Cheapskate or Spend-O-Matic ?

[Ltlabner]

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.
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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.

[bucksfan2]

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.

[Falls City Beer]

Spend-wisely-o-matic.

[GAC]

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.

[RedFanAlways1966]

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.

[AtomicDumpling]

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.

[Redsfaithful]

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.

[OldRightHander]

I have a Mac and a pair of Bose headphones. Worth every penny.

[bucksfan2]

Originally Posted by AtomicDumpling

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.

[Johnny Footstool]

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.

[Dom Heffner]

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.

[Falls City Beer]

Originally Posted by Dom Heffner

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."

[SunDeck]

Supporting a family makes me and my wife pretty spend thrifty. However, it is also a philosophical point; we try to buy what we need, which is a much smaller list than what we want. We both believe in living relatively simply. That, and I was raised by Cincinnati Germans, who understand that guilt and debt are the same word in the mother tongue.

When it comes to actually purchasing something, I would like to think we are wise consumers. Price comes in to play, but we don't always buy the cheapest thing if it means sacrificing quality.

And by the way, I"ll quote my dad on the comment about not paying full price for anything (Dom). He always says, "The price you pay IS the full price."
I don't really know what that means, but it sounds so pithy and authoritative. Especially when coming from a battle hardened salesman like my dad.

[Ltlabner]

Originally Posted by Falls City Beer

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."

Unless your Focus breaks down a bunch and racks up a ton of repair bills and hassle while the Yarris runs like a top. Then the cost difference isn't so great.

The Focus might be wonderfull and the Yaris crap. That's just a hypothecial to illustrate that sticker price alone isn't the only cost involved in a product.

That's what bugs me about hyper-sensitivity to price alone. Sure...save $100 now in initial cost to spend $500 in repars and down-time later. Doesn't make a lick of sense.

But I do agree that because something has a label doesn't mean it's better. I'm willing to pay more for a label, but only when it's the right one (i.e. the product is actually better).

[SunDeck]

Originally Posted by Ltlabner

Unless your Focus breaks down a bunch and racks up a ton of repair bills and hassle while the Yarris runs like a top. Then the cost difference isn't so great.

The Focus might be wonderfull and the Yaris crap. That's just a hypothecial to illustrate that sticker price alone isn't the only cost involved in a product.

That's what bugs me about hyper-sensitivity to price alone. Sure...save $100 now in initial cost to spend $500 in repars and down-time later. Doesn't make a lick of sense.

But I do agree that because something has a label doesn't mean it's better. I'm willing to pay more for a label, when it's the right one (i.e. the product is actually better).

Buying a Lexus when a Toyota will do may have been a better illustration of the point. But I agree, generally; it makes sense to buy quality at a somewhat higher price than junk at the absolute lowest price. I think Walmart's success proves that many, many people don't think that way.