The rise of bargain stores and products throughout the UK is no small feat
The rise of bargain stores and products throughout the UK is no small feat. Huge brands now dominate the local market areas, offering a range of products at a convenient and eye-catching price. These tend towards basic amenities that have shoppers returning on a weekly basis, with savings appearing considerable when compared to the big-brand supermarket of your choice.
The problem is, they aren’t guaranteed to save you money! It’s fair for us to look towards savings, and an admirable and recommended pursuit, but many fall into the trap of ‘less now means less in future’.
Today, the Citrus team is looking at the ever-tempting bargain in more detail. Let’s keep scrolling.
Investing in the future
While you may be well suited towards discounts offered on daily items such as toilet paper and toothpaste, the truly frugal among us know well that sometimes there is no way around a higher price-tag if you want something that stands the test of time.
Certain items lend themselves naturally towards making an investment. These tend towards items that you use every day, such as duvets and blankets for the home. Shoes are a further example, with investment in solid hiking boots for those inclined to the hobby a payment that will last several years instead of a few months.
The trap of many budget items, particularly that of clothing, is the quality of the goods. The math isn’t terribly complex, yet the value appeals to our base instinct of paying less up front for a product. The manufacturer knows full well that your item will break in the next few months – they build their business around it! Before you know it, you’ll be back at the same store, purchasing the same product again.
The poverty trap
An unfortunate fact of this buying re-buying loop is that it preys on those with less spending power. One of the reasons Pound shops and heavily discounted goods are so popular (and will continue to be) is that it is accessible to the person who doesn’t have savings accruing in the bank.
This is an insidious situation for a person to find themselves in; they can’t afford the higher initial expense of a quality item that will last them efficiently over time. Instead, the repeat purchases of cheaper, lower quality items that they need to survive locks them into a pattern of spending that are hard to break free from.
This is why saving is so critical. Whether it’s a hobby item or a necessity, you can bet that you’ll have unexpected purchases rearing their heads throughout your life! Saving when no current goal is in sight is the hallmark of a responsible adult and one of the best practices that you can adopt. By doing this, you will avoid finding yourself in the ‘poverty trap’, instead of being able to invest money into purchases that will continue to save money and provide a greater return over time.
The adoption of this practice means you will experience the opposite of that nasty trap; you’ll soon find yourself with a range of excellent items that will lower your monthly or yearly outgoings, leaving you more money to invest in worthwhile things.