When making an inexpensive purchase, you risk wasting your hard-earned money.
- If you sacrifice quality to save money, the product you buy may not last.
- Spending more money on quality items can give you more product life rather than wasting money on poor quality product.
If you are busy working on a meeting personal finance goals, you’re probably looking for ways to save money when making day-to-day purchasing decisions.
While saving a few dollars here and there can make a big difference if you’re saving for the future or taking steps to tackle debt, it’s not always the best decision to buy the least item. expensive available to save a few bucks.
Instead, you might want to spend extra money on certain purchases so they last a long time and your money isn’t wasted.
Many Americans appreciate quality products that last
In some cases, investing in quality products may be the best decision for your wallet. You’ll spend more money, but you’ll likely use the product more – so your money will go further.
A recent investigation by Slickdeals found that the majority of Americans will pay more than double the list price for products that will last a lifetime.
About 67% of respondents agreed that certain items are always worth paying more for as long as they last longer than the average lifespan of those products. This is true for purchases such as cars, kitchen appliances, cooking utensils, televisions and telephones.
Have you ever bought a cheap item to save money, only to realize it was a bad decision? You are not alone in this experience. The same study found that 63% said they regretted buying a cheap version of a product before.
Think long term when making buying decisions
If you’re looking to buy something that you hope to use for a while, be sure to think long term. It probably doesn’t make sense to buy a cheaper, low-quality product that could break quickly.
Instead, buying a higher quality product with a higher price tag could keep you enjoying it for many years. But it is also essential to take care of your purchase so that it remains in excellent condition.
In the Slickdeals survey above, 71% said they perform regular maintenance to ensure their oldest purchase remains in working order.
A car, for example, an expensive and necessary purchase for many, will perform better when regular maintenance is carried out. After spending a lot of money on a quality vehicle, neglecting maintenance tasks like inspections, oil changes, and tire rotations would be foolish.
The next time you invest in a long-term purchase, ask yourself if you can also commit to proper maintenance.
Four ways to save money without sacrificing quality
It is possible to save money when buying quality products.
Here are four tips that can help you save money and earn more rewards:
- Save for a big purchase. If you know you want to invest in a quality product that will cost you more, set a goal and save for the purchase. You can put your money aside in a high yield savings account, so it earns interest. By doing this, you can get a higher quality product without worrying about going into debt.
- Shop during a sale. Many big brands offer discounts on their products several times a year. Plan your essential and expensive purchases so you can save money by buying during a big sale. This way you can invest in a quality product that will last a long time and land a deal.
- Use cash back apps. You can earn rewards on your spending using cash back apps and browser extensions. Although you won’t get an instant discount on your order, you can use your cash back earnings to pay for other purchases in the future.
- Don’t overlook promo codes. Another way to save is to use promotional codes or coupons when placing expensive orders online. Many major retailers offer promotional codes to help you spend less. You can use coupon apps to find the best discount codes.
Saving money can feel like a win. But don’t overlook quality when making important buying decisions. Instead, consider how long a product will last and whether it’s worth spending more money on a quality, reputable product rather than a cheap, low-quality alternative.
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