Sometimes you need to spend a little to save a lot…
Yes, you read that right.
It seems like most financial advice centers around ways to cut costs or live frugally.
But, I am all about using money wisely and strategically.
That is why so many of my posts are about making your money work for you, how to leverage debt, and making empowered choices rather than paying the high fees that come with ignorance.
Let me tell you a story of two women who decided to remodel their bathrooms.
Ms A went the low cost route. She used builders grade faucets for her vanity and shower. (for those who do not know, builders grade are the cheap brands builders use because they look good and last 5-8 years on average- usually long enough that the builder will not have to replace it during the warranty period). Her shower faucet looked just like the more expensive designs, but was only $53.
Ms B went the smart money route. She used a basic model of a better brand- one that guarantees its products for life. Her shower faucet looks very similar to Ms A’s, but it cost $71.
Now, Ms A is congratulating herself for saving $18. After all, every little bit helps, right?
Now, let’s fast forward 8 years…
The two shower faucets have been giving great service and both ladies are happy with their decision.
Until one day when the cartridges wear out and need to be replaced.
Ms A has to purchase her replacement cartridge. It costs $10 to replace. Not too bad…
Ms B could purchase a replacement cartridge for $50, but if she calls the company they will ship her one for free. It still looks like Ms A received the better deal, doesn’t it? After all, she still has invested a total of $63 and Ms B paid $71.
Let’s fast forward another 8 years. The cartridges have to be replaced again.
By this time Ms A notices that her faucet looks really worn and the finish is worn in places. Yes, she could just replace the cartridge, but decides it is time to upgrade the entire faucet. Without adjusting for inflation and assuming she can re-use the plumbing already in the wall, she pays another $53.
Ms B’s faucet still looks pretty good, but the handle is a little loose. When she calls the company for another replacement cartridge she also asks for a replacement handle. They send her everything for free.
Now, Ms A has invested at least $116. I say “at least” because there is a very good chance that she will have to replace the valve body inside the wall.
Ms B has invested $71.
I have heard of brands like Moen and Delta replacing entire faucets when replacement parts were unavailable.
Delta sent my sister enough seats and springs for every faucet in her house when she purchased it because every faucet leaked. It only took a phone call.
Delta sent Daniel a shower cartridge and check valve assembly. The cartridge is $35 and the assembly is not available in stores.
Moen has replaced my posi-temp shower cartridge twice, no questions asked. They have sent over half of Daniel’s kitchen faucet (side sprayer, spout, diverter, and cartridges) for free.
Moen even sent me free cartridges and nuts for my vanity faucet after the pipes froze and split one nut in two. I was willing to pay for the nut and only called because I could not buy it in the store. I was pleasantly surprised when I received the cartridges as well.
Now, this is not an advertisement for Delta and Moen. You may find other brands that offer equally good warranties and customer service.
The point is for you to consider quality, warranties, and customer service when making a purchase.
It may cost a little more up front, but could save you a lot over time.
And, that is what being a Money Master is all about.