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Cheap Sake: Why saving money could cost you more in long run

One of the more common phrases you’ll hear as it relates to money and being overly cheap resonates quite loudly when you end up spending more than you had planned.

“You’ll pay for it in the long run.”

This phrase simply means that saving money for the sake of skimping on products isn’t always the best medicine for a prosperous financial future. In some instances, paying less for something ends up being a short sighted decision predicated on saving money that actually backfires quite badly.

Consider something as simple as cheap socks. Let’s say you spend roughly $20 on sock but you have to do so 10 times per year because they can’t handle a wash load or two. Those $30 socks might last all year and then some, so you’ve essentially spent $200 on what was originally perceived at the point of sale as a better deal, rather than $30 for the entire year.

From your feet to flying around in your car, what about the car maintenance that everyone deals with almost on seemingly a regular basis?

We’re not suggesting that you need to spend hundreds of dollars on an oil change, but steering clear of the ones done at quickie places or shops that don’t really do much in the way of car repair (think Wal-Mart oil and tires) is a prudent decision. Plenty of smart shoppers think they’re saving money with cheaper service and tires, when in actuality and in some cases the work is done poorly or not at all. Tires especially are a product that consumers steer clear of as far as spending a ton of money, but those cheap, 20,000 mile tires won’t get you very far in the grand scheme of your travels, when in actuality the more expensive tires may seem like a lot of bells and whistles at first but actually end up being the smarter choice.

Your car is second as far as expenses in comparison to your home and skimping on your house as far as repair goes isn’t a wise move, either. Cheap paint or products may be more like a band aid over a bullet wound as the paint begins to chip and peel. The same goes for less expensive flooring that might not stand up to water or other issues and could lead to spending sprees of epic proportions.

Saving money is something everyone strives to do, and there’s certainly nothing wrong with that. The flip side to saving money, however, is doing justice to what you need and not falling short of buying the best and the more expensive given that you’ll spend money to make money in the process.

Previous: Habit Forming: Some money habits need to go immediately

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