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Best ways to Save money: 5 Simple Tips on Buying QUALITY

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New shirt, new shoes, new bag, new stuff… because the last one you bought didn’t even last three months. Buy cheap fake products and they break, so you buy another and the same thing happens. Not only do you waste your money on trashy items, you also harm the environment with the garbage you’re producing. If you want to avoid that hassle and disappointment, then you can learn some of the best ways to save money by buying quality. Stop buying a hundred cheap products and save it all for a few excellent ones. It’s cheaper in the long run, and here are five quick tips to make things cheaper.

Best ways to Save money: 5 Simple Tips on Buying QUALITY - Your Wealthy Mind

Best ways to Save money: 5 Simple Tips on Buying QUALITY

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  1. Buy only what you NEED

First thing’s first: If you don’t need it, DON’T buy it. This rule applies to ALL purchases you might want to make.

For example, I enjoy hiking in dense rainforests and mountains and traveling to beautiful beaches so I’d need gear that matches up to it. For my watch, I’d need one with analog and digital displays, a backlight, a timer, and it should be tough enough to withstand storms, raging rivers, and snorkeling in the ocean. I’ve had a choice between a quality G-Shock that costs $80 (P4,000), and another tough brand that costs $400 (P20,000) but has a built in barometer, altimeter, and thermometer. Since I never needed ANY of those additional features on the expensive watch, I bought the well priced yet high-quality G-Shock.

Let me repeat this rule, however, so you don’t forget: Buy ONLY what you need. If you don’t need it, don’t waste money on it.

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  1. Spend within reason

Buying high-quality gear that can last years of constant use without breaking saves money, but unless you really, REALLY need it, you should not spend too much on it. You can spend $1,000 (P50,000) on a shirt or blouse, or you can spend $20 (P1,000) on something of similar quality. Before you buy, ask yourself if you can reasonably afford it. If you need to take out a loan or get into debt to buy something that won’t noticeably increase your income or your quality of life*, then just avoid it completely.

*An example of this would be a car when you live in a place with terrible public transportation and you absolutely need it to go to work. Even then, however, the best thing to do would be to buy a good second hand car, one still in great condition. That’s what most millionaires do. If you want to know more, read “The Millionaire Next Door” by Thomas J. Stanley.

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  1. Aim for Quality, NOT Luxury

Are you paying more for the quality of what you’re getting, or for the prestige of the brand? Will you pay $600 (P30,000) for a luxury phone when a $100 (P5,000) phone is just as good? Are you buying something so you can brag to your friends about how expensive it is? Stop right there and don’t do it. There are better uses for your money.

I remember I once needed a pair of mountaineering pants that can withstand rainforest conditions, river crossings, and even limestone mountainside hikes. Most brands cost $150 (P7,500) or more, however Pitman, a quality local brand, was MORE than tough enough AND it also cost less than $40 (P800). I still use it during hikes and martial arts practice today, which is now over a year and a half after I first got it.

“Expensive” doesn’t always mean “good,” and this is the third lesson: Buy quality, not luxury. Do your research and learn the difference between the two.

On the other extreme, cheap FAKE/Counterfeit goods do more harm than good even if they “look” high quality. Avoid those like the plague.

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  1. Buy at a Discount

One thing to note is that you don’t always need to pay full price for what you want. One thing Thomas J. Stanley found out when studying millionaires and multimillionaires is that many of them still clip coupons in order to save money on their purchases and they still haggle for discounts. If they still try to reduce costs even when they don’t need to, then why shouldn’t we do the same? If you’re going to buy something, buy it when it’s on sale (and I mean REAL sales, not fake ones).

I once bought a cheap pair of boardshorts for less than $6 (P300)… and it didn’t fit well so it kept slipping off my waist, the color and the fabric looks faded, and the velcro zip is failing in less than a year. It’s no longer helpful when swimming, so I thought of looking at Speedo trunks and shorts. While most of them cost $40-$50 (P2,000, FAR above my set budget), they DID have old stock in the corner that cost MUCH less (lower than $20/P1,000). I bought one, and it STILL fits well two years later. I did the same with a pair of discounted RipCurl boardshorts with the right fabric and stitching/construction as I needed one tough enough to withstand martial arts practice in Boracay. From how they look right now, they’ll last several more years of use.

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  1. Take care of what you have

I have a nice green long sleeve button up shirt and it used to be one of the best ones I own. After having it washed in a washing machine a few times too many, the color faded and now it looks unkempt and ugly. I learned my lesson from that one so nowadays, for most of my special occasion clothes, I have them gently hand washed after every use. Learn to take good care of what you have and they’ll last longer. Save money by not needing to pay for repairs or get new ones.

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And there you have it, five tips on the best ways to save money when buying quality gear. You must never forget, however, that you shouldn’t spend or go on shopping sprees when it’s not the right time for you to do so. Take care of your finances first: Learn how to save, invest, and pay back debts! If you want to learn more, then check out our other articles below!

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About Ray

Ray is the head writer behind YourWealthyMind.com and is a proponent of improving the world using excellent ideas and self-education. He believes that anyone can achieve their goals once they learn how, and he considers it his mission to enrich lives and end poverty by teaching people the lessons they need to succeed.

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