It may sound a bit tacky, or as an opening speech of a “salesman,” but there are some instances where being frugal does not always save you money. At times it is better to spend more on a product as it will eventually pay off and you will have bagged more savings than if you chose a cheaper option. And said product doesn’t always have to “pay off” either. The product needs to last. You don’t want to go around buying the same thing over and over again when a quality product can last you decades. One more point to follow? Services can also be included in this category, not just products.
Listed below are 10 instances where spending more actually saves you more.
Always seek professional services
Take an example where your car has broken down and you rush to the ‘fixer’ in your neighborhood who knows everything and where to get the cheapest things. You get a quick solution and within no time you are back on the road having spent half of what you would have spent if you went to an expert auto shop. Guess what? It will not be long before your car develops the very same problem and you end buying the original spare and have it fixed professionally. You end up spending more in such an instance.
Buying quality (more expensive) appliances
Human beings tend to have a liking for cheaper things and have arguments based on points such as ‘it serves the same purpose.’ This may be true to an extent but remember when it comes to appliances the ‘extra’ features offered are always important to note. Cheap appliances often don’t have energy saving features which then translate to very high utility bills. Therefore, you end up spending way more money than you were trying to save in the first place. They also tend to break down really fast.
Taking care of your health/body
Organic produce is a bit more costly than genetically modified products but the health effects caused by GMO’s are adverse. Prolonged use is even proven to cause lifelong diseases such as cancer which if treatable would cost way more than what you would spend on the organic food. Microwave pasta and pizza is always a quick fix on a lazy day but buy a bit more fruits and vegetables, invest in health insurance as well as a gym membership and take care of your health as we all know ‘Prevention is better than cure.’
Buying retail as opposed to buying in bulk
Often are the times when people buy the biggest things because they are cheaper than the smaller ones. Remember while at the time it may seem like a great bargain, it is not always the case especially when you do not need as much products and therefore don’t end up using them at all or in the case of perishable goods such as a big loaf of bread or vegetables, you will just end up throwing them away which is wasting more money than it is saving.
Buy quality clothes and shoes
You spend most of your life in them anyway you might as well ensure your comfort while at the same time living within your means. At the time of purchase, it may seem a bit more expensive to buy better quality products but they always last longer, durability and comfort is ensured. Therefore, instead of keeping on buying cheap things which you will just use a couple of times and they are worn out, it is better you invest in longer lasting items.
Always invest in preventative services
These range from buying insurance covers for services such as health and education to going for regular check-ups to even installing fire alarms as well as smoke detectors in your home. Falling ill is something that cannot be predicted or calculated therefore, it is better to stay prepared than wait for the damage to occur in order to take action as it will end up being way more costly than it should have been if preventative measures had been taken in the first place.
The anticipation that comes with owning a vehicle can be quite something especially if it is your first car. There are millions of cars up for sale every single day but before you rush to grab the best ‘deal’ it is important that you do your due diligence first. A cheap car might end up costing you tones of money in repairs, fuel consumption as well as maintenance. At times it is better you buy a more expensive car that will give you the service you need and want.
Investing in yourself
Everyone tends to think highly of themselves and view themselves as ‘clever’ or ‘wise’ but there is no known end to knowledge . As you keep growing so do things keep changing and therefore as frugal as one may be, it is very important that you invest in yourself by taking up activities such as; taking up a short course that would increase your knowledge and assist you in managing your finances as well as your life better.
Do It Yourself (DIY) projects
They may seem like a lot of fun and they are easy to do. They provide bonding time between family members as well as many other advantages but it is also important to note that at times they may cost us more money that just buying something that is done by an expert. This is because most times they don’t turn out as good as we expected and we end up storing them in the garage and buying new things. It is also important that we don’t push it too far and make things that may be dangerous to our lives such as a skateboard. One screw missing can cause a very bad accident.
Membership subscriptions to both physical and online stores
The fees may seem unnecessary or discouraging but in the long run it pays off to be a member to some of these stores. You end up getting better deals and bonuses almost every time you shop. This is a win-win situation for you as you would have shopped there either way.
It is important to always view things critically instead of just acting on impulse. The above are instances where you save more by actually spending more.