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Look At Value, Not Cost When Trying To Save

Cheap Items Will Rarely Save You Money In Long Run

POSTED: 7:19 am MDT October 2, 2008
UPDATED: 11:24 am MDT October 2, 2008

How many times have you been to a store and walked out spending more than you planned?

Arizona resident Belinda Miceli is on a mission not just to overspend, but to actually save money.

Video: Spend Money To Save Money

Her first piece of advice is to look at the purchase value rather the purchase price. The cheapest items will rarely save you the most money in the long run, she said.

She recommends asking yourself, "How many uses can you I out of it? How well does it do the job?"

Miceli recommends spending to save by being willing to spend on items that save money over time. A few examples would be a sewing machine, a coffee maker or rechargeable batteries.

Also, don't forget about an emergency fund. This is the safety net that allows you to both purchase value and spend to save. Without an emergency fund, you live paycheck to paycheck, which forces you to buy the cheapest item when you need it instead of what is best for your long-term saving.

On the contrary, if you are going buy used instead of new and never pay full price. There are always discounts if you take the time to find them. But make sure to strongly consider the value if you are buying used.

Miceli said it may take a little extra time, but a few extra steps can really help savings can add up.

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