When Saving Money is a Bad Idea
With the economy in dire straits and people making dour predictions, everyone is starting to look very carefully at their spending habits. That`s a good thing, even if the economy recovers, everyone can benefit from a bit of frugality, but sometimes we take it too far.
When it comes to saving money, less is not always more.
How can spending less hurt you and your business? Let`s take a look.
Final Cost
Let`s say you buy a new computer, but to save money, you go with the cheapest one you can find. It runs just fine . . . for 3 months. Then, just as the subpar guarantee wears out, the computer does, too. Suddenly, after your lesser investment, you`re facing another expense, a whole new computer.
This doesn`t just go for computers, it can happen with just about anything, from desks to lamps. Sometimes it`s worth paying a little extra to get the higher quality that means your product will last.
Productivity
Ok, so you spring for a top brand computer, but go with one that`s not as ramped up as you`d like because of the cost. It works well, but when it comes to installing the photo editing software that you need for your design business . . . it slows down so much you end up just sitting there waiting for things to load. Not good.
While you definitely shouldn`t buy all the latest bells and whistles if you don`t need them, I do think it`s important to look at what you`ll be using the new equipment for and make sure you get one that will maximize productivity and therefore money. If you waste even 1 hour a day waiting a minute here and there that wouldn`t be necessary if you`d invested another $100, you are throwing away money that you could be earning.
Function
Need a fax machine? There are now printers that work as copiers, fax machines and more. It would be rather silly to buy three different machines when you could have all in one for a lesser price! However, many people decide to buy just one thing at a time in an attempt to save money and they end up paying far more . . . it might be an idea to plan ahead and save up the money to buy an all in one . . . and research which ones actually work best.
So, how CAN you save in this economic climate, without sacrificing your business? Here are a few ideas:
- Buy second hand. If you don`t need the latest and greatest, this can be a good way to get a brand name computer for less.
- Use coupons. There are plenty of websites where you can get printable coupons to use in the store.
- Look for rebates. Rebates don`t give you an immediate discount, but you receive it afterwards as a return.
- Buy online. Online stores don`t have to pay the overhead that many offline stores do, so they can usually offer lower prices. Just do your homework first to make sure they are legit.
Do you have any tips for saving money without sacrificing quality?
Subscribe to my feed and don`t miss a single At Home Mom post!
Leave a Reply