Personal Finance 

Can Spending a Little More be to Your Advantage?

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It seems counterintuitive to think that spending money could result in savings – or even an increase in funds. In general, just spending your money isn’t going to help matters. However, spending smarter can be an advantage.

The key is in looking to the future. What’s going to happen in the long run? If you look at the big picture, you are more likely to make spending choices now that can benefit you later. Sometimes, spending a little more up front can help you save money over time.

Spring for Higher Quality for Some Products

Cheaper isn’t always the best option. For some products, it’s better to pay a little more for higher quality, than to buy something of poor quality for less – and end up buying it over and over again. Consider the use you are likely to get out of something, and whether or not it might be worth it to spend more.

I like to use shoes as an example. Over the years, we have spent much less on shoes than we might have. The most recent pair of shoes we bought for my husband cost $120 on sale. We could have bought a less expensive shoe for $50. In the past, though, these $50 shoes have only lasted about eight months. The $120 shoes last almost three years. We would have to buy four pairs of cheap shoes, totaling $200, in the same time period. By spending more up front, we save $80 over the course of three years.

The same is true of certain kitchen utensils and bakeware, as well as tools. Buy something of higher quality, and it could very well last a lifetime, saving you money over time.

Dress for Success

If you want to impress, you need to dress for the job. It’s ok to spend a little more if it means you have a better work outfit. Look for core pieces that can be mixed and matched. That way, your outfits will last longer, stand the test of time, and show that you mean business. This is important if you want to impress so that you get the job, or the promotion.

Boost Your Skills

You don’t have to break the bank to improve your skills. A little investment in yourself can go a long way. Consider using the skills of a qualified career coach to help you improve. If a particular certification will help you get a promotion, consider spending to take the necessary course. You can even benefit from spending money to attend seminars and networking events. The things you learn, and the connections you make, can be well worth what you spend. Of course, to get the full benefit, you have to apply what you learn.

Before you decide that the cheapest route is the best route, consider your options, and consider the big picture. Carefully think about what you are buying, or what you are investing in. You might discover that, in the long run, it’s better to spend the money; you could reap the benefits later.

{ 9 comments, please add your thoughts now! }

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9 Responses to “Can Spending a Little More be to Your Advantage?”

  1. Jennifer says:

    Great post, Miranda! I love cheap things so this is definitely something I need to work on. Good reminder!

  2. Steph says:

    I agree completely. I, like Jennifer above, tend to take the cheap route.

    I discovered when I spend more at the grocery store I’m less likely to eat out. This concept has led me to reevaluate a few things.

  3. Matt M says:

    Higher quality/organic food will save you healthcare costs down the line as well.

  4. Shirley says:

    I applaud your example of shoes. Besides the durability of a bit more expensive shoe, it has the support and fit that your foot needs. Your feet are your “physical foundation” and not fitting/taking care of them properly can lead to many years of pain and medical costs. Just as with any structure, if the foundation is compromised everything it supports is skewed.

  5. Glenn Lasher says:

    Well, from my URL that I post when I post here, you can all see that I run a small A/V company, which is strictly a side-gig.

    A couple of years ago, I was in the market for a small mixer (this is the device that most people picture when they think of a “sound board” as part of a recording studio or PA system) and I had specced one out. It was going to cost me $160 for the one I had specified.

    Then, when I actually went to get it, I saw another one right nearby that had mostly the same specifications, but for half the price. It was a different brand, but one that I knew to produce inexpensive, but reasonably solid equipment. As such, I bought the cheaper one.

    For the most part, it’s good enough. It does, however, have one flaw, and if I had known about this flaw, then spending the extra $80 to get the one I wanted in the first place would have been the wiser move. Without getting into the technical details, I will just say that this flaw makes the mixer far less useful to me than it would have been. It still meets its primary purpose, but it irritates me every time I bump into this flaw.

    Next time I buy gear, I’m going with my gut.

  6. Scott says:

    I went through a cheap $50 sailboat cover about once per year at least 2-3 times before I realized that buying the $140 sunbrella canvas cover was well worth the extra expense – it’s lasted three years so far and is still going strong!

  7. Scott says:

    Thinking some more on this… I think the important thing to keep in mind is that being upsold on quality of a product is much different than being upsold on additional features of a product.

  8. Shirley says:

    Seems some of us just have to learn the hard way. I bought a canopy for the back yard at a very inexpensive price. We put it up and it looked great!

    The next day the wind came up, blew it over and broke many of the parts. So much for an inexpensive price. I won’t do that again!

  9. Kris says:

    Paying for higher quality can certainly pay off in the long run. You just need to make sure that you realize that simply paying more doesn’t always mean you get better quality. Shop around. Compare BBB ratings. Do your research. This is true for products, services, stores, you name it.

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