6 Things You Should Never Cheap Out On

August 28, 2020

It feels great to get a deal on something, but there are some things in life you shouldn’t look for the best deal on. There are times when saving money can actually cost you more in the long run. Being smart with your money and finding value doesn’t necessarily mean choosing the lowest price. Here are a few things it may be wise to spend a little extra money on.

1. Tires

A good set of tires should last for 50,000 miles or more. Not only do they take you where you need to go, they protect you and your family. Skimping on tires could mean putting your safety in danger. If the safety hazards aren’t enough for you to consider purchasing better tires, they could save you money in the long run by improving your gas mileage. When purchasing tires, look for those highly recommended by mechanics with longer warranties. Some tire shops will even give you a discount on your next set of tires if the set you purchased previously wears out before it should.

2. Shoes

Buying the least expensive shoes you can find will almost certainly cost more money in the long run. Cheap shoes wear out much quicker than nice shoes, and the damage they cause to your feet is not a price worth paying. If you’re buying a pair of shoes that will be used sporadically, such as once a month, you may be able to sacrifice some quality for savings. However, if you are buying a new pair of shoes that you’ll wear daily, it would be best to compare reviews and research online before making a decision (and price should not be the most important consideration).

3. Insurance

Going without adequate insurance coverage could devastate your financial life. It’s important to ensure your risks are covered, but be wary of purchasing too much insurance. You may want to keep your insurance and investments separate; there are high fees, commissions, and restrictions on some insurance products that offer a cash value or investment component. Insurance needs often depend on your stage of life; if you are young with little in assets and no dependents, you may not have a need for life insurance, and if you are retired you may not have a need for disability insurance, for example.

4. Mattress

Decades of our lives will be spent on a mattress, so it would be wise to make sure you own a quality and comfortable mattress. When it comes to a mattress, more expensive isn’t necessarily better; there are affordable, high-quality options out there. Before you buy, talk with people you know who own the same mattress, and see if returns are allowed if you aren’t satisfied with your purchase. A quality mattress can last for years, but the impacts of a substandard mattress, like back pain and loss of sleep, can last for much longer.

5. Professionals

Hiring the best professional isn’t cheap. Whether it’s an attorney, accountant, or financial advisor, you may not want to look for the best deal on professionals you hire to assist with the complexities of your life. Hiring a subpar professional could mean losing substantial sums of money, or at the very least not maximizing your Army of Dollar Bills. Quality professionals might not be cheap, but looking for the best deal may cost you much more in the long run.

6. Food

Eating junk food is cheaper than eating healthy, but no one can argue that a poor diet costs more in the long run. Buying quality food might be more expensive, but the benefits are priceless; you’ll feel better, have more energy, and could extend your life expectancy by years or even decades. It can be tempting to keep spending on food as low as possible, especially in college or young adult life, but springing for healthier options will pay off in the long run.

We think saving money is great, but want to make sure everyone is aware of things you shouldn’t look for the best deal on. Our latest show, “11 Things You Should NEVER Buy for Cheap!”, includes even more products and services you may not want to skimp on. Watch it now on YouTube below.

TAGGED WITH: insurance



Most Recent Episodes

How to Recover From 4 HORRIBLE Financial Mistakes!

In our nearly four decades of combined experience managing money, we’ve seen some horrible financial mistakes - here are the four worst we’ve seen first-hand and what you can do to avoid making a similar mistake. In this episode, you’ll learn: The worst financial...

Why Americans Are Actually Broke! (2023 Edition)

Americans might be bad with money, but you don’t have to be. In this episode, we discuss the underlying reason why Americans are so bad with money and how you can do it better. In this episode, you’ll learn: Common financial pitfalls you should avoid Practical steps...

Build Wealth With the 3 Bucket Strategy! (By Age) 2023 Edition

We believe there are three distinct taxable buckets you have the option of investing in for retirement. We’ll talk about how to balance those buckets by age and show a case study by age that shows what your buckets may look like! In this episode, you’ll learn: The...

Debt Ceiling Crisis: World’s Financial System at Risk?

Should you be worried about the debt ceiling crisis? Although political leaders have so far been unable to come to an agreement, we'll tell you what history says will happen and what it means for your finances. For more information, check out our free resources...

Financial Advisors React to INSANE Money Advice on TikTok!

Is financial advice on TikTok all bad or is there some good advice out there? Check out our brand new TikTok react show where Brian and Bo give their honest reactions to trending financial advice. Enjoy the Show? Sign up for the Financial Order of Operation (FOO)...

How to Save Thousands of Dollars in Taxes in 2024

Tax season is over for most of us, but that doesn’t mean it’s time to stop thinking about your taxes! Planning out your tax strategy in advance can save you time and money on your taxes. In this Q&A, we’ll discuss the line items on your return to pay attention to...

Average 401(k) Balance by Age (2023 Edition)

Are you doing better than the average American at saving in your 401(k)? We'll talk about basics of a 401(k), including new limits, employer matches, and vesting schedules, how many millionaires are created by 401(k)s, and of course the average 401(k) balance by age....

TikTok Products That Are Actually Worth the Money!

TikTok has become not only a popular social media platform, but a popular place to find trending new products. Are any of them actually worth it? Let’s find out!   For more information on how to make the most out of your financial life, check out our free...

The Dark Side of Being an American Millionaire! (2023 Edition)

Being a millionaire isn't always sunshine and rainbows in 2023. In this episode, we'll discuss some common pitfalls and traps millionaires fall into, shock-and-awe stats, and how you can handle your money even better than a millionaire. In this episode, you’ll learn:...