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.