7 times you're better off spending than saving

If anyone relies on you for financial support, life insurance and disability insurance are a must-have. In exchange for paying a monthly premium, a disability insurance policy will provide an income stream if can no longer work due to an injury or illness and a life insurance policy will pay out a lump sum if you pass away.

The average cost of a 20-year term life policy for a healthy 35-year old male runs from about $20 a month for $250,000 of coverage to $100 a month for $2 million of coverage, according to Policygenius. Long-term disability insurance premiums run anywhere from 1% to 3% of your salary.

Ask anyone with life or disability insurance and they'll tell you: It's a small price to pay for peace of mind and financial security.

As long as you're cutting back on the things you don't care about, it's OK to spend money on the experiences, services, and products that bring you joy or make your life easier. If a daily latte, regular facials, a housekeeper, or first-class plane tickets enhance your life without distracting from your financial goals, spend away.

Being good with money is the ultimate balancing act between needs and wants. Depriving yourself isn't sustainable and rarely leads to success.

If you've been deliberately saving for a down payment on a home, a big summer vacation, or a new car, it's likely taken months or even years of discipline to get there. It may feel difficult to part ways with that savings, but money is best paired with intention.

If you're paralyzed by indecision or laziness when it comes to your money, it pays to hire help.

Research shows that people who work with financial advisers are more likely to report happiness, confidence, and stability in their financial and personal lives. A good financial planner can help you identify your most important goals and make a plan to achieve them.

You may also find that hiring a CPA to do your taxes is worth the cost. It's a relatively small fee that can ultimately save you time, money, and a headache.

You may not think of a quality mattress, pair of shoes, luggage, or skincare product as an investment, but when something has the potential to improve other areas of your life, it's often worth it to splurge.

If you travel frequently, spring for the better luggage. If you're prone to bad skin and a pricier product works, buy it. If you sleep better on a memory foam mattress, don't settle for anything else.

Your emergency fund and any savings you're planning to spend in the next few months to a year should be kept in cash. Any leftover money is best "spent" on investments.

Too many people are paralyzed by the fear of losing money that they avoid investing all together, but the stock market is one of the most powerful tools we have for building wealth. Returns are never guaranteed, but if you're sitting on the sidelines you not only avoid the bad days, but you miss the best days, too.

• More personal finance coverage
• What's the best airline credit card?
• The best cash back credit cards
• Are CDs a good investment?
• When to save money in high-yield savings
• Best rewards credit cards