Guiding your life’s biggest financial moments

Personal Finance

What purchases are worthwhile?

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Boats, designer clothes, iPhones, the list of luxury products available to consumers is endless. But which ones are worth their salt? Where will consumers’ money be most satisfied before they tire and beg for something new?

Defining “value” is a deeply personal exercise. There are some items that perform very well and are definitely worth their price. Others are more about feelings, connection, and experience. While you don’t always have to be splurging, there are plenty of products and services that are not only higher in quality, but will also save you money in the long run.

There is nothing better than finding a product or service that costs less and performs better than the old options. For example, cable has become synonymous with ever increasing tariffs, not to mention taxes. Those with a “smart” TV or streaming device can replace cable with monthly subscriptions to Netflix, Hulu, YouTube TV, Amazon Prime, and Disney +. Streaming services offer a personalized experience, deliver a lot more content for less money, and are always there when users want them.

When it comes to finding better products for less, Amazon Prime is a top competitor. For a small monthly fee, consumers can skip shipping charges or set up monthly auto-shipping, get free music, eBooks, and video content, enjoy discounts at Whole Foods, and more.

Another great value is warehouse memberships. Costco and Sam’s Club generally offer better products, but for less money, selling them in larger quantities, plus the added benefits of travel agents, car discounts, free shipping, and more.

Granted, saving $ 3 on a box of 4,000 crackers doesn’t always seem like a home run. But sometimes, avoiding the cheapest option will take it out of the park. Paying for products that improve quality of life can really pay off in the long run.

An example is an excellent mattress and pillow. Scientists continue to attribute orthopedic problems, stress, high cholesterol and many other ailments to the quality of sleep. More than ever, it is evident that a more expensive and better constructed mattress can improve sleep and health, improve performance at work, reduce stress levels and improve quality of life.

Other great purchases include quality electric toothbrushes and running shoes. As an upgrade to the humble manual toothbrush, a cheap electric toothbrush can avoid a lot of unpleasant and expensive trips to the dentist. A good pair of running shoes will outlast a cheap pair, saving money on replacements. It will also prevent injury, save money on healthcare, and avoid pain and suffering.

Finding the “best” option for the money can pay dividends over a lifetime of use. For consumers who cook every night, premium kitchen utensils and knives are a wise buy and should never need to be replaced. A kitchen equipped with a few top-of-the-line tools will give better results, less cleaning, less clutter, and a more enjoyable cooking experience. They can even make healthy cooking easier and save money on restaurant meals. For example, a study showed that consumers who cook at home eat more vegetables.

Beyond material goods, experiences may be worth spending more. Taking the time to take care of yourself can relieve stress and improve quality of life. Massages, manicures and facials can relieve pressure points and built-up tension. Once considered “luxury” services for the elite, they have become standard self-care measures. Money spent on vacation is well spent; new experiences in a relaxing setting can help consumers rest and rejuvenate so they can perform better at work and build personal relationships. Simple but effective personal care plays a vital role in better overall well-being, leading to higher incomes and lower health care costs down the road.

What about those really expensive items? What is “expensive”? Typically, this is simply considered “costing a lot of money”. However, economists define it as a price that makes consumers feel they are paying too much for what they get in return. When consumers think they are getting their money’s worth, then it is fair trade. They get a good deal when they feel like they are getting more than what they paid for. Also, it may be more affordable in the long run to buy a quality product once than to buy a cheap product repeatedly.

A savvy financial planner can help consumers chart a course for financial success, including what they can pay for an item of value. Investing in better products and experiences is a smart move for those who can afford it. Another great investment is a planner or financial advisor, not only to save clients the amount of their fees, but also to turn that investment into a long-term dividend and maximize purchasing power.

Everyone is looking for ways to save money, but purchasing higher quality products and services at a higher initial cost can reduce recurring expenses and improve quality of life, while also saving time. money and long-term health. While some products are worthwhile for almost everyone, consumers need to identify their priorities and make smart decisions. Working with a financial planner can help them understand what they value and take the first step towards investing in products and services that are worth their price.

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