Cheap isn't always cheaper

There is a predictable process many of us go through when we decide to stop living beyond our means. We get cheap. In fact, some even call us cheapskates — a label I personally enjoy because it proves I am not the person I used to be: a credit card junkie and a totally whacked-out spendthrift.

My thinking was that if cheap was good, then cheaper must be better. 

But that is not always true.

Sometimes the cheapest option ends up costing the most.

Case in point: Our house desperately needed painting.

Spending thousands of dollars made m e queasy. So when one of the bids came in much lower than the others, I jumped on it.

After the job was done, we were very disappointed at how it looked. Then, before even two years passed, the trim cracked and peeled, making our paint look 10 years old. I know now that our cheap paint job cost us far more than if we had gone with the highest bid from the start.

After just three years, we had the house painted again. This time, instead of going for cheap, we were determined to buy the most quality we could afford.

The job took nearly six weeks, five of which were devoted to prep, and included three coats of high quality paint. We expect this job will last 15 years.

That turns out to be much cheaper in the long run than getting a cheap paint job every three years. And our bonus is that the house looks like a million bucks.

There are other times — like buying a mattress, putting on a new roof or dental care — when buying the most quality you can afford is the cheapest way to go. 

So how do you know which way to go? Ask yourself this question: How long do I want this item to last?

If the answer is, “As long as possible,” that is a sign that you need to buy the most quality you can afford.

If, on the other hand, your answer is something like, “Until the end of the wedding reception,” you do not need quality.

How do you know you’re making the most cost effective choice? Do the math. Take a mattress, for example. First, determine the life expectancy of the model you are considering. Now divide the number of years into the purchase price. Then divide that result by 365, to see how much this mattress will cost per day. Do the same for the cheap option, making sure you adjust the life expectancy accordingly.

You will not believe how often the cheap option is really the most expensive.

Knowing when to buy the most quality you can afford, and when to go for the cheapest price you can find, is a learned skill.

The more you practice, the better you will get. And the better you get, the more you will enjoy some finer things in life.

Reference: Mary Hunt at Everyday Cheapskate - Grand Rapids Press

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