Buying quality products if you can afford them is often a good investment. Not only would this product — be it a pair of shoes or a refrigerator — last longer, it also will probably be more enjoyable.
But it is also important that the focus on quality should not always mean striving for getting top-of-the line products. In almost every purchase decision, the money you put it should be balanced with the importance of this product to your life and the frequency it will be used — even when you can afford it. For example, a pair of glasses that will become part of your appearance may justify a stretch in your budget. Meanwhile, a headphones set that you will use for one flight doesn’t really — unless you’re a frequent flier. You get the point.
The question is how you can make these decisions without collecting a bunch of low-quality products or stretching your budget too thin for something that is really not worthwhile. Here are a few points to keep in mind.
Frequency rather than size
As with the mentioned example of buying glasses versus headphones, the frequency of using the product is essential. Items that can make your life more comfortable on a day-to-day basis and give you a sense of good life are worth a little bit of investment. These items are not a set list, however. It really depends on your personal preferences and priorities. Someone may spend more on a better gym-membership package, while another puts food ahead of everything else. The point is regardless of your priorities, make sure they are clear and identified.
Reliability
We all know the adage: safety first. That makes a lot of sense when it comes to purchase decision. If you can afford it, go for a product that has a good record of safety and reliability. Although you don’t have to go all the way up to a top-of-the-line item, investing a little bit of money in something that may affect your personal safety is a good investment. One example can be selecting a reliable car, purchasing a well-design car seat for your child or even a good pair for shoes for your outdoor activity.
When you make these choices, your small extra investment goes against protecting you and your family. It also helps you avoid expensive medical care expenses and loss of work hours that could be the result of unsafe products. In short, balance your need for an item with its quality and reliability.
Making a statement
In many cases, going for a quality product can be a good investment if you’re trying to make a statement. Two simple examples are gifts and job interviews. If you’re selecting a gift, going for something that is probably smaller but better quality could be a better decision than something that appears to be impressive but actually doesn’t clear the bar.
Similarly, if you’re shopping for job-interview clothes, buying one or two items that are good quality can prove to be more successful in making a good impression than a whole wardrobe or items that hardly fit.
Impulse purchases
When it comes to impulse purchases, control the financial damage by getting less — not only in quality but in quantity. In other words, if you’re buying your third watch this year or your 10th painting, you probably don’t need that in the first place.
One exception for that is an impulse purchase that may be sold or returned. If you have a doubt at the purchase time that your last musical instrument purchase probably will have to be sold, going for an item that has a resale value makes sense.
In all cases, there is no justification for shopping to make up for boredom or to relieve stress. If you’re lucky to have a choice between various price ranges for any given product, don’t simply go for the more expensive item just because you can.
Rania Oteify, a former Gulf News Business Features Editor, is currently a Seattle-based editor.
