10 ‘Cheap’ Purchases That End Up Costing You More Over Time
Is your penny-wise existence making you pound-foolish?
When costs are high, finding ways to save almost becomes second nature. But sometimes the things you buy thinking they’re cost-effective end up costing you more in the long run.
Ready to find out which seemingly cheap purchases are actually pricier than their more expensive counterparts? Here are the top 10.
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Indirect Flights
Don’t skimp on flight tickets just to save some money. It might not work as you’d hoped.
“The flight with two stops can be a bargain compared to a direct flight, but it can end up costing you a lot more if things go wrong,” said Erica Sandberg, consumer finance expert at CardRates.com. “You may have to pay for meals at airports or pay for a hotel if the next leg is long or delayed.”
There goes that $50-$100 savings.
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Online Eyewear
Glasses (and sunglasses) can be expensive. This goes for prescription and non-prescription lenses.
Online, you can find prescription lenses for $50 to $150 or so. Sometimes, you can even get discounts.
A good pair of frames will last a couple of years or maybe more. But the problem with online frames isn’t just quality, though that can be an issue. It’s the fact that you might end up with something that’s sized incorrectly or that doesn’t quite match what you saw in the pictures. Unless there’s a great refund policy, that’s money down the drain.
Cookware Sets
Why should you spend $300 to $1,000 or more on cookware sets at Macy’s when you can get something at a fraction of the price elsewhere? The simple answer is that the cheap stuff doesn’t last nearly as long.
“I can’t stress enough that cheap cookware sets, no matter how enticing the deal, are always a money drain long term,” said Melissa Cid, consumer savings expert for MySavings.com. “I’ve been suckered into buying those bargain nonstick sets that look like a great deal, only to have the coating peel, scratch and warp within a year. What seems inexpensive ends up costing more when you have to replace it again and again.”
Off-Brand Electronics
Have you ever seen those cheap phone chargers or accessories at the gas station? Or maybe you’ve looked at laptops at Walmart.
Cheap doesn’t always mean poor quality, but it certainly can. That $10 phone charger might only last a few weeks before you need to buy a new one. That laptop’s battery might need replacing after a year.
Mattress
You don’t have to spend thousands on a good-quality mattress, but that doesn’t mean you should go with the lowest-cost option either.
According to Purple, low-quality mattresses typically cost $300 to $500, but may need to be replaced more frequently. Premium or luxury mattresses can easily cost upwards of $1,500. The trade-off is that they last longer and may have more features.
Want to strike a balance? Choose a budget-friendly mattress that costs between $500 and $1,500.
Dental and Cosmetic Work
Going cheap isn’t the best option here, even if it initially feels better on your bank account.
“Always go to a reputable dentist or a doctor,” said Sandberg. “Some people are traveling to countries to get work done at a major discount, but it can come with a whole host of problems. Your health is not negotiable.”
Plus, there’s the travel costs of medical tourism to factor in.
Free Introductory Offers
Lots of subscription plans come with a trial period — usually seven to 14 days. But forget to cancel and you’re suddenly paying $10, $20 or more every month.
Only take up those offers if you’re sure you can cancel them before you’re charged.
Single-Wear Apparel
Fast fashion and single-wear apparel might be cheap, but only at first glance. Costs add up with frequent replacement.
“You may have bought a pair of boots for $50 but if you only wore them once, they become an expensive purchase,” said Sandberg. “That’s different than spending $200 on boots that you pull out every week for years.”
Low-Rated or Off-Brand Household Goods
You can find all sorts of cheap, off-brand household items at Dollar Tree or unknown brands online. And while being frugal can be a good thing, it sometimes comes at a cost. Those paper towels might be so thin you need several to do the job of one. Those cheap trash bags might tear or rip with half the load.
Don’t let this deter you from buying inexpensive goods. Just be sure to check the ratings — and not just the five-star reviews.
“I always pay the most attention to the one- and two-star reviews that will reveal any real problems I may need to know about,” said Cid. “And watch out for overly positive, incentivized reviews! You want honest feedback from actual use, not paid promotions.”
Cheap Tires
Those $100 car tires might seem appealing, especially when you’ve got four to replace. But in this case, cheap isn’t necessarily better.
Go with mid- or high-tier tire brands rather than a value brand. They tend to last longer and have better grip on the road. This makes them more economical in the long run — don't cheap out on anything that could cost someone their life.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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