Smart money management not only means being able to save, but also spend money wisely. Always buying the cheapest goods and services can leave you out of pocket in the long run. Here’s when to opt for quality instead of counting pennies.
Cars, bikes and other means of transportation
With things that need to get you places, buying cheap for the sake of saving will most probably get you into trouble. Owning a car is not cheap to begin with, so paying a little on an affordable vehicle and having to pay for costly repairs afterwards is not an ideal situation for anyone. Naturally, high-end and luxury doesn’t equal better, but making sure you’ve considered all additional costs and the features most important to you (fuel economy, safety features, etc.) will help you make a good choice, even if it’s not the cheapest one at first.
When it comes to food, cutting corners never ends good. With processed foods filling our stores, it’s easy to opt for cheap and quick pot noodles rather than fresh produce. However, going for the ‘real’ food is what pays you dividends in the long run – after all, your health is your greatest wealth. Also, planning your meals and cooking them yourself can reduce your food budget tremendously, even if you’re reluctant to go all in and start buying organic right away.
Bags, wallets and other carry-alls
Your everyday carry items are things you trust and depend on, so there’s nothing like a broken bag handle to destroy your mood. Can you imagine if it happened to your luggage during your holiday? While cheap may be appealing, a quality product will be more durable and will keep its charm for longer.
Appliances and energy-efficient products
Spending a little more on quality electronic devices means you pay for greater energy efficiency and reliability – things that make a big difference in the long term. You can calculate how long it will take for an appliance to earn its worth by factoring in the price, operating costs (with maintenance and warranties) and how long you plan to own it for.
And finally, a simple rule to go by
When it’s time to decide whether it’s quality or price that prevails, ask yourself how frequently you wish to use whatever you’re buying. If you depend on them every day, it makes sense to go for quality over price. In other words – if it’s important to you, make the decision to spend a little more today to save tomorrow.