The common logic is: less spending = more savings.
But is it always the case?
Investment is tricky. Sometimes, it requires a bit more of secondary thinking to really account for its impact on your finances. Sometimes, cheaper does not always mean savings. And sometimes, savings could mean more current spending.
Say you found premium leather Shoe A which costs twice as much as faux leather shoe B. Good quality products usually last longer than their low-grade imitations. If you choose shoe B because it’s “cheaper,” there’s a high tendency that the thing could get worn out in less than a year, maybe even in just a few months of use. Contrast that to your possible more expensive Shoe An investment that could last for three years, and you will realize how much you will have saved in the long run.
But of course, you can’t use a similar thinking in purchasing short-term products, for example, such as paper towels and napkins, or those that you only use every once in a while.
Products that promote energy efficiency, though may cost thousands in the upfront, can end up saving you thousands of dollars the entire time you use them. These may include LED light bulbs, using old appliances longer, an energy-efficient HVAC system, a good green insulation, etc. And not are you only saving on your utility bills; you’re also helping the environment.
Pay for good service
Professionals are paid for their expertise. If something can be done DIYbut you’re not confident of your abilities to accomplish the said job, it’s best to leave it to the experts, especially if these involve areas that concern your finances, your home’s security and safety, etc.
If you do the job yourself or refuse to consult a professional, you may end up paying more for reparations, unexpected expenses and charges which could have easily been prevented should you have asked the assistance of a more knowledgeable contractor.
Pay for good service, and find peace of mind in knowing that things are done as they should be.
Invest on something you love
One thing can seem too much at face value but investments that you really like most of the time turn out to be smart financial decisions. If you purchase something you really like, chances are you will be more likely to keep them in good condition. That would save you from buying a variety of the same thing again and again, only to discard them every few months. Still, that loops you right back to the first consideration: quality. It’s not always about the most expensive, but whether the product best serves the purpose it is intended for.
Keep these spending tricks handy the next time you hit the shoppingdistrict.