I have often talked about finding bargains and living frugally but I don’t believe so far I have mentioned value for money. Finding value for money is something that is very important to me as there are some instances where I don’t believe the cheapest option is necessarily the best value. Value is so much more than just the initial dollar cost. When I think value I think quality, longevity, function and purpose. There are things I am willing to pay that little bit more for because I deem the cheaper version to not be the best value, or the best fir for my long term needs.
For some items I will generally always pick the cheapest I can find, like when choosing a birthday card, wrapping paper or even a lettuce at the grocery store. These sorts of items are things that I’m not willing to necessarily pay top dollar for because I don’t think it’s necessary. They are short term purchases and buying a more expensive version doesn’t actually improve my experience in any way. Conversely, there are items I look for the best value in. The sort of items that I’m willing to pay a little more for a better quality product that will last longer and as a result need to be replaced less often. So, if I buy something that is slightly more expensive but will last double the amount of time or more, the small extra investment is worth it.
I find shoes is a very good example of something I’m willing to spend on. I don’t tend to buy cheap shoes because I believe my feet do a lot of miles and you only get one set so they should be looked after. As a result, I’m happy to spend in order to buy top quality shoes that are supportive and comfortable. I would rather spend $100 on a pair of good quality work shoes that are leather, comfortable to be in all day and last for several years. As opposed to the $20 touch that are synthetic and make your feet sweat whilst generally not lasting more than a season or two. I feel that quality shoes in terms of longevity and comfort and a good investment and that is what I call value for money. Mind you, pretty much any shoe that doesn’t give you blisters is good value…
In saying that, I’m not willing to spend hundreds or even thousands on a pair of work shoes that might be top quality but also have a top designer price tag. In the case of my feet, I’m looking for something a little bit more middle of the road.
The items I’m willing to spend more on are items that I also invest more time in making a decision. Because there is a slight premium price that I’m going to be paying, I’m also willing to devote additional time researching and finding exactly what I need. I might research online and visit several different stores and try on numerous pairs of shoes before I find the ones that are right. Where as I wouldn’t do that with a lettuce or a roll of paper towels. I buy whatever is cheap and I certainly wouldn’t be visiting multiple grocery stores.
On the whole, some items are worth the extra time and monetary investment but I try to be selective about what those items might be.
What items are you willing to pay that bit extra for?