How being cheap can cost you more money
By: Charlotte Kristensen
Tags: Money Saving Tips, Money Saving, Money Saving Strategies, Money Saving Advice

I want to talk about why cheap can end up costing you more long-term. I hate to say it, because I am someone who advocates for spending a little bit less but also enjoying luxuries. I am totally about investing in yourself and doing what you need to do to better yourself. I am aware that it often comes with budgeting and saving. There are times where being cheap and cutting costs all the time, is not worth the effort and energy.

There is a saying that if you buy cheaper, you buy it twice and there are many times that I have seen that come to play in my actual. I have realised that when I try to cover certain costs, I try to find the shorter or the cheaper version, however, it ends up being worse in the end. I am aware that we do not all have the resources to have what we want instantly, so instead, we tend to go for the cheaper option. It is just never as good. I know sometimes you might be able to find a barging, but this is not always the case.

You end up in the sales trap, which will lead you to overconsume and overspend on stuff you do not need, but you think it is a good deal. Just because they are cheap, does not mean that you need them. You can often find yourself getting caught up in the cycle of thinking that this is affordable, so I might as well get it — but you never really consider if you are going to need it or if you want it.

Sometimes when something is on the cheaper side, it is cheaper for a reason. Often this is because of its poor quality, it does not last as long, it has defects or other flaws. If you just invested in the right one first, you will end up saving more money. Now, this is not to say that more expensive things are always of better quality. That is not always true, but if something is cheap and especially if it looks cheap, there could be a reason why. I know people want to bargain quite consistently, but there are times where quality does matter and you can associate certain qualities to the price you got a certain object for.

I know that sometimes people want more but sometimes less is more particularly if it is of a higher quality as they say quality over quantity, I think this is a psychological aspect. Sometimes when you pay more for something, you care more about it. You look after it more and it lasts you a lot longer. However, sometimes when you buy something a bit cheaper, you are often more likely to not feel the same level of sentiment towards it.

I do think there’s an aspect of when you have worked hard for something, you have invested in it, you have paid for it — you will feel way more accomplished. You will treat it with more respect and you really care about it, so you use it more productively and it adds more value to your life.

Being cheap can be a waste of your time. This is the principle of the time value of money, your time and your life is way more valuable than just saving money. You need to investigate and decide if your time is better spent getting someone else to do a task for you, so you can use it on something more productive and earn more money in the end. I know sometimes people are not willing to spend the money on something that they think that they could do themselves, do quickly themselves, or not invest in doing that thing because they want to save the money. But that thing could end up taking your time and your time could be used better elsewhere.

Sometimes being cheap can cost you more in the way it makes you feel about yourself. I think this is all about the mindset. I think sometimes when you are always being cheap, you have a mindset of there is not enough. You have a mindset of this lack. I think it is really important to have a mindset of abundance, there is always enough if you can be creative enough, or if you can be productive enough you will have options.

Do not minimize yourself when you do not need to. It can cost you your peace, your mindset, and even your relationship If you are always frugal if you are always cheap and if you are not given, it can impact the people around you. I know life is hard sometimes but it is important to have moments that you enjoy, invest in yourself. If you’ve worked hard enough for it get it, treat yourself. It is okay. Life is all about balance and you should not have a negative mindset, even if you do not have the resources today. You will have it one day.

In general, it is crucial to look at item’s price with how long it will last. Yes, a vacuum cleaner might be expensive, but if you end up using it 500 times before it breaks down compared to the cheap one that only last 80 times. Then calculating the usage money would be way better. Yes it comes with a higher initial payment, but it also ensures a longer lasting product, you do not have to replace after a short while.

I know budgeting and saving are important. Being wise with your money is important. But it does not always need to be equal to being cheap. There are times where being cheap can cost you more. I think if you are ever thinking about spending or not spending, have a think about this. Finally, when you purchase something because you have earned it and you deserve it, do not go around and feel bad about it. You deserved it and you need to acknowledge your hard work.