An easy trap to fall into when you are on a budget is the fallacy that the cheapest is the best way to go. This is a common and understandable misconception; in many cases it is even true. There’s no fundamental distinction between the cheapest bottled water and the most expensive! The only real difference is marketing. Don’t fall for this hype!
However, in some cases it is much better to go with something that isn’t the least expensive version. If you always buy the cheapest item you can find, often you will find that they break sooner, don’t work as well, or are of inferior quality. Inexpensive items do tend to be of lesser quality. This is unavoidable; it is simple economics. An item that costs less money must inherently cost less to produce than a similar item. This leads to a wide variety of problems which can be a real pain to anyone!
Some people really take the ‘cheapest’ thing a little too far. If you find that what you buy is breaking down quickly, going bad too fast, or simply not working, you need to rethink your buying patterns.
It is a delicate balancing act; at what point does the reduced cost of something make up for the reduced quality? This is something that varies from item to item and which everyone will have to determine for themselves on a case by case basis. Keep in mind a few things when making this decision:
- How long will I be using this item?
- How often or much will I have to use it?
- Is it easy to replace if it breaks?
- Is this item worth spending a little more on?
You need to be cautious. There are some items that have no real difference between the expensive and cheap kinds (silverware, bowls, water, many juices, folding chairs, and so on), so when you can, go cheap! However there are many things that simply should not be bought based on them being the cheapest. Personal experience tells me that kitchen appliances are one of these.
I’m not saying that you should go up to the top-end fancy appliances. But don’t buy the cheapest! I have burned out a blender motor in less than a month doing this, and because it was the cheapest there was no warranty or coverage. This meant that in the long run I had to spend more money than I would have had I simply gotten a good one (which I later ended up doing).
So keep this in mind whenever you are buying something! Don’t go nuts; balance the expense with the quality of the item you are purchasing. In the long run, a little more invested up-front can easily be made back in replacement and frustration costs!
Tags: Budgeting, cheap, expensive, happiness, long term, variable, waste
