It’s a tale as old as time. Buy something new for really cheap, but have it break after a year, so you have to replace it. Now, you have to go shopping and find something similar, for a low price again. Over and over you buy something cheap, thinking you’re saving money, only to have it break, wear out, or become unusable and get a new one.
It’s a mad cycle of thinking you are saving money buying the cheaper stuff when instead you could have bought the high quality and expensive version that is built to last, and ended up saving money in the long run. Break free of buying cheap and poorly made items and instead purchase stuff that is made to last.
Avoid Buying Disposable Products
Back in the early 1900’s, people didn’t buy disposable products like razors. Instead, they purchased a single, high-quality product and then took care of it. Men who shaved their faces bought a razor and then sharpened it. Some families even passed down razors from father to son, they lasted so long.
It wasn’t until King C. Gillette came up with the idea of replaceable razors that this changed. Instead of maintaining your razor, you purchased one that was designed to wear out and needs to be replaced. Then, you would need to purchase new razors and razor blades from them, creating a cycle of always buying new items.
Today, our lives are filled with disposable products we constantly need to rebuy. Razors, printer ink, paper towels, and plastic utensils are all disposable products people regularly use and buy. For many of these, there are alternatives that are more expensive now but replace the disposables in the long run. Find items that you currently use that are replaceable and look for an alternative that will last longer and save money in the long run. Non-disposable razors, laser printers, cloth towels, and a permanent coffee filter are all examples of things you can replace disposable items with.
Researching the Life Span of a Product
Nothing is built to last forever and you should know how long your new dishwasher, car, or pair of sneakers should last. There is a ton of information about the average life span for most products, but when you purchase a cheaper product, you cut down on that life span.
For example, the average lifespan of a pair of sneakers is 400 to 500 miles. For an avid runner, they typically replace their sneakers every six months, the average person probably once every year or two years. A cheaper sneaker though might have a thinner sole or weaker support materials and wear out after just 100 to 200 miles. If a normal sneaker costs $60 and you can go two years before replacing it, but the cheap sneaker is $20 and you have to replace it two to four times a year, you aren’t saving money.
A quick Google search can show you the average lifespan of nearly every product type. Compare this to the lifespan of the brand or specific type of product you’re buying. Tons of websites do this research for you so you can anticipate how often you’ll need to do replacing.
Expensive Doesn’t Mean Quality
Just because something is expensive does not mean it’s quality. An expensive pair of shoes might look beautiful, but not be designed to last. A new fridge might have the latest technology and cool gimmicks, but not be built to last longer than the average lifespan.
A great first place to look if something is well made is the product reviews. There are always defective models and mistakes, but is there a lot of negative reviews? Why are they negative? How old are the reviews? If the product is a year old and there are still negative reviews coming in, it might be a sign of poor quality.
Another way to determine if something is built well is to investigate the company that made it. Do they have longer warranties or just a single year? Do they cycle out new products every year with a new model? That might mean they don’t put a lot of work into the current products but instead focus on making new stuff. Do they sell or produce a lot of products? That could be a sign they don’t focus a lot on a single thing.
Check If There is a Warranty
Plenty of products, especially more expensive ones, come with some sort of warranty. Cheap or disposable items have no warranty, or at best, a short and limited warranty. A company that believes they built a high-quality product will have at least a year warranty, to even a lifetime warranty.
When buying products, look to see what kind of warranty it has. The better the warranty, the more dedicated a company is to its products and customers. Most appliances and major purchases have at least a one-year warranty, but some will have even longer warranties.
Be cautious if a company offers a lifetime warranty; it’s not for your lifetime but for the average lifetime of the product. If you buy a toaster with a lifetime warranty, it won’t last till you are 95, it’s going to last about six to eight years. If the toaster breaks before then, the company will likely repair or replace it, but if it’s within that age range, they won’t help you.
Invest in Quality Products
It might be daunting to compare the prices between the high-quality products and their cheaper counterparts. Depending on what you’re buying, the high-quality product could be a few bucks more to double or triple the price of the cheap version.
If that price tag seems a bit too much right now or even seems a touch out of your budget, Pioneer has tools to help. For smaller expenses, you can utilize the Pioneer VISA credit card to give yourself a bit of financial flexibility. For something larger, you can use a Pioneer Signature Loan or use a HELOC to get the exact products you are looking for. This way, you can get that high-quality product, save money in the long run, and not ruin your budget!
Speaking of budget, do you track your purchases? Want to know exactly how much you've spent on different items so you can compare them to their high quality counterparts that could save you money? The myPioneer Budget Manager tool is just what you need! It can help you control and manage your budget, along with set up alerts to help keep you focus on saving money.
Learn More About myPioneer Budget Manager!