We all have come to the realization that times are tough.  Those of us who have previously studied economies and economics probably acknowledge times are going to get worse before they get better.  We are all cutting our expenses where we can.  The bigger question is, “are there places we shouldn’t cut costs?”

MarketWatch has an article on Yahoo! Finance that will give you all a few tips.  There are definite places where the cost of items is worth what you are paying.  In other words, don’t skimp on everything.

You need to continue to pay for the basics – food, shelter, and health care.  What other items should you be sure to pay for as they are worth their costs?

Especially in tough times, pay yourself.  Do not put off saving money.  Number one, you may need it in the future if the jobs picture gets worse.  Number two, you will need it in the future for retirement or for college.

The other big area is paying for advice in large transactions.  Should you be purchasing or selling a home, get the proper advice.  Do not let your neighbor be your sounding board.  Be aware of the adage “you get what you pay for” as you want the best advice you can get.

Be sure to read the entire article here.