Sometimes cheaper is more expensive

Many cost-conscious shoppers tend to gravitate toward the cheapest items

It can pay to pay more. Not all the time, of course but when you have the option, saving rather than spending is usually best and being thrifty isn’t always about saving money. It means spending your money wisely.

Many cost-conscious shoppers tend to gravitate toward the cheapest items, but less expensive is not always better.

Let’s say you’re buying a new car. You could opt for the most economical model, but there can be very good reasons for choosing a more expensive vehicle.

First, you’re at a stage in your life when you can afford to scratch a fairly expensive itch. Second, you’ve done your due diligence, checking out ratings and analyses in automobile and consumer magazines for the model you want and have confirmed that it always gets top marks. And third, you know you’re getting a good deal – it’s at the end of the model year so the price has been reduced and the interest rate is extra low.

You intend to keep your new vehicle for a long time so even though you know you’ll be paying more up front, you also know you’ll be shelling out less for maintenance, repairs and other costs over the years of your ownership. So, in this case, you’ve made the right, although more expensive, choice.

Sure, it’s tempting to walk away from a premium item and look for something similar at a lower price, but paying less almost always means you’ll end up with a product of lesser quality, and quality often dictates lifespan.

Take that new mattress you want: consumer rating organizations have found that a $1,200 mattress could last for 20 years or more, while you’ll likely need to replace a $200 mattress in four or five years.

Or that refrigerator you’re thinking of replacing: according to consumer rating organizations, the average life expectancy of a fridge is 13 years and while it’s difficult to predict that a more expensive model will last longer, you’ll be getting a more reliable and energy efficient product that will save you money in the long run.

The same reasoning can be applied to food, clothes, electronics and almost anything else you buy: choosing quality over quantity will almost always save you money in the long run. Of course, you shouldn’t always go for the most expensive product. The best strategy is to do your research before you buy and save up your money to get the best-quality product you can afford.

And to be able to afford the things that are important to you at every stage of your life – from that new car to a long and comfortable retirement – you need a financial plan that lets you save and spend without stress. Your professional advisor can help make that happen for you.