WHILE many South African households begin to feel the brunt of a weakening economy, experts are urging South Africans to not always choose the cheapest option as a way to save money. 

Also read: Five ways to look stylish without spending money

While shopping for a bargain can help stretch a tight budget, some products can end up being more expensive if they break quickly or require frequent replacement. 

Renier Botha, a finance expert at payday loan company Southern Finance, said the cheapest purchase price does not equate to lowest overall cost.

“When money is tight, it is natural to look for the lowest price, but there are certain items where paying slightly more up front can protect your budget in the long term. A product that fails after a few months can end up costing you more than investing in a better-quality option that lasts for years,” said Botha. 

Items that you should not comprise on

• Extension leads and power accessories– These items have become necessities for South African homes with the frequent power outages. Botha said that because they carry electricity to valuable products it is important that it does not put any appliances at risk. Consumers should consider reputable brands and check that electrical products comply with applicable South African safety standards.
• Batteries– These are another typical every day expense that power a number of items in homes. While cheaper batteries seem like a great value, they tend to run out faster, meaning you must replace sooner than you would like to. For devices that are used regularly, rechargeable batteries are a good investment. 
• Light bulbs– While LED bulbs are a bit steeper in price, they tend to use less electricity and last significantly longer. Households can also consider energy-efficient products to reduce expenses. 
• Kitchen appliances– Many household appliances are big financial commitments and sometimes choosing the cheapest ones could result in costly fixes. The consumer should consider the energy efficiency, warranty period and availability of parts and repairs. Consumers should consider an appliance’s energy efficiency, warranty period, availability of replacement parts and potential repair costs before making a purchase.
• Mattresses– While it does not seem like an area consumers can cut costs; its frequent use makes durability and quality important considerations. Households should consider the materials used, expected durability and warranty before deciding on a purchase.

Botha said that saving money is not always about taking the cheaper option, it is about calculating the total cost of owning an item rather. 

“Before buying something, ask yourself: will this last, will it cost more to repair, and could paying slightly more now prevent a bigger expense later?” he said. 

Information supplied by https://southernfinance.co.za/how_it_works

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