Oftentimes, things that are cheaper in the long term cost more money up front. For example, take a pair of shoes. You can score a cheap pair of Crocs for a few dollars, but evaluate how long they will last—you might find that springing for a more expensive pair would also provide a lot more use.
This is not a discussing of being cheap. It's a discussion of focusing your resources.
I define value as quality over price. (Maybe with units like "Q's per dollar"?) Viewing it this way gives rise to two main ways to boost value in a purchase.
First, go and find out exactly what constitutes quality. For shoes, it may be the number of times you can wear them before you wear them out. For a shirt, maybe it's the fit. Or maybe it's the sturdiness of the seams. Your choice.
Picking the important attributes to you means that your definition of quality (your unit of "Q's") is your own.
Next, the old adage that "you get what you pay for" may not exactly be true. Once you know what you're looking for (how to define quality), start at the bottom—thrift stores. Just within the past month, I have found a sturdy umbrella and an exquisite crystal serving platter at thrift stores, and they both cost a tenth of what I would have spent on equivalent new versions.
Getting the same quality for a lower price is a brilliant way to increase your value by leaps and bounds.
Being cheap often doesn't pay. On the other hand, while shopping around and knowing the market will often result in spending more than you otherwise would have, it can pay you back over the next ten or twenty years.
That's why being frugal isn't the same as being cheap.
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