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Can Spending a Little More be to Your Advantage?
Posted By Miranda Marquit On 06/21/2012 @ 12:02 pm In Personal Finance | 9 Comments
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.
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.
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.
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.
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