Most believe that the purpose of budgeting is to make sure you have your finances in order. You take what you make and from that you monitor what you spend. Many try to find out how to reduce their expenses by as much as possible. Is that the best way?
WHAT IS THE BUY ONCE CRY ONCE MENTALITY
Buy once cry once simply means valuing quality over price. It means that you can purchase something one time, and it will last forever or for a very long time. I understand the importance of cutting corners here and there to save a buck, I used to be that type of person, but the buy once cry once mentality is now ingrained in me.
For example, instead of buying a cheap winter jacket for $20 with a no name brand, look at purchasing something from a quality brand. Yes, it might cost five times as much, but chances are it will easily last you five times longer and you’ll be happier with it in the end.
Another example would be buying an expensive cooler. Many high end coolers have recently flooded the market, but the appeal in them comes from their longevity. You buy one of these coolers once (cry because of the high price) and you never have to purchase another cooler again.
BUY ONCE CRY ONCE MENTALITY IN BUDGETING
So now that we have wrapped our heads around the buy once cry once mentality, how does it fit into budgeting?
If you go prescribe to this mantra, then you know your budget is going to take quite a hit. After all, paying for quality is nothing new. In terms of budgeting, plan on this expense being a once a year expenditure. For example, if you are buying a new winter coat, allot yourself extra money around the November/December time frame in your budget to accommodate the extra expense.
Think of it this way, a one time expense for a quality item can easily turn out to be more affordable over time then having to budget to purchase that particular item, of lesser quality, on a yearly basis.
Shifting your mind to purchasing something based on quality over price can reap many financial benefits in the future for oneself. The buy once cry once mentality in budgeting may be hard to grasp at first, but once you do I can assure you that you’ll ultimately be satisfied. By creating a free monthly budget, you too can be on your way to financial independence.
Budget Smart, Invest Wise
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