Sometimes it’s better to prioritize quality over price. But when? How? There are several factors to take into account: time spent, longevity, amount of use, what you are paying for, and time vs money. Here are some guidelines to help you know when to purchase a quality item or when purchasing a cheaper version is the way to go.
Time Spent
My father in law once said to look at where you spend the most time; the Average Joe spends the majority of his time working and sleeping. When one is working 8-12 hours a day on their feet, they should definitely invest in a quality pair of shoes. When one is sleeping 6-8 hours a night, they should invest in a quality mattress.
I’ve been working on editing videos for my YouTube channel. Being a new venture, I didn’t want to heavily invest in the beginning. I’ve been using the free GoPro Studio software that came with my video camera to edit my videos. To say this has been a train wreck is putting it lightly. Editing videos (already a very lengthy process) takes twice as long because the software crashes on me every hour, on the hour (well, almost). At this point I’ve pretty much given up and started saving for high quality software and a computer to run it.
In this case, it would make sense to save money to purchase a quality editing program for the sake of saving time and sanity.
Longevity
How long do you plan on owning this item? The cost may seem high at first but if you spread the cost out over the years you use it, the cost per year could actually be cheaper than repurchasing the item every year.
Currently we are stuck in the quality vs quantity loop with our skillet. We opt for the cheapest non-stick skillet that happens to be in stock that day we go into Walmart. It says here that a $20-$60 non-stick skillets should last about 5 years. We are finding that the cheap non-stick skillet lasts us about a year of daily use, 2-3 times a day. So instead of paying $60 for a good quality one that would last 5 years, we’ve spent over $100 on low quality pans in the last 5 years, with only frustration and a graveyard of pans to show for it (and possibly non-stick coating poisoning).
Also, if anyone knows of a good skillet that is easy to clean and will last longer than a year, let me know!
Amount of Use
How much are you planning on using an item? Personally, I spend a lot of time in the kitchen prepping food, which means I chop with knives a lot: every single day, multiple times a day. There is a big difference in quality between a $30 knife set and a $300 knife set.
One set makes food prep enjoyable and easy, the other makes it a chore. When I first moved out on my own, I didn’t cook a ton so the cheaper set was the better option for me. Lately it seems like food prep takes up an unexpectedly large amount of my time. Having a quality knife set does wonders for my time and sanity.
Name Brands ≠ Quality
We’ve come to expect that a higher price means higher quality: better quality materials cost more and that cost is passed on to the consumer. But, just because something is expensive, doesn’t always mean it is quality. Enter: name brands. When a well known brand costs more, are you paying for quality or for the name? Sometimes we think “name brand” and “high quality” are synonymous but that is not always the case!
I’ve purchased well known brands that have fallen apart and I’ve also found alternative brands that have lasted. I picked out this book bag that was in a similar style to a well known brand. I was drawn to the style and didn’t care about the name. So why pay for the brand? This bag turned out to be a better option as it had drink holders and that was a must for me. It’s lasted through regular use + international travel and shows no signs of wear. And it was $50+ cheaper than the name brand!
On the flip side, brands usually become “name brands” because of quality or having a good reputation with the customers. You can expect a certain level of customer service should something happen to the product. Poor dealings with customers from “high level” brands spread quickly so in order to stay on top, it is in their best interest to keep the customer happy. This is one of the benefits of buying from a well recognized brand.
Time > Money
Have you ever went the cheaper route only to have it break down? Ask yourself how much time is spent fixing the item or wishing you had better quality? Maybe you’ve spent time being conscious of the fact that it’s not great quality. If not then great! The cheaper option is the right one for you.
If you ever find yourself repairing “x” for the umpteenth time or wishing you had a better quality/better brand item, pause. How much time have you spent total? Every time you wear or use it? Think about how much your time is worth per hour: how much do you get paid when working? Now multiply your hourly rate by the hours spent thinking or wishing for better quality. Which option costs more?
I found a pair of shoes that I like for my baby. Baby shoes are unnecessarily expensive, but these were quality, leather soft bottom shoes. In my mind these were the perfect go-to summer shoe, just right for every occasion. But I just couldn’t justify that price for shoes he would out grow in a few months. Instead I’ve spent a lot of time and effort looking for shoes and trying to find similar ones for cheaper with no luck. Based on how much my time is worth, I’ve spent more on research than I would have spent on the shoes.
In that case, it probably would have made sense for me to just buy those shoes and have those hours of my life free to do other things.
The Ultimate Question
A lot of these guidelines involve time. In the end, it comes down to time vs. money. Do you have the time and energy to replace an item multiple times or do you want to buy something that will last. “Well it was cheap anyway” starts to add up and may cost more in the long run. But just because something is expensive doesn’t mean it will be great quality. Make sure you are paying for quality and not solely a brand name.
In most cases, the saying “you get what you pay for” rings true. If you buy cheap products that don’t work, you are essentially wasting money. Sometimes it’s okay to spend a little more to get a little more. If that quality piece is too much for your budget right now, spend a little more time saving by putting aside the money you would spend on a cheap quality item.
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