Thrifty Thursday: Value & Cost

Thrifty Thursday:

When researching items that you are thinking about buying (or selling), you will want to keep in mind what the item’s value will be to you (or someone else).  How much is it worth to you or will it be?

Value vs cost:  the cost of things fluctuates, but the value is more consistent.  Example:  The value of an object is usually the same whether it is on sale 75% off or full price.  Though it may become more desirable when it costs less!

Some things are cheap but of little value, others are expensive but of high-quality value and over the long run end up being of better value (and less costly) than the low-quality items.

What determines value? (in my opinion)  

Longevity--how long will it last?  Will it have to be replaced or fixed quickly? and for sentimental value--how long has it been in the family? 

Maintenance--is it easily maintained?  Will it require expensive upkeep?  Will fixing it be a problem--finding parts, labor, cost?

Desirability--do you like it or love it?  A couch might be a great deal, but if it is such an eye-sore and you’ll dislike being in the room because of it, it isn’t a great deal anymore.

Cost--how much are you willing to pay for it?  How much is it worth to you?

Usability--does it have one use or multiple uses?  Is it a one time use (like eating out) or a multiple time use item (like a frying pan)?  Can it be used for other things than the original advertised use, or repurposed to use in another manner (like making rags out of an old shirt, or a quilt out of jeans)?

How much does the item retain its cost to value ratio--does the cost to value stay pretty high over a few years or does it lose most of its value as soon as you buy it?

Determine the value of things and then search for the best cost to get the most out of your money.  Remember even sales and bargains cost money, so make sure the value is worth the cost.

Some examples:  A costly generator might not seem very worth it when things are going well, but what if the power is knocked out for a week, what is the value of the generator then?  A rainy day savings might seem hard and not worth the effort compared to the fun that could be had with the same money, but then comes along an emergency, and all of the sudden that rainy day savings becomes a ray of sunshine. Another example where value and cost comes into play: making an item as compared to buying it commercially.  Determining the cost of time and effort compared to the quality and value of the item may sway you to make something yourself or to buy it instead.  The value of being able to make something to your exact desires may far outway the cost of materials and time. 

Value and cost can be measured in monetary means but also in time and effort.  And some things even have sentimental value, though the actual monetary value is very little.  I hope these few thoughts on value and cost help in your search to acquire meaningful and quality items for home storage as well as in other aspects of life.