The Economy of Quality

In today's economy where every day can seem a little worse than the one before, everyone is cutting corners and trimming the fat wherever they can. However, spending less can end up costing you more. If you forget to factor in the economy of quality, you can wind up spending hundreds of dollars more replacing your sub-par purchases.

Cheaper isn't always better

When it comes to things that get constant use—your clothing, shoes, furniture, etc—they need to be designed and constructed to put up with the treatment. This basic idea is the economy of quality: pay a little more for a better product, and you won't have to replace the cheap one that wears out over and over again.

Chuck's last much longer than their TV counterpart.
Choose a classic over a trend.

Consider your blue jeans—they take some serious daily use and abuse. It's really tempting to run out to your nearest big-chain store and buy a new pair for $10, but consider why those jeans are cheaper. The cotton is usually a lower thread count, meaning the fabric is thinner and therefore weaker. The stitching may be wider to reduce production time, making the seams unreliable and more likely to rip. The buttons and rivets may be made by another independent company, so they may not have been intended for clothing use (or for the wear and tear that goes on when you throw them into a washing machine). 

Economy of quality means cheaper isn't always better. The bottom line is that it may be better to spring for the $50 pair of Levi's that will still look great in a year rather than the $10 Walmart jeans you'll have to replace in two months.

Identifying a good example of the economy of quality can seem like a tricky game at first, but use two rules to simplify your decisions: consider the material, and avoid disposable. Leather will last longer than fabric. Metal will last longer than plastic. Anything durable and long-lasting is worth the investment. Also steer clear of disposable when trying to save; a good dish towel is $5, versus a years supply of paper towels that can wind up being over $100.

Shop better, not cheaper.

Sales, coupons, and customer cards can make that seemingly unattainable pair of dream shoes a reality. Better yet—combine all three. It's much easier to focus on one store at first, so start by picking your favorite: Kohl's, Macy's, JCPenny, and Carsons Stores, just to name a few. They can admittedly be a little pricey, but some of them have some serious sales, as in 25% off sales. Many of these stores have weekly announcements in local papers along with coupons that can increase your savings. Joining their email lists can yield digital coupons too; Kohl's, for instance, automatically sends you a $10 or 15% off coupon just for signing up, no credit card application required.

Though they're not within everyone's budget, store credit cards can give you a lot of savings as well. Boston Store, a member of Carsons Stores, has customer loyalty savings days where anyone holding a store credit card receives an additional 20% off on top of the other coupons they send out to their card holders. Cards are definitely worth checking out, but only if they're in your budget: defaulting on a credit card doesn't help anyone.

Shop for quality. Shop for use. Shop for savings.