One of the best money management tools I know is this Rule of Thumb: Match quality with need. In other words, don’t buy quality beyond the need.
Sometimes the cheapest option is the best choice. Other times, you’ll regret having gone cheap when you have to replace that item well before your need for it goes away. In that case, you’d be better off going for a higher-priced option that promises to last longer than the cheaper alternative and its replacement.
Sounds simple enough, doesn’t it? You’d think so, but I must admit that when it comes to this quality vs. need issue, I am not perfect. It can be a real challenge.
Case in point: When my grandson was born, I bought the cheapest umbrella stroller Target had to offer. My reasoning was that I would use it only occasionally. I didn’t need a big fancy model.
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