When I was 15, I read a quote that said something along the lines of “Money can’t buy you the thrill of saving” outside a Winners store.
There are 2 ways I interpreted this.
Interpretation #1: Not spending money enables you to save it.
Interpretation #2: Spending more money upfront for great quality means you do not have to spend money later.
I would like to explain the latter using my experiences.
Your mindset determines how you manage your money.
Entering adulthood, I fell into the ‘Interpretation #1’ category. I consistently searched for the cheapest product to buy when I had to spend money.
I bought cheap shoes, cheap clothes, and a cheap car because I thought I was being cost effective. This concept applied to almost every aspect of my life.
At the age of 20, I had a conversation with my then 16-year-old brother about money. I thought there was no way I could gain any more insight from him than I already knew. But, I put my ego aside and listened. This is what came of it…
He explained to me that money is a tool to be careful with. You don’t want to buy something because it is cheap – you end up paying more for it in the long run.
The shirts I was buying were getting old fast. The shoes I was buying were wearing out even faster. And that car I was so impressed with? The maintenance cost me more money than the car was worth.
Why not buy a shirt that is 10 dollars more, but will last me twice as long? So, instead of buying a cheap shirt three times over, I can buy a more expensive shirt once.
The point is, being cheap is very costly. How ironic.
Fast forward to today, I look for value when spending money. This not only forces me to save money, it also prevents me from always having to replace/maintain things at a cost.
I don’t buy Gucci shirts or anything fancy like that. However, I also do not buy shirts that are only good for a single wash. As a matter of fact, I have not bought clothes for 6 months.
(That’s a lie, I bought my girlfriend cute sweater for valentines day)
In my experience, Winners was telling the truth. Money can buy you the thrill of saving when you treat every purchase like an investment.
Challenge Yourself: Go out and buy a cheap shirt and a quality shirt. Compare the two. Keep track of how long each of them lasts. Look at the material, the colour, the stretch of the fabric.
Let me know if you think Winners was right.
Comment your thoughts below to get a discussion going.
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