As part of Talk Money Week, we’re highlighting small things you can do to improve your financial wellbeing. Today, we want to help you navigate the digital marketplace more effectively and get value for your money.
When it comes to shopping, many stores use clever tactics to make you feel like you’ve found a bargain: huge SALE or DISCOUNT labels in bright red, raising prices shortly before sales to make discounts appear larger, and displaying countdown timers that create a sense of urgency. So how do you identify the genuine bargains from these tricks? The key is to assess each item’s ‘value for money’.
But what exactly is value for money? Well, it’s not just about finding the cheapest option. Value for money refers to getting the most benefit for the money you spend. You want to find that sweet spot where you’re not overpaying for something, but you’re also not sacrificing quality or satisfaction. In today’s world, where every penny counts, getting the most out of your hard-earned cash is crucial.
Here are three top tips for assessing an item’s value for money:
-
Assess Your Needs and Prioritise Them
Before making a purchase, consider what you really need. What features or qualities are essential for you? By identifying your priorities, you can narrow down your choices and select options that best meet your requirements.
-
Do the Maths
Here’s where things get a bit tricky but super important. Calculate the total cost of owning something you’ve bought. This includes not only the purchase price but also any maintenance, repair, or replacement costs over the expected lifespan of the product. Sometimes, spending a little more upfront can save you money in the long run.
-
Research and Compare
Be a savvy shopper, and don’t settle for the first option that pops up. Take the time to research and compare products or services. Use reviews and price comparison tools to make an informed decision. Remember that the cheapest option might not always be the best value.
So, if you do one thing this Talk Money Week, do your research. By assessing your needs, doing the maths, and researching properly, you can make informed decisions that lead to better value for your hard-earned money.
