6. Buying the Cheapest Option
It might seem counterintuitive, but sometimes the least expensive thing can cost you the most. You might save a few bucks on budget headphones, but a week into using them, the left ear goes out. The $4 umbrella might seem like a frugal choice, but not when it breaks on you at the first gust of wind.
“Cheap spenders see cost as the bottom line while frugal people see value,” Kerry Taylor, a consumer finance blogger, author and speaker, explained. “When longevity means more, spend more. But long life isn’t always the frugal choice, either.” Go for the mid-priced choice and chances are you’ll be able to save money and have a product that lasts.
