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Financial Planning


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September 15th, 2020

Why to buy the more expensive option...even on a budget

Once you actually start using a budget, you will most likely find more of your paycheck is going to your savings than to your weekend trips to the mall than previously.  

However, if you have created an effective budget, you will learn you can live comfortably within your means and may even find yourself buying nicer things – for this reason: longevity.  

For a long time, I found myself buying the cheapest option on the shelf only to enjoy it for a few months until I was back to the store buying the nicer option after my first purchase had broken.  After many second trips to buy the nicer (generally this means the more well-built, longer lasting) item, I have learned to buy something with the intended life-span in mind.  

What this means is that if you are going to buy something you will be using every day for the next ten years then buy the product that will last ten years.

For example (This is all based on the assumption you have ample space and do not move constantly), you decide to buy a new dining table that will serve as the primary table at which you will eat 99% of your meals over the foreseeable future.  Buy a table with a sturdy design made of solid wood, not the cheap particle board found in the majority of IKEA items and other low-cost pieces of furniture.  A sturdy design will be one that can withstand the weight of little kids climbing on it, dogs running into it, and your Uncle Joe leaning on it.  The solid wood will not only look better with time, but also gives you the ability to sand the table down and refinish it if ever needed.  Your upfront cost will be higher than a $200 IKEA table, but should last 20+ years (or 20x longer than the IKEA table).  Thus saving you thousands and thousands of dollars.

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