When we think about saving money we usually think about things we can cut out of our spending, but sometimes the best way to save money is not to spend less, but to spend more.
I know it may sound like a marketing gimmick-and in some cases it is- but it really does not always make sense financially to skimp on some purchases if you want to save more money in the long run. For example, you might need to buy a new washing machine or sofa. These are things we don’t tend to buy often and the price tag often ensures that. With larger purchases, the price tag can be overwhelming and while we must seriously take into account what we can afford so we don’t drown in debt we should not allow the price tag to stop us from seriously considering the value of the items we are looking at. If you overly prioritize price over quality you can easily end up paying a lot more in the long run for repairs and replacements than if you would have if you had just paid a bit more for an item that would last longer even if it means you had to wait longer to be able to afford it.
It is not just big items we can make the price over value mistake with. We can easily do this with smaller purchases as well. I was shopping at a discount store for some tops for work. As I looked through the clearance section and found a few items that seemed good enough to use as work clothes - for now - I was almost going to buy some of those things and then I asked myself what we all should - the price is low but is the item worth the price? The items didn’t look bad but the material didn’t look like it would last very long either; so although I didn’t want to pay a lot for clothing, it was clear that in order to reduce spending I would be better off waiting and paying more for items that would last longer than to trick myself into thinking I was saving money now by getting a bunch of nice things with a low price tag and end up spending more over time to replace a lot of low quality purchases.
There is a Jewish proverb, “Buy the truth, and do not sell it, also wisdom and instruction and understanding.” Proverbs 23:23 While we can take this to mean we should be investing in learning - which is true and we should - we can also apply it to our reasoning when shopping. Buy what you truly need and use wisdom and understanding when comparing things. Don’t move by impulse. Don’t trade what would be a wise purchase for a slightly lower priced item that is of poor value if you want to avoid a lot of trouble and waste later on. Don’t make the mistake of only looking at the immediate price tag or benefit of a product or service and simply choose whatever will satisfy the minimum requirements at the cheapest price. Look at the big picture and budget wisely to ensure you are getting the best value you can afford to meet your needs in the long run to avoid waste. Sometimes we can end up overspending on the same item or service because we were not willing to spend slightly more for something that would have been more beneficial and reliable the first time.
Picture originally found here