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When to Buy Cheap (and When to Splurge!)

July 25, 2022

Image From: shironosov from Getty Images/Canva Pro

Article By: Kelly Kirk-Xu & Emily Stevens

I’m sure you have heard the saying by now- “quality over quantity.” Now, this is an excellent sentiment for many things. Buying quality items can end up saving you money in the long run. As you and your child pursue money-mastery, however, you may find yourself feeling hesitant about splurging on your purchases- and for a good reason! Not every item you buy should be a splurge.

So, how can one decide what they should buy cheap and when they should splurge? Walter the Vault is here to help you figure it out! Here are a few things you can consider when deciding penny-pinch or splurge on your next purchase!

Is It Worth the Splurge?

Let’s face it- some items are more expensive just because of the name that is printed on the tag. Not every costly item will automatically mean the item is of better quality. If you are going to make a more significant purchase, you may wish to do some research first.

For example, if we are talking about a clothing item, how good are the fabrics? Is the garment made with care, or has it been quickly thrown together? About how long will the garment be wearable?  These are all great things to consider – and – get your kids’ advice on too?  Ask them to think critically.  They’ll love having their opinion being taken seriously.  Plus, this will teach them to start thinking in this way… “what is REALLY worth SO MUCH of my money?”

How Often Will You Use it?

If you intend to use this item often, you may end up saving money and time in the long run if you splurge on the higher quality product.  When you use something daily, it may make more sense to spend more money on it.  However, there are also many things we use daily that can be bought at extremely low prices.  These debates are important to consider.  You can spend some time researching your options and shopping around.  You’ll feel proud of your choices after buying something at a price you find fair, knowing it was a great decision.

How Important is it to You?

The importance of the product in your routine or life will greatly impact your decision to splurge or buy cheap. We all have different priorities and passions, so different purchases will hold different levels of importance to everyone, so take some time to consider how important the quality of this purchase is to you.

We all want to make sure the purchases we are making add value to our lives, not stress. When deciding whether or not to splurge, considering each of these questions can be a game-changer for your money habits by helping you purchase mindfully and purposefully.


The Benefits of Saving

July 18, 2022

Image From: aleksandradavydovphotos/Canva Pro

Article By: Kelly Kirk-Xu & Emily Stevens

Many parents have encountered that dreaded question “But, why?” at one point or another. Sometimes, these questions can cause you to draw a blank. Trust me; we’ve all been there- done that.

As a matter of fact, your future money master may have asked that “why?” question enough even to have you begin questioning the benefits of saving. You know that building good saving habits is an excellent investment in your future, but have you ever taken the time to consider why that is?

If you have found yourself contemplating just how beneficial saving up your hard-earned cash is,  Walt the Vault is here to help you. There are so many great reasons to save your money, including:

  • It prepares you for an emergency. Life is unpredictable- we all know this. As an adult, you may encounter emergencies that require you to dip into your savings, such as health issues, job loss, or natural disasters. Teaching your child about building a safety net for emergencies will be a great way to help them build a happy, wealthy life.
  • It can allow you to do the things your dreams are made of. Whether you’re dreamy of an island getaway or your little one is dreaming of a magical trip to Disney World, building a vacation savings will be a great way to get there!
  • It can help reduce your debts. Keeping some extra money tucked away will be a great way to prevent over-using your credit cards and falling into a pit of debt that is difficult to climb your way back out of.
  • Financial freedom. Most importantly, a savings account can help reduce some of that stress you may encounter when dealing with finances. When you don’t plan, budget, and save properly, you may find yourself feeling stressed to even peek at your bank account. Get ahead of the ball with your little money master and start a savings plan today!

Another idea you can consider is asking your kid to answer their own questions.  Set up a piece of paper with a line down the middle.  On one side, you can write off the “good” things about saving.  On the other side, you can list off the “bad” things about saving.  This list can be added to at any time in the future.  It’s nice for kids to think about the pros and cons of saving, and some ideas may pop into their heads while they’re out and about later in teh week or year. 

Getting kids to think about money and setting money goals is a great practice for financial literacy.  To become future money masters, they must start practicing good habits and debating their spending options from a young age.


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