Is the most expensive item always the best?
Was your last thought about money positive or negative? For many people, thoughts about money are focused on what they don’t have or what they wish they could afford. As a budgeting coach, I take the stress out of money and focus your mind on the positive aspects of financial wellness.
It is my strong belief that we can make small changes that have a huge impact on how we think and feel about our money. For example, you might think that because I teach budgeting that I make purchases based solely on price but that’s simply not the case.
Challenge the notion that the most expensive item is the best item and instead think
- You don’t have to buy THE BEST of everything.
- It’s not just about price.
- Identify what’s most important to you.
This will help guide you to selecting three things in your life that you’re willing to spend money on and the rest you will buy generic or less expensive. Here are the three things I won’t compromise:
- Flexibility. I don’t like being locked into a contract and would rather have the flexibility of paying per class or per event. If I am paying for a monthly membership at a yoga studio and don’t attend classes for a month, I’ve actually wasted money on that month’s membership. I’d much prefer to just pay as I go rather than being stuck in a contract.
- Quality. I will pay for quality when that quality impacts another part of my life. I spend money on running shoes to avoid injury. I choose to spend less money on workout clothing because I know I will want (or need) new clothing sooner than new running shoes.
- Customer Service. I am a loyal Apple client because they offer quality customer care. I’d rather pay more for better service than be stressed about technology.
What are you willing to pay more for in your life?
For more on this topic, watch my YouTube video Small Changes Have Big Financial Impact.