Key Takeaways
- The idea that the more expensive the item, the better quality it is, no longer applies.
- Many of the decisions we make are based on emotion, so when it comes to spending, you want to make sure you know what you value, so you don’t spend money on extras you don’t need.
- Being attentive and intentional about your spending will keep you from regretting your purchases down the road.
I’ve been running for about four decades now, and it used to be that when I shopped for running shoes, the rule of thumb was the higher the price of the shoe, the better the quality. That no longer applies today. You can buy a really great pair of running shoes for half the price of these really over-the-top running shoes, because the world has really changed in terms of cost versus value of consumer items. It’s about not spending more, but instead, spending smartly on what you want to consume.
This idea of spending smartly seems like it should be an easy thing to do, but many of the decisions we make are based on emotions. In fact, as many as 95% of the decisions we make are emotionally based, and that can really get us in to trouble because we’ll end up paying higher prices on clothes, or menu items, or even things like travel and hotels. You’ll often find that you can spend half or even a third of the price on these items, and still get great quality, because you aren’t paying for all the extra bells and whistles that are things you may not even value or care about.
Doing a little research on the things you want to buy can go a long way. But you also have to know about yourself and what you value. I know a person who would hate to buy a $50 meal at a restaurant but has no problem paying $50 for an event they want to see like a baseball game or concert. We all have different views on what we think is worth spending money on.
So be sure to do a little research, know what you value, and that way you won’t waste your money on extras you don’t care about. Being more attentive and intentional about your spending will save you from having that buyer’s remorse down the road.
Until next time, enjoy!
Gary
