unique talent, research ways to market your talent for profit.

What investments can you NOT afford to miss out on? Sound off! We’d love to hear about them!

XO, Rhea