4 TIMES IN LIFE WHEN IT’S WORTH PAYING MORE

When you are trying to live frugally and embrace sound financial management, the concept of paying more for something seems like anathema. After all, you spend your time looking for ways to cut your costs, stick to your budget, and even increase your income thanks to a side hustle – in this scenario, the idea of willingly spending more than you have to seems incredibly bizarre.

However, there are times in life when it’s worth spending a little more than you may otherwise be able to pay. That’s not to say you should abandon your money-saving ways entirely; it’s always sensible to do what you can to ensure the cost is reasonable. It’s just helpful to know that sometimes, spending a little more is entirely justifiable, and perhaps even preferable than just focusing on always finding the lowest possible price. Below, we’ve put together four scenarios in which paying more could actually be beneficial for even the most financially-cautious of people.

It’s Worth Paying More for Convenience

Modern life is inescapably busy, and many people – especially parents – find themselves rushing from one activity to the next. The toll of this can be exhausting, and is made all the more complicated if you are also focusing on reducing your outgoings and controlling your budget.

While it’s good to opt for the longer, more cost-effective route wherever possible, at times, choosing the more expensive option can be hugely helpful. This could be anything from ordering a healthy takeaway meal for your family one evening rather than spending hours cooking from scratch, to using a GPC approved online pharmacy to manage your health needs instead of spending half a day waiting to see a doctor and collecting your prescription; if it saves you time, it’s worth considering.

We all need time to relax and opt for the easier choice from time to time, and the occasional indulgence in a more convenient service can provided a little vital mental rest and recuperation. If you keep these indulgences sporadic rather than relying on them, you’ll likely find they pay for themselves – in a way – by providing a better quality of life and less stress.

It’s Worth Paying More for Longevity

Let’s say that you’re buying a new sofa. You could buy a second hand sofa that has seen better days, but only costs £200, or you could buy a new sofa for £500. If you’re focusing on reducing your outgoings, this seems like a no-brainer, and you’d opt for the £200 sofa every time.

This choice, however, can lead to the dreaded “false economy” situation. Your £200 sofa might be a cost saving in the moment, but if it’s already in poor condition, it’s only going to deteriorate with further use. This means that in 12 months time, you could find yourself needing to replace your sofa again. Sure, you could opt for another £200 second hand sofa, but the same scenario will repeat, which could mean you spend £600 on sofas in three years.

This means that if you’d bought the £500 sofa to begin with, its brand new condition – and potential guarantee from the manufacturer – would have meant you spent just £500 in three years; a £100 saving. Spending more on big-ticket items to ensure longevity is well worth doing, and can actually save you money in the future.

It’s Worth Paying More for Individuality

When it comes to clothing, home decor, and children’s toys, the merchandise available in stores is all rather… similar. For much of your home and wardrobe, this is more than acceptable – in fact, it can actually be beneficial, as you’re able to align with the latest trends and fashions.

However, there is no denying that more individualised items, or even customised ones can be wonderful to own, and unique handcrafted items are often preferable to mass produced goods. Unfortunately, there is a substantial downside to these items: they tend to be more expensive, which leads many money-savvy people to opt for the mass market in search of a better deal.

Nevertheless, there are times when opting for more unique items can be worth considering. If you’re investing in an item you intend to enjoy for many years, or are giving as a gift, spending a little more in an effort to find something more individualised can be justified on the grounds that you’re getting something more – individuality – in exchange for the higher price. While this isn’t a tactic you’ll want to use for everything, for one-offs or special occasions, such a choice is reasonable enough.

It’s Worth Paying More for Support

There are two ways that paying for support can be justifiable:

Support for you. If you are struggling and in need of assistance, then paying for support can repay you in other ways – for example, if you hire a cleaner, you’ll have more time to yourself – similar to how paying for convenience, as mentioned above, can also be beneficial. It could also be argued that paying for support is actually a good preventative measure; if you’re constantly overloaded and stressed, there is the risk that this will take its toll, which will inevitably cost you more in the long-run. By paying for support, you are preventing the situation becoming critical, which could actually be seen as a cost-effective measure.
Support for Others. For example, if you are a passionate supporter of local businesses, it can be worth paying more to purchase from these enterprises than larger (and invariably cheaper) stores. While you’re paying more in financial terms, you’re benefiting in other ways; in this example, you’re helping the local community and economy.

Final Thoughts

As the examples above show, financial management is ideally all about balance. Sometimes, it’s worth paying more if you benefit in other ways from the expenditure. If you focus solely on always paying as little as possible, you may experience unwanted side effects from this choice – and, ultimately, you may find that such a decision is unsustainable. By spending a little more, when it’s justified to do so, you can achieve a greater balance, and one that you will be able to adhere to long into the future.

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4 Times in Life When It’s Worth Paying More