Today’s fantastic family finance article is:
There’s an old proverb: Buy cheap, buy twice.
Replacing or repairing a low quality item is like buying it all over again. Not a good deal.
Show your kids how consumers fall into four camps:
- Frugal consumers pay low prices for high value.
- Cheap consumers pay low prices for low value.
- Extravagant consumers pay high prices for high value.
- Clueless consumers pay high prices for low value.
The next time your kid evaluates a purchase, pull out the chart. Where does the item fall in the price/value spectrum?
Buy frugal. Buy once.
Get tomorrow’s tip here.