When It Makes Sense to Buy Quality, Not Save Money

Being thrifty isn’t just about saving money – it means spending money wisely. It also means that some things may be cheap now, but will actually cost you more in the long run, while in other cases it makes sense to spend more now to get a better and longer experience. Let’s see when it makes sense to spend now to save later.

How frugality actually works

Thrift, like productivity, isn’t just about being frugal and saving tons of money – it’s about spending the right things wisely so that you have money for what matters to you. The goal is for you to be able to easily save for your own purposes or for contingencies because you’ve made smart buying decisions now. This means that you have to consider the long term.

This takes more thought than you think. It’s easy to get bogged down in buying the cheapest serviceable version of everything you need if you’re constantly thinking about “saving money.” Unfortunately, buying cheap products can lead to high costs down the road – be it things like maintenance and repairs, or replacement costs where you have to buy the same cheap item over and over again. If you really want to save money and invest in quality, there are times when it makes sense to spend more money in order not to face those costs.

When it makes sense to spend more today to save tomorrow

When deciding to buy, you should consider two important factors – whether you are buying jeans or a house: price and quality . It’s easy to cut corners when you think it’s an unimportant purchase – like clothes or cleaning supplies – and only go for the price, or spend your budget on quality because you think so, or it’s a rare purchase – like a car or a house.

As Peter Anderson explains in this article , most of us fall between the two:

I tend to buy cheap things when it comes to things that I don’t care about, or when it comes to things of comparative quality, regardless of price. For things that vary greatly in quality, I prefer to buy quality items. After all, just because something is cheap doesn’t necessarily mean it is economical. If a cheaper item wears out before it’s time, you’ll spend more money replacing it.

For example, you might think that consumables – such as cleaning products or toiletries – could be safely discounted, but if you end up buying more cleaning product to get the same effect as the slightly more expensive one (or the one that which you could earn more if you spend a little more), you are actually wasting money. Some of the more prominent examples of this phenomenon are:

• Cars, Bicycles, and Other Modes of Transportation : When you’re ready to buy a car, bike, or invest in any other way of getting around, buying cheap to save money is always a bad idea . The total cost of ownership, including maintenance, repairs, fuel, storage or parking, and other expenses, also affects your budget. It doesn’t take much imagination to see someone spend little on an affordable car and then find that it needs expensive repairs, aftermarket upgrades, or is notoriously expensive to maintain. Of course, high quality and luxury doesn’t mean “better,” but there are additional costs to consider and invest in features that are important to you (fuel economy for truckers, safety features, etc.). important.
• Homes : Buying a home is not the time to skimp on the little things, especially if those little things matter a lot in how much you will spend on maintaining or renovating your home in the future, or again, the total cost of owning your home. Likewise, it’s important to remember that some things, such as square footage, location, and surroundings, cannot be easily changed later. Saving on one now can mean you won’t be happy later. The same rules apply to rentals. There is no reason to spend money on expenses, but if you buy too little today and your family grows up, you will return to where you are now – the store behind your new home – sooner than you would like (and you will be more influenced by the vagaries of the market) … Likewise, buying an affordable home without doing your homework and figuring out why it’s affordable can lead to unexpected costs down the road. Get a home inspection, do your research, and find out as much as you can before choosing a property or apartment “because it’s a theft at that price.”
• Bags, purses, wallets, luggage and other carry -on luggage : Purses, handbags and other everyday items are what you trust and depend on every day. Of course, to some extent they are commodities – you can always find another bag or another wallet, but buying a quality one does not mean that you will have a reliable, reliable accessory. It also means that in the long run you will spend less on replacing them after they wear out. When we looked at the five best wallets and five best laptop bags , many people commented that a cheap one can be attractive, but spending more to get something quality and handcrafted means you have a wallet or bag that’s enough. for years to come. … In short, while it makes economic sense to buy a $ 200 bag that will last 15 years versus a $ 75 bag that will last two, it’s even better to have something well-made, durable, and capable of meeting the needs of everyday use without falling apart. There is a big difference between well-made luggage and cheap luggage, just like there is a big difference between a plastic wallet from a department store and something hand-made to last a lifetime.
• Household appliances and energy efficient products . Spending a little more on kitchens and appliances will give you an energy efficient and reliable product that will help you save money in the long run. Basically, you need to do a little bit of math before deciding how much to spend. Take into account your budget, as well as how long you plan to own the appliance, and then look at its running costs. If you plan on owning an item long enough that buying a more expensive but more energy efficient model will save you money in the long run, this is a smart buy. Even if you plan to sell the item, it still makes sense as you can get more of your money back. You should also consider warranties and maintenance costs. If your device is covered by insurance for as long as you need to own it to get a return on your investment, you’re in good shape. Things like energy efficient light bulbs, rechargeable batteries, power strips, and other products are easier to consider – you’ll get your money back quickly from the energy savings you get from your connected devices or from replacement costs. Buying one LED bulb that lasts 5-10 years is clearly more cost effective than buying a CFL that lasts 2-5 years, even if you don’t factor in the savings on your electricity bills.
• Furniture : We discussed how cheap furniture is usually not worth buying , mainly because it will either fall apart or cost you more money to repair or reinforce, but the bottom line is what you should buy depending on how long you planning. live in a specific location and how often you use the item. Buying a cheap couch will make you miserable if you spend a few hours on it every night, and saving on a bed and mattress will make you miserable no matter what. However, if you move regularly, less durable, easily replaceable furniture may be better than large, durable items. Overall, though, it makes more sense to buy durable, timeless items that are sturdy enough to be moved around with you than re-buying every time you move or every time your desk falls apart.

This is by no means an exhaustive list. This list can easily expand depending on your lifestyle. For example, if you are good at building your own computers, you might consider buying high quality components and protecting your hardware in the future (as much as possible) so that you don’t have to update or assemble a new computer as often. Alternatively, if you prefer to be at the forefront of technology and have the budget to host it, more frequent purchases will bring you newer, more energy efficient, and actively supported products instead of clinging to old ones for long. You have to find a balance between cost and quality (or durability).

Avoid cash crop

We live in a world where almost anything can be bought, recycled and re-purchased at an affordable price. Thus, it is easy to think of everything as a commodity simply because whatever we might want or need is readily available as long as we can afford it. The key to frugality, however, is to resist this kind of thinking. Just because you can run out and buy a new suitcase for your next flight doesn’t mean you should , especially if you have something that works. However, if you do buy a new one, the thrifty person will make sure that he has one that will last on the next dozen flights, not just the next one. As long as you can afford prepayment, it’s all about a long game.

Making this shift in thinking isn’t all that difficult, but it does take research. When shopping, you will need to do your homework, which means you need to do more than just read reviews and find out which types of reviews to trust . It also means learning where you can get quality for less to invest in things like durability, energy efficiency, and low total cost of ownership rather than a band name or label.

When you find companies that make quality products and support that mindset, invest in them. It doesn’t have to be difficult – many take pride in their dedication to quality, even if that means their prices are slightly higher. For example, Saddleback Leather , an accessory maker for one of our favorite wallets , has a slogan: “They’ll fight over this when you die.” Companies that tend to prioritize quality usually say so with pride, and their customers usually proudly endorse this claim. Look for such a fan community and you will find something good.

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