In today’s economy, saving money is at the top of many people’s and families priority lists. Incorporating money-saving measures can help you save for a bright future. But did you know that you can save more by spending more? We live in a world of overconsumption, which is mostly due to the unnecessary production of low quality or irreparable items.
Today’s manufacturers are manufacturing low quality and irreparable items to intentionally decrease the life of these products, which in turn, increases its replacement rate so that they can sell you the same item over and over again. This is what is known as planned obsolescence. Fortunately, governments across the world are coming out to stop planned obsolescence. France, for instance, became the first nation in the world in August 2015 to define and ban planned obsolescence amongst organisations.
Making smart purchasing decisions, even if that means spending more, helps consumers save for more important things in life like increasing their retirement contribution, advancing education or to buy a home all while saving the earth we live in at a go.
Here are a few tips to help you save more money
1. Buy Quality
One mistake most people make is going for items that are cheap instead of quality. Spending less now can cost you more in the long run. For instance, buying disposable utensils constantly over 5 years will cost you more than making a one-time high-quality utensil purchase that can last you a lifetime.
Whenever you skimp on quality, you are setting yourself up for multiple rebuys, repairs, maintenance and future frustrations. Fortunately, all this can be solved by buying high-quality pieces that are durable and built to last longer.
We also recommend spending more when buying household appliances that are more energy efficient. While this might mean shelling out a few thousand dollars on a refrigerator, microwave or oven, think of the future savings in utility costs the appliances will provide.
2. Go Classic
Buying new clothing every time, a new trend or occasion crops up can be extremely expensive. Instead, consider going classic. This means buying long-standing items. When buying clothing, always think through each purchase to ensure you buy quality clothing that is well-made, with high quality fabric and is designed to last. These classics also need to come in shades that suit you and can be worn on different occasions as opposed to those in style.
Once you have your basic high-quality clothing, you can always spruce them up with scarfs, jackets and other stylish accessories to make you feel different and fashionable every time you wear them.
3. Consider buying second hand
While you may love buying brand new clothing, furniture and electronics, to save more money, you should consider buying second hand. Most second-hand items work just as well as new items and are generally sold at a reduced price. Garage sales provide great places to find some great second-hand pieces. You will be impressed by the gently used duds you will find here at a throwaway price. You may also find some nice pieces on local second hand Facebook groups, and stores like Red Cross, the Salvos, LifeLine among other organisations across Australia.
4. Start Mending
Just because you have ripped, pulled or torn your cloth doesn’t mean you need to buy new ones again! A stitch in time saves nine! This old adage couldn’t be any truer when it comes to saving. Mending is a time-honoured way of saving money. Mending not only saves you money but is also a relaxing and satisfying activity. The Japanese have a philosophy known as Askintsugi, where broken objects are mended with gold joinery to appreciate their service. So the next time you wear amended clothing, think of the mended patch as a mark of honour for giving your clothes a new look and lease on life.
5. Go Tap Water
While Australians have access to tap water that is safe for consumption, most still choose to spend $3 to get the same water in fancy bottles. Not only is it expensive to buy bottled water, but did you know that the production and delivery of just a litre of water can emit hundred times more chemical gases than the same amount of tap water. Instead of bottled water, consider buying a refillable can to fill with tap water for your consumption all day long.
6. Get Quality Advice
It pays to invest in high-quality financial advice when looking to save money. Mistakes made out of poor quality advice or lack of it may cost you more in the long-term. The Farm Protectors are highly trained and qualified financial advisors that offer expert and ethical services.