15 Splurges That Save You Money in the Long Run

© SbytovaMN / Getty Images/iStockphoto

Heavy-Duty Backpack

If you’re a parent and have to shell out big bucks every year for your kids’ school supplies, you might be tempted to opt for an inexpensive backpack to save money. However, you’ll be better off splurging on a heavy-duty backpack that will last for years, said Kathryn Mancewicz, a personal finance blogger at Money and Mountains.

“When I was in eighth grade, I actually convinced my mom that spending $70 on a Swiss Army backpack would be a better purchase in the long run,” Mancewicz said. “I ended up having that exact same backpack all throughout high school, college, grad school, and my first year of work. So in total, it lasted me 12 years.”

Opting for a cheaper backpack for, say, $25, would likely have meant replacing it every year. Over 12 years, that would’ve been $300 spent rather than $70, she said.