Friday, 17 February 2017

When it pays to buy quality

Being frugal and living simply is about more than just saving money, it is about spending your money wisely and investing in things that will last. It might be tempting to buy something cheap, but if it is not well-made, it will just end up costing you more in the long run. Sometimes it just makes sense to splurge on something of quality because you know it will save you money somewhere further down the line.

What frugal living is about

Living a frugal life isn’t just about being cheap and saving as much money as you possibly can; it is more about using your money wisely. It is absolutely fine to spend your money on the stuff that is important to you, whether that be a once in a lifetime family holiday or a beautiful Chesterfield sofa that was built to last. For me, the main goal of frugality and living simply is to allow me to save for those things that truly do matter, and for those emergencies that life throws at us all from time to time, by making smart, sensible choices with money.

Too many people get caught up in the idea of finding the cheapest version of whatever piece of furniture, service or appliance they need without taking quality into account. Doing this may see them with more money in their pocket in the short term, but when that cheap toaster breaks down after a couple of months, and the next one does the same, and the next one, and so on, they will soon be worse off than they would have been investing in the expertly manufactured toaster that cost £30 more than the cheap model they actually bought.

When it pays to spend more

That’s all well and good, but how do you know when it pays to spend more? Simply by balancing price and quality if you want to make the smart spending choice. If, for example, you are buying a new pair of jeans that you will wear every day, you should maybe buy a more expensive pair that has been expertly crafted from the most durable material. They may cost £100, but they’ll last you for several years, whereas a cheap £10 pair could be showing signs of wear and tear by the end of the month.

If, however, you are buying something that will rarely be used or which you do not consider to be important, such as cleaning products or a lamp for the guest bedroom, it is usually fine to go for the cheapest option. After all, it won’t matter if they don’t contain the latest fancy ingredient, or they don’t look as good as the other stuff in your home, as long as they get the job done.

Therefore, if you are going to use something regularly or it is of great importance to you, spend more. Otherwise, you can afford to be frugal, and the saving your make will enable you to spend more on what truly matters to you and your family.

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