When It Makes Sense to Buy Quality Instead of Saving Money
Being frugal doesn't just mean saving money—it means spending your money wisely. That also means some things may be cheap now, but actually cost you more in the long run, while other times it makes sense to spend more now for a better, longer-lasting experience. Let's take a look at when it makes sense to shop for value rather than just price. Warren Buffet said it very well:
How Frugality Really Works
Frugality, like productivity, isn't just about being thrifty and saving tons of money—it's about spending wisely on the right things so you have the money for the things that are important to you. The goal is that you're able to easily save for your goals—or for emergencies—because you've made smart buying decisions now. That means you have to consider the long run.
Doing this takes more thought than you might think. It's easy to get caught up in just buying the cheapest version of whatever you need, as long as you keep "saving money" in the front of your mind. Unfortunately, buying cheap can lead to spending more down the line—whether it's in things like maintenance and upkeep, or replacement costs or professional labor when you have to buy, remove and replace the same cheap thing over and over again. If you really want to save money and invest in quality—there are some times when it makes sense to spend more money so you don't run into those costs.
The longer you own the product, the more important quality is. At the top of the list where quality matters most is your home. When buying a home or remodeling you should always shop wisely and assure you get as much for your budget as you can.
This is never as important as when considering a bathroom remodeling project.
It is easy to think this just a small space in our home so what does it really matter. The average homeowner remodels their bathroom every 10 to 15 years Remodeling a bathroom isn’t the time to skimp on the little things—especially if those little things make a big difference in how much you'd spend to maintain or repair your home in the future, or again, the total cost of ownership of your home. Similarly, it's important to remember that some things—like quality products aren’t things you can easily change later on.
Skimping on one of them now may mean you're dissatisfied later. Let’s do a little math: How about a bathtub, you have read all of the data and know that a full bathroom (a bathroom with a bathtub, shower, sink and toilet) can add as much as $30,000 to a home’s resale price so you know that is what you want in your master bathroom. You found a soaking tub that looks good to you because it is just $998, and the one you are comparing is $1499, let’s look a little deeper for a second and what can happen. The cheaper tub is sold by a company that you have never heard of, is a year old, does not manufacture the product, just imports it. The other is a well-respected 35-year-old manufacturer, and I can buy it from a major retailer if it makes me feel more secure. The labor to install this bathtub is $500, so if I have to replace it the labor alone eats up all of the savings.
So, the question is what does the $500 actually cost me over the 15 years I plan on having this product? $2.77 a month. And that is if both products never had a problem. In addition, the name brand increases the value of your home dramatically. Of course, saving money is important, but don’t skimp on something you will use every day! Compromise Elsewhere.
Bottom-line, you should feel great every day and sometimes it’s the little luxuries in live that make us feel special and sometimes just get us through the day. So, when it comes to a soaking tub or a shower it is bet to have spent a little more than you wanted
Thing to consider:
• My needs today and my needs over the next 15 years
• Who will be using this product
• Resale Value