When you are trying to save money and keep your budget under control as tightly as possible, it would seem the last thing you would want to do is spend more money than you have to on an item.
Most thrifty shoppers just look around for the lowest possible price on what it is they want to purchase. However, if you take that approach, you could end up actually spending more money in the long run. Sometimes, it is best to spend more money upfront in exchange for potential savings later on.
Following are three simple reasons why you should consider spending a little bit more on certain items that you need to purchase.
#1 ? It?s All about Quality
Generally speaking, low cost items are low cost for a reason ? they aren?t good enough to be more expensive. If the product was of a higher quality, it would cost more. This is a simple principle that most people learn early in their adult lives. That doesn?t mean that you should always buy the highest priced item that you can find, but you should certainly think twice before reaching for the cheapest.
You want to find a good balance of cost and quality so you can reasonably expect the product to last. Buying a cheap product and having to replace it after only a few weeks with a more expensive one is certainly something you want to avoid. This is also a good reason to be wary of things that are on sale.
#2 ? Better Buyer Protection
This is not a hard and fast rule, so you will need to check into the specific protection that comes with any given product ? but often more expensive products come with a better warranty or quality assurance that can protect you in case something goes wrong.
When you shop among the discount brands, you will be less likely to get any kind of guarantee behind the product, and even if you do, it might be a challenge to utilize it if you have to. Things like electronics and appliances certainly fall into this category. If you can find a brand that offers a great warranty, it may be worth your investment to pay a little more upfront. You may also want to consider using your credit card in certain instances as many offer protection as well.
#3 ? More Enjoyment
For some purchases, spending more money means that you will simply get a better product and you will be able to get more enjoyment from using it.
Take the example of running shoes. There are tons of brands and models on the market, ranging from as low as $30 or so all the way up $200 and more. You could certainly buy one of the low-end shoe models and save quite a bit of money on your purchase ? but how much would you even use those shoes? Most likely, your feet would get sore after just a couple runs and you would leave them in the garage in collect dust.
In this case, spending a little more (even if it is less than $200) is likely going to be worth the investment so you can get plenty of use and enjoyment out of the shoes.
What are some other situations where it may be worth it to spend more money? Do you opt for the cheapest product you can find? Or do you balance price and quality?
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Wise Dollar
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Nice advice John. I have had many experiences when I bought items on sale, then I exchanged it with other products later on and added some more money to get a better item that could meet my needs, this would turn out that I have wasted not only money but also time.
Yep, I’ve had the same thing happen all too often myself.
I think the best argument is to spend now or buy the same item over and over as the cheap models wear out. Also, splurging on what matters. For example, getting a slightly nicer hotel for a vacation because it has more amenities.
But both of those are already covered by your points.
Agreed. I’d much rather by something of slightly better quality now as opposed to the same low quality item over and over again.
I try to find a balance between cost and quality. If it’s something I’m going to use day after day for years, I’m likely to spend more for quality than a purchase I will only use a few times. I’m also willing spend more if it’s something that’s important to me, like vacation travel as Abigail mentioned. Priorities will be different for everyone, but that’s where you should concentrate your spending.
Completely agreed Gary!
Even though I am considered pretty cheap, I would agree that spending more to get quality items such as tools and appliances does pay off. I try to minimize spending on clothes and food, not necessarily by purchasing the cheapest items, but by purchasing fewer items as well. I would rather have 1 decent shirt than 5 cheap shirts, and I try to get the 1 decent shirt on clearance!