Shopping at second-hand or discount stores, or bartering services with a friend or neighbour is a great way to save money – but make sure you’re getting your money’s worth. The last thing you want to do is spend money on something that’s a “good deal,” only to have to replace it a few weeks later.
Here are a few purchases that we just shouldn’t cheap out on:
Home inspection
A home is the most expensive purchase of our lives, so saving a few hundred dollars by hiring an unqualified “friend of the family” to inspect a home you'd like to buy just isn’t worth it. If you’re thinking of purchasing in a condo or townhouse, pay the extra money to have the inspector take a look at the entire building complex.
Shoes
If you’re on your feet most of the day, cheap or uncomfortable shoes won’t just give you blisters on your feet – it will also affect your hips and your back.
I spent between $100-150 on each pair in my closet, and closer to $150-200 for athletic shoes like turf boots, hikers, and runners. These prices seem high compared to the cheap shoes I used to buy, but they last longer, and my feet feel so much better.
The tradeoff to buying more expensive footwear is that I own fewer pairs. I only have two pairs of office shoes, and two pairs of boots – all of which I would feel comfortable walking in over long distances.
Related: 6 reasons to be cautious at outlet malls
Mattresses
When I bought my first mattress, the prices were staggering. Most mattresses were $800 to $1,000 each – with some costing a few thousand dollars. As a college student, I had a budget of around $200, which still seemed high to me. I ended up buying a mattress for $250, not really understanding how much I was sacrificing just to save a few dollars.
How much would you pay for a good night’s rest? We sleep on our mattresses every day, so when you use the cost-per-use method of breaking down such an expensive purchase, it becomes easier to understand.
I hate the idea of spending $800 on a mattress, but I now know that a quality mattress will last longer, be more comfortable, and provide me with a better night’s rest.
Accountant
Taking your tax return to a kiosk at the mall is fine for most basic tax returns. However, if you’re a small business owner, a freelancer, or have a complicated tax situation, it’s best to take your paperwork to an experienced professional accountant. I’ve been using TurboTax each year, but now that my tax returns have become more complicated, I know that spending the money to hire an accountant will be worth it for me.
Professional wardrobe
If you don’t wear suits or office wear on an everyday basis, the quality of your clothing, might not matter. However, if you wear business clothing every day, then investing in at least one nice suit will be worth it – even if it’s just for interviews.
A cheaper alternative to investing in more expensive office clothing is to get your clothing altered. Sleeves that are too long, or pants that don’t quite fit can look unprofessional. Getting them tailored will give you a more polished look – on a budget.
Computers & cell phones
A few years ago, when I lost my cell phone, I thought I was being clever buying a cheap phone on eBay. The phone dropped important phone calls, didn’t send my text messages, and caused me to look unprofessional to my freelance clients. This past fall, I decided to invest the money to buy the iPhone 4S, and so far it’s been well worth the money.
The same goes for laptops. If you only use your computer for checking your e-mail and surfing the web, you’ll probably be fine with a cheaper model. However, if you do anything else – like photo editing, gaming, or if you spend a lot of time on your computer, don’t cheap out on your computer.
Buying a used “like new” laptop off of Craigslist or eBay might seem like a great idea, but you don’t know what’s been done to it in the past. If it’s infected with viruses, or doesn’t work for any circumstance, there’s not much you can do, except spend the money to buy a new one. However, if you can find a manufacturer refurbished laptop, even if something goes wrong with it, you will be covered under the warranty.
Related: Why outlet malls are often in the sticks
The difficult thing about deciding whether to spend more money on an item is that price and quality aren’t necessarily tied together. Just because you spend more money, doesn’t mean you will be getting a better product.
Make sure you do your research. Shop around and get quotes on big-ticket items. Being a smart shopper doesn’t always mean sticking with the cheapest price.
Also Read:
5 ways to save when shopping online
Krystal Yee lives in Vancouver and blogs at Give Me Back My Five Bucks. You can reach her on Twitter (@krystalatwork), or by e-mail at krystalatwork@gmail.com.
Image: Marcio Jose Sanchez/AP.
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Why you shouldn't buy cheap shoes or laptops
By Krystal Yee | Moneyville – Tue, 28 Feb, 2012 10:15 AM EST
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