You are saving your way to the poorhouse. Most people are doing this so it’s safe to say you’re probably doing it too. Being penny-wise and pound-foolish. Cutting corners when spending money on stuff and having it be more costly later because the item broke prematurely or was just poor quality. Trying to save money on some items is not always a good idea.
Everybody’s heard the expression: You get what you pay for. We all know what it means. When you buy the cheapest, you usually get the worst quality. Or no quality at all.
You also shouldn’t just buy the most expensive option thinking thinking that makes the most sense. The most expensive isn’t always the best quality but it’s usually better to spend a little more for stuff.
With some items the difference in quality at different price points is drastic but you may not notice it at first. Here are a few things that can nickel and dime you all the way to the poorhouse if you go cheap:
Shoes: your foundation for success
Shoes are the “foundation” of a proper wardrobe. Imagine that you were building a your dream house from scratch. It’s going to be beautiful on the outside and the inside. Exactly the colors that you want and your desired number of rooms. Perfect in every way, built to your specifications step by step.
You wouldn’t put it on the cheapest foundation, would you?
Of course you wouldn’t. You know that a cheap foundation wouldn’t hold up and will cause a problem sooner or later. The same concept applies to shoes.
Cheap shoes cheapen your entire look. It’s always a good idea to present yourself well and give people a good impression. Million dollar contracts aren’t given to people in $10 slip-ons. And we all know that a woman sizes a man up by looking at his shoes.
Now, you may think I’m overly concerned with looks. It isn’t smart to buy expensive shoes that you can’t afford just to impress other people. I’m not advising you to bankrupt yourself to be vain or fashionable.
Quality footwear that costs a bit more will last longer than cheap shoes. Cheap shoes cost more in the end because they have to be replaced more frequently. Good shoes can be repaired and will last for years with proper maintenance.
The same goes for the rest of your clothing too. Good clothes are more durable and generally look better. People assume that you’re a quality person if you wear quality clothes.
You may dismiss all this as something you know already but there’s a big difference between shoes and other types of clothing. The shoes you wear affect your health.
Good shoes have better cushioning and are much more comfortable. Working in cheap shoes will damage your feet eventually. You can also develop back problems and a visit to the chiropractor isn’t cheap.
Instead of buying cheap shoes and spending money on insoles, buy better shoes. Not expensive shoes, quality shoes. Save up for a few months if you have to.
Food: the fuel that powers your engine
The food you eat is obviously a major success factor. No one really likes the idea of eating junk but food prices keep going up and up. It’s hard to think about eating healthy when money is tight. It’s understandable that you wouldn’t want to spend a lot of money on lunch. (Bringing lunch from home is usually healthier anyway.)
If you do buy prepared meals, try to stay away from fast food. Fast food seems like a good idea financially because it’s cheaper but it really isn’t. One problem is that fast food makes you sluggish and possibly sleepy. Your production slows down and you won’t get as much work done.
That junk food could be costing you lost income. The big money goes to workers and business owners that are highly productive and have the energy to keep up the pace. You need nutrition that will keep you feeling light and energetic throughout the day.
There’s one more thing to think about. Obviously, unhealthy food damages your health slowly but surely. We all know that deep down and try to ignore it.
Unfortunately, one trip to the emergency room will wipe out all the money you’ve saved by buying cheap food. (And you probably never set aside those ‘savings’ anyway.)
You won’t care about how much money you ‘saved’ on food when you’re laying in a hospital bed.
Education: the tool to increase your options
This is probably the biggest area you’re skimping on. They say the best investment is self-investment, education. Getting better at what you do will pay you dividends over and over.
I’m not talking about going to college, although that’s a good idea as long as you don’t think a piece of paper guarantees anything.
I’m talking about non-stop adult continuing education. Maybe you already have a college degree and think that your education is over. Some people graduate and swear never to open another book again. It shows.
Human beings should always keep growing and learning. You need to attend seminars and take classes on the side at your own expense. Don’t wait for your company to train you.
It’s important to gain new skills and improve old ones. Constant improvement will allow you to increase your income faster.
If you don’t keep educating yourself, you’ll stagnate. Nothing stands still, either you move forward or slide backward. The world never stops spinning.
If you aren’t putting money aside for continuing education, you’re making a mistake. (Brian Tracy recommends 3% of your income.)
Classes and courses aren’t very expensive. Don’t consider it as money being spent. Think about the money that will come back to you later as a result of making a smart investment in yourself now.
Wrapping it all up
Sometimes the best defense is a great offense. Spending a few extra dollars now on certain items now will save you thousands later.
Buy good shoes so you can walk with pride and not have sore feet at the end of the day. Put good fuel in your body to keep your engine running at top speed without breaking down. Keep pumping money into your own education because it’s the best investment.
Spending a little bit more now on the right things will make a big difference in your bank account later.