Saving money means cutting back on purchases and getting cheaper things, right? No, not really. “Just because something is cheap, doesn’t necessarily mean that it’s frugal,” said personal finance writer Peter Anderson. The purchase of a cheaper item will mean that you’ll need to spend more to replace it in a shorter amount of time.
Read More: 7 Surprising Ways to Save Money on Clothing
So when should you buy quality? Here are a four instances that buying quality means saving money.
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When buying clothing
If you want clothes that don’t give in to wear and tear easily, quality matters. Certain articles of clothing serve you best when you invest in them. Shoes wear out quickly, and buying cheap ones might cause a little bit of a problem if they fall apart in the middle of a commute.
Formal attire is also something worth investing in. A guy should have a suit impeccably tailored to him, and a lady should have one or two bespoke dresses to wear to a formal occasion.
Why buy quality: Clothes make the person, quality clothes only serve to enhance the look you’re going for. Sales on shoes go around often enough, allowing you to get quality clothing without burning a hole in the pocket of your very sturdy jeans.
When buying luggage and carry-alls
There’s a fine line between sturdy bags, and overpriced branded bags. A sturdy bag may not always be the most fashionable, but it’ll hold everything you throw in it and more. The same should be said of the wallet that holds your IDs and cash. All the traveling you plan on doing requires luggage that will hold up against turbulence.
Why buy quality: Quality luggage and carry-alls mean that you will worry less about wear and tear for a while. The mark of a traveler is a well-organized suitcase and accompanying carry-on bag.
When buying appliances and tech
These days, a lot of appliances are built to be more eco-friendly, even lightbulbs. Any tech you get should also have staying power, given that most smart devices tend to be replaced in a matter of months. Quality in these cases also saves a little more on your electric bill.
Why buy quality: In the case of appliances, paying a little more gets you better features and they’ll last at least half a decade. In the case of smart devices or any other tech, quality means longevity.
When buying vehicles
When you feel ready for a vehicle of your own, remember that buying cheap to save money might cost you more in maintenance and insurance. This doesn’t mean that a high-end vehicle is money smart either.
Why buy quality: Buying a quality vehicle means considering the features that matter most to you, while considering the additional cost and the longevity of the vehicle in your care.
It’s easy to think that you can afford to replace something that you buy at a lower price, replacing something constantly eventually becomes costly and prevents you from saving money. Considering quality does mean paying a little extra, but it means that you’ll be able to save so much more in the long run.
With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.