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'If you're cheap, it's costing you more,' reports Business Insider.
Supersaver and millionaire Chris Reiner explains how being cheap can actually cost you money in the long run, in regards to the extra time and money you will spend on repeatedly repurchasing replacement items. Reining applies this theory to his purchase of towels and finds that, in spending 3 times as much up front for a $60 towel rather than a cheaper $20 towel, he saves 7 times in the long run.
Instead of the looking at the price of a product, Reining recommends examining the value of the item instead. Although cheap items may cost less, many of these items are of lower quality and end up costing you much more time and money to replace than what you had initially spent.
Importantly, there are certain items that you should not skimp out on. For both men and women, a pair of high-quality shoes is a must. Well-crafted shoes are undoubtedly better for your feet, providing comfort and often preventing such foot-related complications as heel pain and nerve damage that can come with a cheap pair. Not only that, a high-grade pair of shoes can totally revamp your entire wardrobe and boost your confidence.
So when shopping, don't break the bank by being cheap. Remember to invest in high-quality items to save yourself money in the long run.
Read the full Business Insider article here.
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