When to Pay Full Price and When to Look for a Discount
When you’re on a mission to save money as much as possible, you’ll look for opportunities in some interesting places, which might include taking shortcuts you wouldn’t otherwise consider. For instance, you might start calling friends to fix problems with your house, or asking retired professionals to do the work.
It’s important to save money, but you also need to know when a deal is too good to be true. Here are some examples of when you should pay full price, and when it’s okay to search for a discount.
- Pay full price when your purchase funds a good cause
When you support businesses that are involved in community work, charity, and sustainability practices, your money is contributing to much more than just your needs. For example, businesses that buy from companies like Kuraray, who prioritize corporate responsibility, are getting what they need and supporting other worthy causes.
There are plenty of examples of companies that do amazing things in society with their profits. For example, Bombas donates extra sturdy socks to homeless shelters each time someone buys from them. If you have the opportunity to buy something from a company that donates to charity, supports meaningful fundraisers, or makes any other contributions that matter, your money will be well spent.
- Don’t care about damage? Discounts are your friend
As mentioned in the beginning of this article, you might be saving money on home repairs by asking friends to do the job, and that’s not usually a problem. As long as they know what they’re doing, do good work, and you don’t mind if they accidentally damage your property, it’s perfectly acceptable.
The benefit of hiring a licensed contractor is that they are insured or bonded, which means they’ll pay for any damage they cause. If your friend causes damage, they may not be willing to pay out of pocket, but if you’re saving, say, $200 per hour on labor, that may not be an issue.
- Pay full price when the cheap alternative is horrible
We’ve all stared at a dollar store broom, thinking that for $1, can it really be that bad? If you’ve ever used a dollar store broom, you know it shouldn’t even qualify as a broom in the first place. Sure, the brooms at Walmart have gotten more expensive, and you might have to pay upwards of $20 for a decent one, but if you want a clean floor, there’s no other option.
Never go for a discount if it means fully sacrificing quality and ease. Most extremely cheap items really are too good to be true. For instance, cheap toilet paper will leave behind fuzzies, cheap soap won’t lather, cheap light bulbs barely last a couple of weeks, and cheap Bluetooth speakers have poor sound quality. Sometimes, buying the cheaper alternative can make your life complicated, and you’ll just have to throw it away and buy the correct item anyway. When a bad experience has the potential to ruin your day, buy the quality item from the start.
- When good enough is good enough
Sometimes it doesn’t actually matter if what you buy is quality or not. If that’s the case, go for the discount. For example, if you’re hosting a party and need plastic cups, you don’t really need the super thick cups. You can get thinner plastic cups for half the price and double the quantity at the dollar store.
If what you need doesn’t have to be perfect, discounts that come with lower-quality goods or services are fine. Maybe you don’t mind cheap sunglasses because you end up sitting on them anyway, or you wear out your shoes so often it only makes sense to buy cheap ones because even the expensive ones don’t last long. If good enough is good enough, discounts are a great idea.
- If you can’t afford the risk, pay full price
If there’s any potential risk that comes with paying less than full price, and you can’t afford to take that risk, skip the deal. For example, cheap gas is known to cause problems with vehicles, and it’s not worth potentially ruining your car just to save money on fuel.
There is a time and a place for discounts
Ultimately, discounts are a great way to save money, but if you cut the wrong corners, you might end up spending the same amount of money you initially saved or more. When considering paying for a discounted item or service, consider your options and potential consequences carefully before you make a decision.
