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With rising costs for everyday items, it’s only natural to want to find ways to save money.
But there are some areas where choosing the cheapest option may not be in your best interest, at least not in the long run.
If you pretend that the cheapest is always the best, then you could end up paying more when it comes time for repairs or replacements.
Today, we’ll explore 12 of these items and offer advice on how spending a bit extra now can pay off down the road.
Not only will you enjoy a better quality item than if you were penny-pinching, but you will also reap substantial cost savings over time by avoiding expensive repairs or needing to purchase multiple replacement products sooner than expected.
So, let’s get started and discover why cheaping out isn’t always such a good idea!
1. Catering Services
When it comes to catering services, going with the cheapest vendor is rarely a good idea.
The quality of food and presentation can be very different from one caterer to another, and if you don’t choose wisely, you could end up with an unsatisfied crowd that may not come back for seconds or thirds!
It’s worth doing your research and finding an experienced caterer who can provide the quality of food you desire at a price that fits your budget.
2. Home Renovations
Another place where you might be tempted to skimp on cost is home renovations.
Instead of buying cheap materials, splurge slightly and invest in high-quality stuff that will last for years to come without needing frequent repairs.
The money you save in the long run will be worth it!
You’ll also be able to enjoy your newly-renovated home with peace of mind knowing that it won’t need any further maintenance for a while.
3. Refundable Plane Tickets
Take it from someone who knows: The extra money spent on refundable plane tickets is the best traveler’s insurance available!
While most trips will never need rescheduling, you’ll appreciate that you shelled out more money for pricier tickets if your plans unexpectedly change.
Fortunately, the difference between refundable and non-refundable plane tickets is usually just a few dollars.
4. A Good Car or Truck
A good automobile can give you more than safe and reliable transportation: It can provide you with peace of mind. “I recently bought a 2015 model in 2017 and haven’t had any issues yet,” reports one man. “Before this, I had a 2003 and a 2004 model after that.
Breakdown after the breakdown was extremely frustrating, and even though I had to pay monthly for the newer car, it was worth it not having the anxiety of, ‘It’s cold out; will my car start?’ Or ‘I’m on the highway and hear an odd sound. Is it going to breakdown again?’” As the owner of a 2022 model, I’m glad those days of uncertainty are behind me.
5. Seeing Your Favorite Band Live
If you’re ever on the fence about deciding whether or not to buy tickets to see your favorite band perform live, stop and think how many hours of enjoyment the band has given you in your life.
In most cases, the answer will be “countless.” So, why not send your appreciation to a band that has given you so much over the years?
Besides, I’ve never heard anyone regret buying tickets to see their favorite band.
6. Pre-Purchase Home Inspection
Never pass on a home inspection! I distinctly remember my father yelling at my younger brother when he bypassed his home inspection before purchasing. I’ve never seen my father so angry!
“I had a great inspector that found major non-disclosed structural issues with a house I put a deposit on,” explains one new homeowner.
“I walked away with all my money returned and dodged a huge bullet.”
7. Uber After a Night Out
Don’t be stupid. Many people have learned the hard way that using a rideshare service after a night out can mean the difference between making it home safely or ending up in jail for drunk driving.
You should never skimp on the safety of yourself and others around you!
8. Baby Wipes
Some people swear by baby wipes — and aren’t afraid to preach their greatness!
“Baby wipes are absolutely superior to toilet paper,” says one woman. “I won’t go back to paper, and I can’t believe I didn’t make the switch sooner. Sixty sheets of tissue vs. six wipes really makes a difference.”
9. Air Conditioning
No matter how much it costs, countless people admit that investing in quality air conditioning improves their lives immensely.
Whether upgrading a wall unit or installing central air conditioning, any cost will be offset by the beautiful feeling of not sweating in your house during the hot summer months.
10. Therapy
Although therapy isn’t cheap, millions believe the cost is an invaluable trade-off for proper mental health.
Talking to others about your issues can be difficult, but mental health professionals are available to help you traverse anything in your life!
Think of going to therapy as investing in your happiness.
11. A Quality Espresso Machine
If you constantly spend $5 on Starbucks every morning, I shudder to think how much money you waste daily
Countless people confess that their investment in a quality espresso or coffee machine pays for itself after just a few months.
Think of all the money (and time) you’d save if you made coffee at home each morning!
12. Books
It warms my heart to hear stories of people who cherish books. In many people’s minds, the more books, the better!
“My parents didn’t have a ton of money when I was growing up, so I didn’t get a lot of toys if I asked for them, but if I ever asked for books, they always got them for me,” reveals one avid reader.
“My mom always says it was worth it for me to have and love books and be a strong reader. Books are always worth the money.”
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This thread inspired this article.
I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.