When Big Purchases Pay For Themselves

July 20, 2018

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Nothing can give you more pause and thought than making a big purchase.  In many cases, putting down the cash to buy big ticket items will pay for themselves in convenience and savings. But just how long does it take to recoup those costs?  Well for a coffee maker, it will pay for itself in two months.  Even the pricier coffeemakers can save you a lot of money in the long run considering a stop for a daily latte is around $4.  That's nearly $1,000 over a year. A washer and dryer will pay for itself in about two years. Doing a load of laundry only adds an average of $0.50 onto your electric bill compared to the nearly $4 to wash and dry a load of clothes at the laundromat. Even if you bought the cheaper machines that are around $400, it just take a couple of years for them to pay for themselves. Speaking of electricity, the power guzzled by your refrigerator accounts for a huge chunk of your energy bill each month, and the situation is made even worse by old, inefficient models. According to Energy Star’s Refrigerator Retirement Savings Calculator, if you’re still using a fridge from the ‘90s, you could save $250 to $490 over 5 years by switching to a more efficient model. You can easily find Energy Star-certified fridges priced between $450 and $1000, which means your new purchase will pay off within the span of its lifetime. Installing a smart thermostat may hurt when purchasing it but in as little as two years, it would easily save you the $250 it costs in energy savings. Cable users may be tempted to rent their modems for the sake of convenience, but it takes a short time for the $7.95 monthly fee to turn from annoying to impractical. By paying $70 for a cable modem up front, you’ll be paid back in savings in a mere nine months. Even though a college education is expensive, it is a lifetime investment. One study published last year shows that college graduates earn $1 million more than high school graduates without a degree over the course of a lifetime. While that sounds like a major bonus, it still takes nearly 20 years before that four-year degree becomes profitable.

SOURCE: Mental Floss

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