What Is Value For Money?
The term “value for money” comes up a lot. Whether it is in terms of a deal in the supermarket, buying some new furniture or getting insurance, it is important to look beyond the price of something. You should remember that value for money doesn’t always mean the cheapest.
It is understandable when you are on a budget to look for the cheapest deal. However, this is not always the best option. For example, if you buy cheap bin bags, they are more likely to rip, while because you need to use more non-brand washing up liquid, you don’t tend to save so much.
That being said, non-brand doesn’t always necessarily mean worse. A number of discount supermarkets have seen massive growth in recent years with high quality non-brand food. As with anything, it is about finding the best quality, regardless of the price or brand.
Insurance is another example where it is important to be aware of what you are getting. A lot of bank accounts come with free insurance. While this can be an attractive perk, you should check to see what it covers, as you may need more cover than the free insurance provides.
While you may save money in the short term, if you can’t claim when you have to because you didn’t get the right cover when you need it, then what did you really save?
There are ways to save money day to day- planning meals ahead of time is one good example. Buying in long term items like noodles and rice and tinned goods can allow you to have food in advance without having to get more in.
Preparation can also help you to avoid extra costs- for example, buying food in advance, rather than buying expensive snacks while going to an event or attending an event can cut a lot of costs, as well as getting public transport rather than expensive car parking charges.
Buying gifts for people can be expensive over time. However, charity shops can provide less expensive gifts while also giving support to good causes. Equally, items like kitchenware, furniture, and other practical items can be bought this way (make sure you check the condition first).
Saving money can also mean getting less expensive treats as well. A lot of restaurants have emails you can sign up for that offer discounts, and a quick search can often help you find discount codes online. Price comparison sites are also an effective way to compare the various options available to you.
This equally applies to financial products such as bank accounts, mortgages, credit cards, and loans. With switching now, a lot easier, it is worth shopping around to get the best long-term deals.
We can help
These are just a few of the ways that we recommend getting value for money. If you would like someone to look over your financial situation and offer advice tailored to you, we recommend contacting our specialist team today, who can go over the options available to you and help you get more for your money.