Cheapest isn’t alw ays a s aving
SOMETIMES buying the cheapest services and it ems can c ost you more in the long t erm.
“There is a big difefrence between being prudent, and trying to save money by t aking short cut s and picking the cheapest product or servic e,” said Eunice Sibi ya, head of c onsumer education at FNB . • BUYING IN BULK Goods are usually cheaper in bulk, but this doesn’t mean thatit will necessarily save y ou mone y o ver the long t erm.
Do you have storage space for them? What is the e xpiry dat e?
Will you end up consuming more just because you have a product that is easy to a ccess?
Buy products in bulk that you use on a regular basis but always check the expiry dat e. • INSUR ANCE Cutting out vital insurance such as car, household or life policies to try to save a r and or t wo is risk y.
If you are young and single without a car or home, y ou may be able t o get away with no insur ance.
If y ou ha ve r esponsibilities such as a f amily, car and home or household goods, it is never worth the risk to skip or skimp on insur ance.
“Insurance is financial pr otection against the possibility that an event or situation will lea ve you or y our family financially worse off ,” said Sibi ya.
“You are insuring against something that may not happen, but if it does, you could stand to lose something you have worked t owards f or a long time, such as your home, car or even a holiday that you have spent months saving for if you haven’t taken out travel insurance,” said Sibiya. • USING CHEAP SER VICES Taking the cheapest option for any services, from redoing your bathroom to servicing you car, is not al ways a good idea. Rather see the service as an investment.
“If you want your geyser to be running smoothl y in a f ew y ears or y our car to get you safely from work to home, it is better to use a reputable service provider that may be a bit more pricey but the work is guar anteed,” said Sibi ya.