Being frugal isn’t just about saving money wherever you can. Frugality is also about getting the best quality you can while not spending unnecessary money. In this realm, value is king. However, it can be hard to know where to spend money or save money and still get a quality product.
You don’t want to spend a lot of money on something that isn’t actually worth it, but you also don’t want to choose to purchase a less expensive option and end up having to replace it multiple times when you should have just bought the higher quality product in the first place.
So, to help you figure out which situations are worth the extra cash, here are three ways you can ensure you’re spending money on quality products.
Know Where It Saves to Spend More Money
As was mentioned earlier, sometimes it saves you money in the long run to spend a little more upfront in order to avoid having to make multiple purchases of the same item. A good example of this is if you buy less expensive toilet paper but you go through that toilet paper faster than a higher quality, more expensive brand. In the long run, you may end up spending more money on the cheaper toilet paper than you would have if you just bought the more expensive, higher quality toilet paper in the first place.
Alan Henry, a contributor to Lifehacker, shares that there are some general items in which it’s definitely worth it to purchase a higher quality item at a more expensive price. Some of these purchases include transportation, housing, appliances and furniture. By getting these items in a higher quality, they could last you a long time and end up saving you money on replacements.
Purchase From Trusted Brands
When quality matters to you, you can’t go wrong putting your trust in a product that has a brand you believe in. These trusted brands are crowd favorites for a reason—they have stood the test of time. While you may be saving money purchasing a product from a brand you don’t recognize, the quality of that product may end up disappointing you. In fact, Michael Addady, a contributor to Fortune.com, shares that 67 percent of shopper will still buy a trusted brand name even if its sale price is still more expensive than a generic or lesser known brand. This amount of purchasing power is something you can trust in and could be worth spending the extra money on.
If you’re planning to purchase a product that doesn’t have a name brand you know and trust already, another great option is to look at customer reviews to give you a better sense of the product before you buy it. However, Ray Fisman, a contributor to Slate.com, reminds buyers to take this advice with a grain of salt because it’s relatively easy for reviews to be planted or faked. But if you’re able to find a product that has been reviewed by a lot of people with overwhelmingly positive reviews, you may have found a product worth its price.
Being financially savvy is more than spending the least amount of money possible; it’s also about spending your money wisely. Use the tips mentioned above to be more wise with the way you spend your money in the future.