When it Pays to Pay
During tough times don't cut back on everything

Once you and your family have taken care of the essentials such as food, housing and healthcare, experts say there are additional areas that require real investment, whether you are spending time or money. Here are six areas where it pays to spend more money, not less:

1Pay for expert advice. If you are making significant financial transactions, it's worth paying for good advice, whether you need an attorney, a tax adviser or a financial adviser. You don't want to skip advice if you're in an important transaction.

Checking out the Web for free tips may also not be the wisest move. Many people gravitate toward free information on the Internet, but if you are making an important decision, it's worth paying some money to get quality expert advice.

2Pay to bring down debt. It's important to pay down as much debt as possible, and keep on top of bills, especially when funds are scarce and the future is uncertain.

"It's critically important, due to the enormous impact that your credit rating has on so many aspects of your life, that you maintain your bill payments, and pay down your credit cards as much as you possibly can," said Jack Gillis, director of public affairs with the Consumer Federation of America.

If you are having trouble with payments, reach out to lenders, and try to come up with a new payment plan, said Carl George, chief executive of the accounting firm Clifton Gunderson.

3Pay yourself. Spending is absolutely critical during an economic downturn and that includes outlays for savings. Any amount that can be saved is critical, because even though you are strapped, times could get worse, and we each need to prepare right now.

4Pay for little indulgences. While it may sound counterintuitive, indulging in the occasional guilty pleasure -- a $4 latte, for example -- can be a good idea when times are lean, said Erica Sandberg, author of "Expecting Money: The Essential Financial Plan for New and Growing Families."

"It's a very dreary existence when you cut down your expenses to an absolute skeletal budget," Sandberg said. "If you do that too long, it's like a diet, and you are going to raid the refrigerator."

She recommended identifying a few key items or services that have a "strong punch" and will satisfy cravings for a bit of pampering.

Housekeeping is a prime example. Consumers need to figure out which services enhance their lives and then make room for them in the budget.

"Spending four hours cleaning the house may not be the best use of your time," Sandberg said. "It may be worth getting someone else to do it if you have something far more important to do."

6It pays to comparison shop. Experts recommend that consumers invest time in comparison shopping during tough times. "The more time you spend shopping around, the more money you are going to save," said Consumer Federation's Gillis. "Spending 25 minutes looking on the Internet can save you $50, $60, $70. That's like paying yourself $50, $60, $70 for a half hour of work."