At Talking Cents you don’t usually hear us telling you to spend more money than you have to. However, there are some occasions and some items where you might find that spending more money for higher quality products is the better deal. After all, buying one quality item can be better than buying two or three shoddy ones, right? It will be better for your budget in the long run.
Take it from ACCC – you could save more money long-term when buying quality items.
The Financial Case for Spending More on Quality Products
It all depends on what item you’re buying, what level of quality you need, and what you can afford. Never over-extend yourself to buy something if it means you have to sacrifice another important expense like rent, food, or home utilities.
Take shoes, for example. You can go to the discount store and stock up on three pair of the inexpensive brand, because you know you’re going to wear them out in a short while. Or, you can get a high quality pair that will last just as long as the three cheap pairs combined. Which do you choose? It depends on the price. If the one nice pair will last as long three of the other pairs, and costs the same as the three pair combined, then that’s the better deal. If you’re working on debt management, having to keep buying shoddy shoes again and again will hinder your progress.
You can apply this logic to several different items… clothing, electronics, housewares, furniture, and more. However, if you’re only looking for something to last a short term, then just go with the less expensive option. Again, this all depends on what you need.
If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today.
