Reader, it's time to stop cheaping out.

And yes, I'm talking about your latest Shein, Princess Polly, {insert fast fashion brand here} haul.

The Lie: Buying Cheaper Saves You Money

Why would you pay $80 for a top when you could find an almost identical version for $8? If it costs more, it's probably just because it's marked up for the company's profit, right? Or maybe you're just paying for the brand name.

While this 100% can be the case sometimes, the existence of a cheaper option does not necessarily mean the expensive option is just a marketing ploy.

If you grew up shopping second-hand and scanning the sales rack at Marshall's, it can be hard to get out of the habit of buying the cheapest available option, even once you have the means to actually choose which option you want. Spending $80 on a pair of jeans when you've only ever worn $18 jeans can send even the most rational person into a personal finance tailspin.

And with the rise of fast fashion (that has also leaked into other consumer goods, like housewares) and the increased abundance of cheap goods that are just as "trendy," it's even more tempting to buy cheap.

To be clear, there is a big difference between not having the means to buy a more expensive option and simply opting for the cheapest version out of habit. If you're blessed enough to afford the more expensive option (at least sometimes), we'll help you figure out when and why it's worth it.

The Truth:

Have you ever heard the saying, "Being poor is expensive?" It's a saying for a reason.

Oftentimes, the cheaper version is not as well made and won't last as long, actually increasing the lifetime cost as you have to replace it.

Pop quiz!

What's more expensive: buying something for $200 that lasts ten years or buying a cheaper version for $50 that you'll replace every two years? Hint: It's not the $200 item.

Here are a few things to consider when debating between a cheaper and pricier option:

• Quality over Quantity: Investing in higher-quality items can mean they last longer and save you money over time. When you're not replacing an item every year, you'll often spend less in the grand scheme of things.
• Cost Per Use: Look at the long-term value of your purchases, not just the upfront cost. An expensive item that you use 100 times is a way better use of your money than just about anything you barely touch.
• Your Spending Values: Sometimes, spending more now means saving more later. It can be worth it, especially if this is an investment piece with a low cost per use. Sinking funds are a great way to offset the burden of the up-front cost of a more expensive item.
• Shopping Ethics: If you've never considered how something can be so cheap, it's time to start. Companies can only get raw materials for so cheap - then they have to start cutting corners in other places. The item you're buying might not come at a high cost to you, but that's likely because someone has covered that cost with their safety. Fast fashion (& other less ethical production) exploit workers in other countries, put them in danger, and pose a much larger threat to the environment than more ethical operations.

Have we convinced you yet? We hope so! So, now let's talk about how you can tell if an item is higher or lower quality. Here are a few tips:

• Pay attention to materials: When it comes to clothing, polyester, rayon, and other synthetic fabrics will break down more as you wash your clothes (and are often cheaper for companies to work with). Unless we're talking stretchy workout clothes, items with a large % of these materials typically aren't great investment pieces.
• Take a peek inside: Have you ever looked at the stitching or lining of your clothes? The inside tells all. Need more help? Here's a great youtube video that breaks it down.
• Do your research. If you're shopping online, it's as easy as googling the company's production methods or looking into their ethical rating.

Learning when to splurge and when to save can be tricky - We hope these insights help you feel more confident in your shopping choices and that our resources help you afford whatever choices you make 💸

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With love and empowerment,

Lora at She's a Lot

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