Saving on Low Cost or Spending on Quality? Which Are You?

Do you buy pricey items for their quality or do you prefer buying lower quality items for a cheaper price? When it comes to buying things, we simply think about how much our money is worth. And it’s crazy how we want the best quality at an affordable price but when it is exactly as we desire, we tend to be doubtful and looks for “the catch” – is it second-hand or smuggled?

In the end, people buy more expensive options because quality means investment. But there are times when quality isn’t always necessary.

So what does it mean to pay for quality?

It does seem to be a bit confusing what paying for quality means – does it mean you are paying higher price or quality purchases regardless of price? What exactly does the term means to you? It is subjective based on what you and I perceive as a quality item. The same running shoes may be quality to me but cheap material to you. There are tons of product categories with varying definitions of quality, an item can be defined as quality as long as it’s long-lasting, comfortable, sturdy etc.

For example, what does quality mean for you when you buy clothes? Is it quality when it has softer material or when the color does not wear off after several use? Does it mean it has an assurance of longevity so you won’t spend dime or time to buying it again? How about for household items, do you also have a standard of what quality is?

Confusing isn’t it? It’s so subjective that you wish there are guidelines to actually follow so you can be assured that what you are buying is a quality product. Oh wait, there is!

Factors to consider when buying “quality goods”

Relevance

When buying anything at all, the first thing you should ask is “do I need it?” But more than that you should ask follow up questions such as:

Do I really need to buy this at such quality?

Can I settle for a lesser quality item at a fraction of the price?

Is this suited to what I need?

Will it still be useful in the years to come?

Sometimes it’s tempting to buy pricey items because we feel entitled for a bit of pampering which this premium-quality item can provide regardless if it’s overpriced. But in reality it might not be a good move when this type of “treat” do not significantly contribute to our actual needs, which brings us to the next factor – is it feasible?

Feasibility

When I say feasible, what I meant is the cost of its upkeep worth it. Does maintaining the thing, whatever it may be, feasible to suit your lifestyle in the long run or do you mind taking the time buying replacements on parts every few months? If it does not suit your lifestyle, then perhaps it is better for you to buy new ones whenever you need it.

One example is buying a juicer. Would you take the time to clean it every single time you use it or would you rather stock up on juice from the market to save you the hassle.

Frequency of Use

How often would you be using the item? How much of my time would it take away for using it in a daily basis? If it’s something you’ll use daily then buy it – a comfortable mattress, quality mobile phone etc. Spend on things you spend the most time using and save on things you barely use.

Bottom line is when you decide to pay for quality it boils down to your needs and your intended use for such items. But one thing is for sure, before you go shopping make sure you know your needs versus wants and always ask yourself the right questions.

Written by Maricor Bunal

Mari writes for Loansolutions to help educate people in making informed-decisions on taking out loans and becoming responsible borrowers. Being the COO, she feels it is her social responsibility to do so. Learn more from her as she shares tips, advises and stories on finance. Also, she's fond of 9GAG, so you might read some random stuff over here.

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