Balancing Quality and Cost

When you’re looking at the different products in a store, you may wonder, “Do I go for the “nicer,” more expensive option or choose the cheaper one to save some money?”

You’re actually debating quality vs cost.

We usually assume that a higher priced product is made with higher quality materials, works better, will impress my friends, and lasts longer. And we make the opposite assumptions about lower priced products (they are made with lower quality materials, won’t last as long, won’t impress my friends, etc). While these assumptions can be a helpful starting point, they’re not always true.

Often sellers rely on our assumptions about higher prices to get you to spend more than necessary. Take the time to compare two or more similar products at different price points. Sometimes they are basically the same, and you’re paying more for a fancy bottle or brand.

A product might also be priced higher because it comes with more features, but it may work fine without them. A phone camera with five lenses can sound better than one with two, but those extra lenses could add hundreds of dollars. Ask yourself if the features are worth it for how you’ll use the product? It's often unwise to pay a higher price for features that really aren’t necessary.

But there are some instances where it may be worth it to pay more for an overall better item. This is especially true for items that wear out over time. An expensive pair of boots that last for years can save you more money in the long run over a cheaper pair that wears out in a few months. If a company is known for making good products, timeliness, and excellent customer service, you may want to consider paying more to get a product from that company. Researching different options can help you make an informed decision.

Of course, the reasons for selecting one item over another will be as varied as the items themselves, but these three considerations can help you find the balance between what you’re willing to risk and what you need to prioritize:

• How well the product works.
• The price of upkeep, repairs, or replacements.
• What others have said about the quality of the product.

Overall, higher costs are often associated with better products, but whether the increased price is worth it will take some consideration. There are certainly times when it will be better to go with a more expensive, higher quality product, but that won’t be the case for everything. Do your research to help you decide where you can save and where you need to be willing to spend a little more.