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Thread: Cheapskate or Spend-O-Matic ?

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  1. #1
    2009: Fail Ltlabner's Avatar
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    Cheapskate or Spend-O-Matic ?

    When it comes to spending, what is your mindset?

    Do you feal low price is always the most important consideration, that saving a few dollars is more important that product features and you'd be willing to settle for a lesser quality product if it cost less?

    OR

    Do you feal that you get what you pay for, have to pay for top-quality and you'll take a name-brand over a no-name any day of the week (even though it costs much more)?

    Got to thinking about it after a comment in a different thread.
    ----------------------------------------------------------

    I lean towards the "spend money to get good quality" side of things. I'm not beholden to name brands, but price is usually way down the list of considerations when buying a product. Depends on the item too. If it's a can of beans, I'm not paying a premium to get Kroger Navy Beans. But if it's a refridgerator I'm not buying no-name brand of the month because it's $75 cheaper.

    My father-in-law, on the other hand, is obsessed with price. Doesn't matter if the tool blows up the first time he uses it...he "saved" money. When we go out to eat, he actually reads the price of the meals out-loud and typically ends up getting a senior meal with water.
    Last edited by Ltlabner; 12-02-2008 at 03:42 PM.

  2. #2
    Waitin til next year bucksfan2's Avatar
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    Re: Cheapskate or Spend-O-Matic ?

    It really depends with me. I often spend more than I should on clothes for a couple of reasons. If I am buying work clothes I want to be comfortable. I do a lot of outdoors stuff in the winter and will buy the better brand because it is worth it and it sure beats being cold.

    With big ticket items I feel it is often better to spend a little more than go on the cheaper side. I am not talking about buying top of the line stuff but reputable stuff instead of the discounted stuff.

    As for grocery food I will often buy the cheaper brand as long as it is offered.

  3. #3
    Man Pills Falls City Beer's Avatar
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    Re: Cheapskate or Spend-O-Matic ?

    Spend-wisely-o-matic.
    “And when finally they sense that some position cannot be sustained, they do not re-examine their ideas. Instead, they simply change the subject.” Jamie Galbraith

  4. #4
    Goober GAC's Avatar
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    Re: Cheapskate or Spend-O-Matic ?

    It depends on the item.

    At the grocery there are certain items I prefer brand name. And others I have no problem with generic. We hit Walmarts, Krogers, and Aldi. But I gotta have good bread to make me sandwiches. None of that off-brand stuff that is stale in a couple days. It's gotta be Pennington or Swebels baby!

    When we bought appliances for the house that get a lot of use I go with products that have a reputation of durability/reliability. Our washer and dryer are Maytag Neptune front loaders.

    So I don't mind spending extra for quality and longevity.

    It's why my cars are Hondas.
    Last edited by GAC; 12-02-2008 at 07:47 PM.
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    Re: Cheapskate or Spend-O-Matic ?

    Things I live by:
    (1) Nothing is free.
    (2) You get what you pay for...
    (3) If it only sold on TV, it is crap.

  6. #6
    KungFu Fighter AtomicDumpling's Avatar
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    Re: Cheapskate or Spend-O-Matic ?

    I am not the cheapskate type that buys everything generic. But I don't get suckered by marketing pitches either -- that is why you won't see any Bose, Apple or Dyson electronics in my house.

    As a general rule "you get what you pay for" is accurate, but there are lots of exceptions. That is why companies spend billions of $$$$ on marketing. Perception is more profitable than reality.

    My strategy is buy the good stuff and work a little harder to pay for it. My parents were "savers" and I decided early on I would be an "earner". Some people spend so much time and effort trying to save money that their time would instead be better utilized by working some extra hours to make more money.

  7. #7
    Waitin til next year bucksfan2's Avatar
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    Re: Cheapskate or Spend-O-Matic ?

    Quote Originally Posted by AtomicDumpling View Post
    I am not the cheapskate type that buys everything generic. But I don't get suckered by marketing pitches either -- that is why you won't see any Bose, Apple or Dyson electronics in my house.

    As a general rule "you get what you pay for" is accurate, but there are lots of exceptions. That is why companies spend billions of $$$$ on marketing. Perception is more profitable than reality.

    My strategy is buy the good stuff and work a little harder to pay for it. My parents were "savers" and I decided early on I would be an "earner". Some people spend so much time and effort trying to save money that their time would instead be better utilized by working some extra hours to make more money.
    I have a Dyson vacuum and it is great. If you use a normal vacuum and then go over the same area with a Dyson it is scary how much crap is still on the ground. As for Bose I really like the sound it produces. I have used the Bose airplane headphones and they were great.

  8. #8
    Member Redsfaithful's Avatar
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    Re: Cheapskate or Spend-O-Matic ?

    Dyson as in vacuum? Man, we have had one of those for a couple of years now, I love the thing. But then I have an Ipod touch also, so what do I know?

    I actually tend to spend when I buy something. I'd like to think the things I buy will last a good long while, and I'm willing to pay a premium for durability and longevity in general. But when it comes to more disposable things, like food, etc. I have no problem buying store brand.
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  9. #9
    Resident optimist OldRightHander's Avatar
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    Re: Cheapskate or Spend-O-Matic ?

    I have a Mac and a pair of Bose headphones. Worth every penny.
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  10. #10
    KungFu Fighter AtomicDumpling's Avatar
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    Re: Cheapskate or Spend-O-Matic ?

    Quote Originally Posted by OldRightHander View Post
    I have a Mac and a pair of Bose headphones. Worth every penny.
    Quote Originally Posted by bucksfan2 View Post
    I have a Dyson vacuum and it is great. If you use a normal vacuum and then go over the same area with a Dyson it is scary how much crap is still on the ground. As for Bose I really like the sound it produces. I have used the Bose airplane headphones and they were great.
    I agree that Macs and Dysons and Bose are good products. It is just that you can get better products for less money if you know what to buy.

    This is true for Bose especially. Their radios and speakers are nice, but you can get much better radios and speakers for half the price from several other brands that are not household names.

    Just think how much money Bose and Dyson and Apple spend on commercials and advertisements. Hundreds of millions of dollars. Every bit of that money is just added to the price of their products. Their technology is not unique or superior, but their marketing skills are fantastic.
    Last edited by AtomicDumpling; 12-03-2008 at 07:31 PM.

  11. #11
    Oy Vey! Red in Chicago's Avatar
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    Re: Cheapskate or Spend-O-Matic ?

    As others have said, I will buy the brand name item when it comes to appliances and other big ticket items. Haven't had much luck with the off brands, so saving a few bucks in the beginning, only to have to replace it a short time later, doesn't really work for me.

    When it comes to groceries, I mostly buy name brands, but that's because they taste better. IMO, nothing compares to a Coke (Zero), Heinz Ketchup or Bounty Paper Towel. That's not to say that I won't buy store brands. I buy lots of the Kirkland products from Costco (my favorite store).

    This past year, I decided to put aside all the money saved from clipping coupons from the Sunday paper. As of last week, I had saved about $550. While it may not be much, it's money that would have been given to Jewel (grocery store) or Target.

  12. #12
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    Re: Cheapskate or Spend-O-Matic ?

    Quote Originally Posted by Red in Chicago View Post
    This past year, I decided to put aside all the money saved from clipping coupons from the Sunday paper. As of last week, I had saved about $550. While it may not be much, it's money that would have been given to Jewel (grocery store) or Target.
    I think that's pretty good. There are a lot of nice things you can do or buy with $500+.

    Rem

  13. #13
    Churlish Johnny Footstool's Avatar
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    Re: Cheapskate or Spend-O-Matic ?

    You get what you pay for -- and sometimes you're paying for a label.

    I have a yearly membership at ConsumerReports.org, and it pays for itself every year. It helps us find quality products at decent prices, and it saves a ton of research time.
    "I prefer books and movies where the conflict isn't of the extreme cannibal apocalypse variety I guess." Redsfaithful

  14. #14
    Potential Lunch Winner Dom Heffner's Avatar
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    Re: Cheapskate or Spend-O-Matic ?

    I like to get nice things at discounted prices. You can get great things used on eBay or on sale. I try not to pay full price for anything, and experience has taught me that it pays to spend more for some items.

  15. #15
    Man Pills Falls City Beer's Avatar
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    Re: Cheapskate or Spend-O-Matic ?

    Quote Originally Posted by Dom Heffner View Post
    I like to get nice things at discounted prices. You can get great things used on eBay or on sale. I try not to pay full price for anything, and experience has taught me that it pays to spend more for some items.
    Precisely.

    And I'd echo the statement that there are a TON of brands where you're just paying for the label. Uncountable in fact.

    I actually think it's crazy to pay thousands more for many mid- to economy-level foreign cars, like the Yaris, when something like a Focus is essentially the same car. Yeah, you get what you pay for with cars like the Accord, but I think the "foreign" label gets people to commit to paying 17 grand for a Yaris, when you can get a Focus for 9500. I guess the Yaris will last a little longer, but the driving experience is the same (uncomfortable with poor pickup--in other words, something you won't want to drive around in for more than a few years). To me, that's just being suckered by the foreign "benefits."
    Last edited by Falls City Beer; 12-03-2008 at 12:29 PM.
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