5 Bills You Should Start Paying in 2024

While it’s crucial to embrace frugality at times, you don’t want to miss out on opportunities to save more in the future by investing a little bit today. There are many scenarios where you have to spend some money up front to save in the long run. 

Which services cost money up front but save you more in the long run? 

“Engaging in preventive maintenance services for both vehicles and residential properties is not merely an expenditure but a prudent investment that safeguards against the considerable costs associated with significant repairs or replacements in the future,” according to True Tamplin, a certified educator in personal finance and Finance Strategists founder. “Regularly scheduled maintenance activities, such as oil changes for automobiles and servicing of HVAC systems, are instrumental in prolonging the operational life of these assets.”

Most people don’t think about home repairs or maintenance until it’s too late and something needs to be replaced. You don’t want to be caught off guard when you find out your home needs a major repair because you didn’t properly service it. 

What Are the Potential Savings? 

“Do this to mitigate the risk of incurring unexpected and often substantial financial outlays due to equipment failure,” Tamplin noted. “Viewing preventive maintenance as a strategic investment rather than a mere expense can yield substantial long-term savings.”

Erika Kullberg, an attorney, personal finance expert and Erika.com founder, added: 

“Regular home maintenance helps prevent costly repairs, damage, and deterioration over time. By addressing minor issues promptly and maintaining the integrity of the home’s structure, systems, and components, homeowners can extend the lifespan of their property and avoid expensive repairs and replacements down the road. The upfront investment in home maintenance pays off through lower repair costs and increased property value over time.”

If you want your home and automobile to be around for longer, you’ll want to invest in proper maintenance so you don’t have to worry about receiving a much steeper bill in the future. 

“The core of insurance is that it costs you money upfront but helps you save in the long run,” said Jay Zigmont, Ph.D., CFP and founder of Childfree Wealth. “The key is to get enough insurance, but not too much. Disability insurance is another great example. Paying for long-term disability insurance may hurt at first, but if you’re ever injured, it will save you over the rest of your life, or at least until 65.”

Spending money on proper insurance in all areas of your life, from your property to your vehicle, is essential for saving money in the future. You don’t want to be stuck with a hefty bill if your property gets damaged. 

What Are the Potential Savings? 

“Paying for homeowners insurance is a cost upfront, but if you ever have a crisis, it can save you hundreds of thousands of dollars,” Zigmont said. 

It’s a bit difficult to quantify how much you can save in the future because you never know what life will throw at you. You want to ensure that you and your assets are protected so you don’t have major financial issues in the future. 

“Home energy audits involve hiring a professional to assess energy usage and identify areas of inefficiency in a household,” noted Kullberg. “By implementing the recommendations from the audit, such as installing energy-efficient appliances, improving insulation and sealing air leaks, homeowners can significantly reduce their energy bills over time.” 

You want to ensure you’re not spending more on your home’s energy than you need to. This is why it helps to complete audits to determine if any changes can be made. 

What Are the Savings? 

“The initial investment in the audit pays off through lower utility costs and increased energy efficiency, leading to substantial long-term savings,” according to Kullberg.

The amount you save in the long run will depend on what the audit determines. The good news is that you can enjoy these savings for many years. 

“Regular check-ups, screenings and vaccinations may require upfront payments or co-pays,” Kullberg said. “Preventive healthcare helps individuals maintain good health, detect potential health issues early, and avoid costly medical treatments in the future. By prioritizing preventive care, individuals can lower their risk of developing chronic conditions, reduce medical expenses, and enjoy better overall health and well-being.” 

What Are the Potential Savings?

“The initial investment in preventive healthcare pays off through reduced healthcare costs and improved quality of life over time,” Kullberg noted. 

Your health bills could be smaller if you focus on handling issues as they arise instead of waiting until it’s too late. 

Spending money on a financial planner will come with an initial investment, but their guidance can help you learn about investments and planning for the future. If you’re not proficient in handling your finances, you may need help to create a plan.

What Are the Potential Savings?

Your financial advisor can help you review your current spending and create a plan for the future so that you can retire comfortably. It’s difficult to know how much you’ll save because it will depend on what changes you decide to implement based on their guidance.