In some circles, the last word in smart spending is getting something for the cheapest possible price. While bargain shopping is a good thing, and while you want to feel as though you are getting good value for your money, in some cases it’s worth it to spend a little more money. Here are some ways to figure out if it’s worth spending more:
Will it Save You Time?
Time is money. Even more importantly, time is life. Once time is past, you can’t get it back. As a result, it’s important to be careful about how you use your time. If you can save money, but it takes you a lot of time to do so, it might worth it to pay a little more to have that time to spend with your family, or to do something that you enjoy. There’s a lot to be said for spending a little extra to enjoy a little more time.
Is it Convenient?
I routinely pay $50 more for airfare so that I can leave at times that are more convenient. Yes, I can save money by taking a red-eye. But I don’t want to. I’d rather have the convenience of a flight that leaves at a more reasonable time. It’s easier for the person taking me to the airport, and I maintain a certain level of sanity.
Do You Enjoy the Experience?
My spending priorities often revolve around the experience. I like to enjoy the experience. So, when I go to a play, I pay extra for box seats. It’s a much more enjoyable experience than being somewhere in the back. If I’m going on vacation, I save up enough money so that I don’t have to worry about pinching pennies while I’m enjoying myself. If spending a little extra will significantly improve the experience, and you value that, it could be worth it to spend a little more.
Is it Higher Quality?
Something of a truly higher quality is often worth paying a little extra for. The shoes that last 18 to 24 months, but cost more, are often a better value in the long run than the cheaper shoes that you have to replace every four to six months. From appliances to tools, take quality into consideration. Often, something that costs a little more up front, but that will last you years longer, is worth the extra money you pay up front.
Deciding What’s Worth it to You
Of course, what’s worth a higher price to me might not be worth the extra cost to you. It all depends on what you think is important. My parents have no problem taking the red-eye. The convenience that I think is extremely important (and that affects the all-important experience for me) is not thought of at all by my parents. They happily save the money and take the red-eye.
It’s important for you to take a look at your own situation, and figure out what is important to you, and your lifestyle. If you can afford to pay a little more for something (or afford it after saving up), there’s no reason to go cheap if it’s worth it to you to spend the extra.
Photo credit: Stacey Huggins