Buying Something More Expensive Might Work Out Cheaper In The Long Run!
When it comes to spending money, especially on items we use frequently, it's easy to focus solely on the price tag; after all, none of us want to spend more than we need to, right? However, a more insightful approach is to consider an item's "cost per wear" or "cost per use." This concept can change how you shop and potentially save you money in the long run.
What is the Cost Per Wear?
Cost per wear (CPW) is a calculation that helps you determine the actual value of an item based on how often you actually use it. The formula is straightforward:
CPW = Total Cost of Item / Number of Times Used
For example, if you buy a £100 jacket and wear it 50 times, the cost per wear is £2. This metric allows you to compare items more effectively, looking beyond the initial price.
Quality vs. Quantity
While spending more money on something when most of us are trying to save money might seem strange, spending more upfront on a higher-quality item can often lead to significant savings over time. Here's why:
Durability
High-quality items are typically made with better materials and craftsmanship, meaning they're more likely to last longer. A personal example would be buying a £75 pair of well-made school shoes for my son that lasts for the whole school year (assuming he hasn't outgrown them!) and will have a lower cost per wear than a £30 pair that falls apart after a few months and needs to be replaced (very much a true-to-life occurrence in my experience!)
Versatility
Investing in something that can be worn/used in multiple settings increases their potential use. A classic, well-made coat might suit casual and formal occasions, effectively lowering its cost per wear. It might be something you'd wear to work, but also for socialising, going to the shops or even something you might wear to go out for a walk-in. The more use you get out of your coat, the lower the cost per wear. Alternatively, you could buy a coat for work and a coat for going out, which could work out more expensive than buying that single coat, or because you don't wear one of the coats very often, it increases its cost per wear.
Timelessness
Quality items often have timeless designs that remain stylish for years. This longevity means you'll get more use from them than trendy, fast-fashion pieces that quickly go out of style. Just because something is all the rage now doesn't mean it will be in 6 months; this is especially relevant with kids' clothes. I speak from the experience of having been the parent of a teenage girl!
Real-Life Examples Of Cost per Use
Let's compare two scenarios:
1. Fast Fashion Dress: You buy a £30 dress and wear it 5 times before it loses shape. Cost per wear: £6.
2. Quality Dress: You invest in a £150 dress made from durable fabric and wear it 50 times over several years. The cost per wear is £3.
In this case, the more expensive dress costs less per use, not to mention the added benefits of looking and feeling better in a higher-quality garment!
This example is particularly relevant these days with the rise in bargain basement retailers, such as Shein or Temu, etc, who offer fantastic pricing; however, once you receive your goods, you may find that the build quality of what you've bought doesn't match what turned up, and so you don't use the product as much as you would have done had it been of better quality/style. You might have spent twice as much buying from a UK-based retailer. However, you wear it more, and it lasts longer, so your cost per wear is better, making it a more cost-effective choice!
Cost Of Use, Beyond Clothing
The cost-per-use concept extends beyond just fashion. Consider household items, electronics, or even services:
- A high-end coffee maker might seem expensive, but if it lasts for years and replaces daily coffee shop visits, its cost per use could be remarkably low. My coffee maker was pretty expensive; however, since I bought it and invested in a re-usable thermos mug, I haven't bought a single takeaway coffee, which at around £3.50 each, and I used to buy at least two every week, I'm saving money every time I take my homemade coffee out with me.
- Investing in quality tools for DIY projects can save money on replacements over time or provide a better user experience. A good personal example is my buying a cheap, cheerful, pound-store-type screwdriver set; I've bought several of them over the years! I gave up on them as the ends always wear down after a couple of uses and instead bought a much more expensive set. These have lasted me for 2 years and are still pristine, even after lots of use, so that investment has paid off!
- Even services like gym memberships can be evaluated using this principle – a more expensive gym you use regularly may be more cost-effective than a cheaper one you rarely visit. Perhaps you sign up for a cheap gym membership, but it's a 20-minute journey, so you don't go as often as you have to factor in a 40-minute return journey, which may be difficult if you don't have much spare time; however, there's a more expensive gym 5 minutes away, and although it'll cost you more to use that, you get more from your membership as it's much closer and therefore you can go more often and so your cost per use drops below what you were paying for the cheaper gym!
How to start looking at your cost per use when making buying decisions
Try and use the following tips when you plan on making a purchase:
1. Assess your needs and lifestyle realistically. Can you use it more than setting, e.g. something you might wear for work and also at home/for going out in.
2. Research products thoroughly before purchasing. Check reviews of the product and look for alternative options before buying. Genuine reviews can help with buying decisions! Suppose you're buying something expensive or don't know what to look for. In that case, it might be worth investing in a subscription or making use of a free trial (don't forget to cancel!) to a consumer service such as Which? as they may have reviewed the item you are looking at and suggested alternatives for a better product that might suit you and your wallet (long term) better!
3. Consider the item's versatility and potential longevity. If it's kids' shoes, do they look like they're going to really last a whole school year's worth of scuffing and kicking around the playground? Perhaps investing in better quality shore sm might be a better option.
4. Track your usage to better understand your habits. If you're buying something to replace something you already have, look at how often you use the product and see if swapping to a different product might mean you use it more often.
5. Don't be afraid to invest in quality for items you use frequently. Cheap isn't always cheerful. Sure, it saves a few quid initially, but if you know you are going to use that product a lot, then look at your options. If something a bit more expensive looks like it might last longer or be a better fit, then it's worth paying that bit more!
While the initial cost of quality items might be higher, the cost per wear or use often proves to be lower in the long run. We all try to save money, which makes sense, but sometimes spending more is the better option.
Shifting your mindset from immediate savings to long-term value can help you make smarter purchasing decisions that benefit your wallet, the amount of free time you have available, and even the environment! Remember, it's not about spending more but about spending wisely on items that truly serve you well over time.