Owning well - Saving money by investing in quality

In a society often driven by instant gratification and disposability, not to mention the planned obsolescence of electronics, the concept of “owning well” stands as a refreshing alternative. At its core, owning well is about making thoughtful purchasing decisions, opting for high-quality items that are built to last, and taking proper care of them throughout their lifespan. In essence, buy the best you can afford and care for it.  By embracing this mindset, not only can we elevate our everyday experience, but we can also save money in the long run.

Choosing quality over quantity

In a consumer-driven society, it’s easy to fall into the trap of buying cheap and disposable products. (To be fair, that can be a fine thing if we indeed intend to own the item only for a short while or want to try it out before committing, though in that case, buying it secondhand or borrowing it would be preferable.) However, these “bargain” purchases can end up costing us more over time when we have to replace them.

Owning well begins with breaking free from the cycle of mindless consumption and shifting our focus toward investing in quality. When purchasing an item, whether it’s clothing, electronics, or household goods, aim to buy the best version that your budget allows. Look for well-constructed products made from durable materials that are less likely to wear out or break. Though the initial cost may be higher, the longevity and performance of a well-made item will ultimately outweigh the cost of frequently replacing cheaper alternatives – assuming the cheap item even works as intended in the first place!

When my then-fiancé (now-husband) and I moved in together, we had a cheap stand-mixer that we had bought for $30. Not only did it not actually function as a stand mixer (the paddle or whisk was stationary and therefore could never reach the entire bowl), but it died after just a year or two. We then bought a Kitchen Aid stand mixer. Yes, it was almost ten times the price, but this workhorse performs beautifully and, after almost 15 years, it is still just as good as the day we bought it! Plus, it looks fantastic on our kitchen counter and brings me joy whenever I look at it.

Another example? I’ve noticed that the toys from the dollar store are always the first to break – then there might be tears and frustration from the kids, and really, it would have been better to either not buy anything, or to spend more and buy something of higher quality.

The economics of owning well

While owning well may require a larger upfront investment, it promises significant financial benefits in the long term. Consider, for instance, the cost of constantly replacing low-quality goods versus owning a few well-crafted items that withstand the test of time. You could buy dozens of cheap, trendy T-shirts that fall apart after a few washes, or a few quality T-shirts in a classic style that wear well and that you will own for years. Plus, from an organizing standpoint, I can tell you that running your home will be much more efficient without all that extra stuff in the way.

By opting for quality, we reduce the need for frequent replacements, eliminating the ongoing expenditure on subpar products. The cost per use of each item decreases with a long-lasting quality item! And overall, we consume less.

The art of proper care

Owning well goes beyond making wise purchases; it also involves nurturing and caring for our possessions. Taking the time to maintain and repair our belongings ensures their longevity and maximizes their value, even making them potential assets for resale or reuse. In the case of those t-shirts, separating colors, washing in cool water on delicate, and air-drying will help them last longer; they could even be in good enough condition that you might resell them or at least donate them instead of recycling or trashing them, extending their life cycle that much further.

Each item requires its own specific care routine, whether it’s cleaning delicate fabrics, servicing mechanical goods, or avoiding exposure to harsh elements. By understanding and following the manufacturer’s guidelines, we can prolong the lifespan of our possessions and derive maximum utility from them. I’m thinking about a pair of leather shoes that not only will last longer than synthetic leather, but will also last longer if the leather is properly moisturized and protected and if the shoes are resoled, which would not be effective on a pair of cheap shoes.

Owning well: a holistic lifestyle

In a society characterized by constant trends and rapid obsolescence, owning well can grant us a sense of stability, control, and appreciation for the things we possess. From well-made clothing that withstands changing fashion fads to long-lasting tools that facilitate our passions, owning well redefines our relationship with our belongings and the value we get from them.

Embracing the concept of owning well extends beyond material possessions. It fosters a mindset of intentionality and aligns with conscious consumption. When we actively choose to buy quality items and care for them properly, we engage in a lifestyle that values durability, craftsmanship, and long-term satisfaction. Owning well not only saves us money, but also allows us to embrace a more sustainable and environmentally friendly lifestyle.

Conclusion

Owning well is a mindset that challenges us to break free from throwaway culture. By investing in quality items and nurturing them throughout their lifetime, we not only enrich our daily lives, but also save money in the process. This paradigm shift toward thoughtful consumption allows us to embrace a more sustainable lifestyle while reaping the rewards of durability, functionality, and long-term satisfaction.

So, let us make a conscious choice to own well, cherish our possessions, and redefine our relationship with the material world. It takes practice! By doing so, we can find fulfillment in having fewer, but higher-quality, items that accompany us throughout our life. Invest in quality, care with intention, and savor the rewards of owning well!

The ongoing cost of ownership

Sometimes, people are reluctant to get rid of items they own because they paid a lot of money for them. I’m talking here about items that are no longer useful or loved or important, but are kept simply because the owner perceives them, rightly or not, as valuable. After all, why would you get rid of something if you paid a lot of money for it? Well, I can see that point, but… Have you ever thought about the ongoing cost of ownership?

First of all, an item takes up space. It doesn’t matter whether it’s a grand piano or a diamond ring, it takes up space in your home, and you pay for space. If it’s a piano, the amount of space is significant! Think about what else you could do with that space if the piano that you don’t use weren’t there. Could you turn that room into a dining room? A home office? A reading nook? Do you have so many unused large items that you are essentially paying rent or a mortgage for a room you don’t need? Are you getting your money’s worth from your space?

This photo was taken by Geert Pieters for Unsplash.

Plus, any object needs to be managed. You have to clean it, clean around or under it, maintain it, repair it, insure it, pick it up and put it away… It costs you time and energy, in addition to mental bandwidth! Managing this item will cost you, and you need to make sure that the cost is worth it in this season of your life.

Then it comes down to the sunk cost fallacy. When we have invested heavily in an item (because we paid a lot of money for it, because we believe that someday we will use up all those scrapbooking supplies, etc.), we are reluctant to let it go, even when we know that letting it go would be more beneficial than keeping it.

This photo was taken by volodymyr proskurovskyi for Unsplash.

There are two quotes on this topic that I’d like to share, and I say variations of these things to my clients often. First, Peter Walsh wants us to keep in mind that just as “inexpensive is not a good reason to buy something, expensive is not a good reason to keep something.” Also, Cassandra Aarssen says, “Remember that the money you spent on your item is gone. You will not be richer because you store this item in your home, and you won’t be poorer if you let it go.”

An obvious solution, in those cases, is to sell the item. Or at least, it seems easy in theory, but is less so in practice. Ask yourself whether selling the object is really worth your time and effort. Will you post pictures of it online and field inquiries from people who might be interested, or pay to ship it to the buyer? Will you really have a yard sale or go to multiple consignment stores? Will you be satisfied with getting only a fraction of your money back after all that effort? If yes, then go for it!

Here’s another solution: look at the cost you already paid as a rental fee. You’ve gotten whatever use you were going to get out of this, and now it’s time to let it go. If you must try to sell it, give yourself a deadline after which you will just donate it. Move it along to its next owner, and your payment will be the peace this brings into your life. Besides, the money you spent on it is gone already, even if you were to keep the item! At least this way you get your life back.

This photo was taken by Fuu J for Unsplash.