Surveys show Americans will pay double for products they use for life. you should?

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You may be wasting your hard-earned money when making cheap purchases.

key point

  • If you’re sacrificing quality to save money, the product you’re buying probably won’t last.
  • Spending more money on a quality product may allow you to get more life out of the product than wasting money on an inferior product.

If you’re busy meeting your personal finance goals, you may be looking for ways to save money when making everyday buying decisions.

While saving a few dollars here and there can make a big difference if you’re saving for the future or taking steps to tackle debt, buying the cheapest item to save a few dollars isn’t always the best move.

Instead, you might want to spend extra money on certain purchases so they last a long time and your money doesn’t go to waste.

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Many Americans value quality products that are built to last

In some cases, investing in quality products may be the best option for your wallet. You’ll spend more, but you’ll likely get more use out of the product — so your money will go further.

A recent survey by Slickdeals found that most Americans are willing to pay more than double the sticker price for a product that lasts a lifetime.

Some 67% of respondents agreed that as long as certain items last longer than the average lifespan of those products, it’s worth paying more for them. This applies to purchases such as cars, kitchen appliances, cookware, TVs and phones.

Have you ever bought a cheap item to save money, only to find it was a bad decision? You are not alone in this experience. The same study found that 63% said they regretted having previously purchased the cheaper version of the product.

Think long-term when making buying decisions

If you’re looking to buy something you’ll want to use for a while, make sure you think about the long term. It may not make sense to buy cheaper, poorer quality products that may break quickly.

Conversely, buying a higher quality product at a higher price can give you years of enjoyment. However, it’s also important to take care of your purchase so that it stays in good shape.

In the Slickdeals survey above, 71% said they perform regular maintenance to ensure their earliest purchases are working properly.

For example, for many people, an expensive and necessary car works best when it gets regular maintenance. After spending a lot of money on a quality vehicle, it would be foolish to ignore maintenance tasks like inspections, oil changes, and tire rotations.

Next time you invest in a long-term purchase, consider whether you too can commit to proper maintenance.

Four ways to save money without sacrificing quality

Save money when buying quality products.

Here are four tips to help you save money and earn more rewards:

  1. Save money for big purchases. If you know you want to invest in quality products that cost more, set goals and save money for the purchase. You can put your money into a high-yield savings account and earn interest. By doing this, you can get a better quality product without having to worry about going into debt.
  2. Shop during the sale. Many well-known brands discount their products several times a year. Plan out necessary, expensive purchases so you can save money by buying during the sale. In this way, you can invest in a quality product that will last a long time and close a deal.
  3. Use the cashback app. You can earn spending rewards by using the cashback app and browser extension. While you won’t get an immediate discount on your order, you can use your cash back earnings to pay for other future purchases.
  4. Don’t ignore promo codes. Another way to save is to use promotional or coupon codes when placing high-priced orders online. Many top retailers offer promo codes to help you spend less. You can use the coupon app to find the best discount codes.

Saving money feels like a win. But don’t overlook quality when making important buying decisions. Instead, consider the product’s lifespan and whether it’s worth paying more for a good, reputable product than a cheap, low-quality alternative.

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