When you’re budgeting and want to boost your savings, the last thing you might consider doing is spending more money. But there are situations where choosing quality over quantity can actually help you save more in the long run.
Sounds crazy, right?
Well, actually there are plenty of reasons why you should spend more to help your future finances.
We are here to tell you about them and help you make the right choice.
Quality over quantity meaning
Ok, so the definition of quality and quantity may be obvious but it’s important to be clear on what they mean before we go any further.
The phrase implies choosing fewer items of higher quality is better than owning lots of things that are low quality. This can apply to what you wear, what you eat, and what items you buy for your home.
Quality is how well-made something is
In basic terms, quality is how good something is. If an item is of high quality, it means that it is well-made and won’t break easily.
As an example, a designer handbag is much more likely to last longer than a high-street bag. But high quality often means a high price.
However, the quality of an item can also be subjective. It can be determined by a person’s opinions and feelings.
Quantity is just an amount
Quantity refers to the amount of something. This could be the number of shoes and handbags you own or general items around the home that you don’t actually need.
Unlike quality, quantity is measured in a numerical format and it can be counted.
How spending more can save you money in the long run
Instead of filling our lives and homes with stuff, what if we carefully considered every purchase we make? How would that benefit our financial health?
Well, it would certainly make sticking to a budget much easier and our savings goals easier to achieve. You’d also stop wasting money on cheap items that need replacing regularly.
While spending more on an item might seem like it would be more expensive, it will likely cost you less over time.
Quality over quantity examples
Ready to save money by buying quality items? Here are 10 quality over quantity examples that will improve your finances.
When shopping for expensive items such as furniture, it can be tempting to purchase the cheapest items available. But by choosing high-quality items that are made to last, you may actually save money.
For example, if you buy an $800 sofa that lasts five years, it will cost you around $160 a year. In comparison, if you buy a cheaper sofa at $400 that only lasts two years, it will cost you $200 a year.
Nobody wants uncomfortable furniture, but did you know that poor-quality chairs can negatively affect your body and health? Some things are worth spending more on, and furniture is definitely one of them.
High-quality furniture that is properly maintained can even be a good investment that you can sell when you decide it’s time for a refurb.
Most of us are guilty of contributing to the fast fashion crisis. When it comes to clothes, quality over quantity is definitely best for our wallets and the environment.
If you spend a lot of money on a new pair of jeans, you’re much less likely to make impulse buys on cheaper items because you’ve already made a substantial purchase.
Clothing that is of high quality is made of more durable fabrics, which means they won’t need to be repaired or replaced as often as lower-quality garments.
Cutting your grocery bill is a smart financial move if you want to reduce your outgoings. But whilst canned goods and processed foods cost less, they can negatively affect your health and cost you money in the long term on healthcare.
Instead of compromising on the quality of your food, shop smarter by:
- Buying in bulk
- Growing your own fruit and vegetables
- Eating less meat
- Reducing food waste
- Buying in season
4. Reusable items
Reusing items wherever possible is a great way to save money and do your part for the environment. Here are a few reusable products that will save you a ton of cash over time.
- Grocery bags: Most stores will charge you for carrier bags, so reduce your bill and take your own.
- Make-up eraser towels: Trade the disposable cotton pads for a more eco-friendly and purse-friendly towel. Simply throw it in the wash, dry and reuse it again and again.
- A smart notebook: Eliminate the need to buy a ton of notebooks and invest in a smart notebook. Write your notes, scan the page, clear it and then start again. Genius.
Utilizing storage options can save you money on things like food and furniture. The right storage solution can protect and prolong the life of items, meaning you won’t have to replace them as often.
From buying freezer food bags to renting self-storage for your furniture, there are lots of things you can do to care for your possessions and get the most value from them.
The quality over quantity meaning doesn’t just apply to tangible items. Credit card debt is the perfect example of how spending more can save you more in the long term.
Making the minimum repayment each month means that your debt will take longer to pay off. The balance left will also then accrue interest, costing you more overall.
For instance, if your credit card has a $2000 balance and an 18.9% interest rate, choosing to clear the debt in three years instead of five will save you hundreds of dollars.
Are you deciding between buying your first home or continuing to rent?
There’s no denying that owning a home costs more than renting in the short term. However, from a long-term financial perspective, buying a house allows you to save money and invest in your future.
The most important thing is only buying a home that you can afford. It’s often worth saving for longer before getting on the property ladder to increase your down payment and reduce your monthly mortgage repayments.
In most cases, rent prices are higher than mortgage repayments, so you can use the difference in money to boost your savings pot.
If, like us, you love a good subscription service, here's some good news for you. You might be able to save some cash with the right membership!
If you use Amazon, it’s definitely worth investing in an Amazon Prime account. Not only will you save money on deliveries, but you will also have access to Prime Video and Prime Music, so there will be no need to spend money on these elsewhere.
Sometimes you will also be sent exclusive special offers, giving you even more opportunities to save.
Food subscription boxes are also a good way to save money by reducing your food waste. So with some research, you can find subscriptions that contribute quality over quantity.
Nice neighborhoods demand higher rent and mortgage payments, but living in a more affluent area can save you money over time.
This is because your homeowner’s insurance and car insurance are likely to be lower as you live in a nicer area with lower crime rates.
More expensive areas typically have better transport links, so you can also save money on your daily commute too!
Paying for health insurance may seem like an unnecessary expense when you’re young and healthy, but it can save you thousands of dollars if you require emergency care.
Instead of skipping the cover completely, shop around to find the best price. You can also save money by joining a family member’s existing plan.
Other reasons why quality is king
Maybe you're convinced to start buying for quality. But just in case, here are a few more reasons why buying quality is always the right option.
Quality lasts for years
High-quality products are created to stand the test of time. Which means you won’t need to constantly replace them.
It's better for the environment
When a product is well-made, it’s less of a burden on our planet because it won’t need to be thrown away. You can help the earth and your budget at the same time.
It helps you save time
By focusing on quality over quantity examples, you won’t waste time trying to have everything at once. The time you save can be better spent doing the things you love instead. Having fewer items to take care of is another way to get some of your time back.
It can benefit your mental health
Understanding what quality over quantity means will not only benefit your bank balance but also your happiness too.
In fact, clutter can hurt your mental health. So instead of having lots of items in your home, choose fewer possessions of high quality.
Focus on quality over quantity!
Choosing how we spend our money is powerful and we choose how we spend it.
By making quality purchases, we will reap the benefits of our purchases for a long time. And in turn, save both time and money!
So leverage the tips we’ve explored here and the many ways that opting for quality over quantity can help you lead a financially healthier and happier life.
And next time you make a purchase, focus on quality, not quantity to help you save money!