#HackIt | Budgeting | Lifestyle | Personal Finance | Article
Beyond Bargains: Why You Shouldn’t Just Stop at Getting Value for Money With Coffee And Other Things You Use Regularly
by The Simple Sum Team | 14 Jul 2023 | 7 mins read
This article is brought to you by Nespresso Singapore
Everyone loves a good deal and getting the best value we can for our money. And it extends to all areas of our life.
That’s why we’re always looking out for good offers for everything from items we use or consume daily, such as rice and coffee, to high-ticket items, like airplane tickets and pricey electronics.
But have you delved deeper into how you find “value for money” more effectively and efficiently for your purchases?
The how’s and why’s of getting value for money
When deciding whether to buy an item that catches our eye, the first thing most of us do is to look at the price tag. And then instinctively, we try to scour around for a cheaper alternative.
Most times, we are tempted to go for the cheapest option, but that’s not always the best option to make for ourselves and our finances.
What you need to consider is the quality and satisfaction you derive from an item that you purchase, other than just the price.
For example, coffee is something that many drink regularly to kick start their day, and if you go to a café where you pay upwards of $5 for a cup of coffee, it can add up quite quickly. One alternative is to drink instant coffee, but the taste may be quite different from freshly brewed coffee and you may not be as satisfied when you consume it.
Whereas if you went for a coffee subscription plan from Nespresso, you could get good quality coffee that is several notches above the instant kind. While it may cost slightly more from $0.78 per cup compared to instant coffee, the perk it brings to your start of the day is similar to that of café coffee, without carrying the same price tag.
If you are a coffee lover, choosing a Nespresso subscription would help you get the same value while spending less, not just on the coffee, but even in terms of convenience – you can enjoy your daily cuppa without having to step out of the house.
Here are some strategies that you can implement to get better value and save more on your purchases.
Do your research before buying anything
Before making any purchase, it pays to spend some time looking into all the available options and alternatives.
This can lead you to discover one of the following things that could help you save while getting value for money
a. Cheaper alternatives
Instead of simply buying an item when you see it, going online to do quick research could show you similar products from other brands that cost a fraction of the price that you would have otherwise paid.
With sales being held several times a month, think the monthly double day sales, mid-month sales and pay day sales, you could be missing out on savings if you don’t keep up.
That said, you shouldn’t just buy items because they are on sale. Instead, focus on whether you have a use for the items within the next six months and purchase the amount that you can confidently utilise within that timeframe only. This will ensure that you can bring down the amount of money that you spend on an item and not waste any money on items that end up unused or thrown away instead.
While you don’t need to commit every sales period to memory, you can easily find out if one of these sales is going on with a quick Internet search.
C. Special promotions
Similar to sales, brands also hold special promotions from time to time, both in store and online. The best way not to miss out on the chance to get more value and savings from your money is to do some research before you commit to your purchase. You can also follow brands’ social media channels or sign up for an email newsletter to be kept up to date with their latest promotions.
What’s next after getting the best value for your money with your purchases?
Once you become a master at sussing out the best value for your money, then there’s the next step – what you do with the savings you obtain. And we wouldn’t advise that you use the savings you derive from switching from café coffee to a home coffee subscription to buy even more things.
Leaving it in the bank alone isn’t the solution either. The interest that a typical savings account gives is hardly enough to keep pace with inflation. That’s where investing and compound interest can come in to help the value of your money grow better and increase your financial resources.
Other than growing in physical worth, you can further increase the value of your money by setting financial goals. Having clear financial goals will help guide your savings and investment decisions. Whether you aim to buy a house, start a business, or retire early, having defined goals helps you better define the investment strategy that you are looking at to reach these goals.
Getting value for your money isn’t simply looking for the best deals when purchasing items. Being able to find deals and be smart with your shopping is simply the start of getting better value for your money.
And you aren’t doing yourself any favours if you only stop at saving money with your coffee and other purchases. Instead, put that money that you saved to work, by investing in it with financial goals in mind to get the best value out of your hard-earned money.
Content sponsored by Nespresso Singapore
If you are looking for an alternative to good tasting coffee that doesn’t cost upwards of $5, consider Nespresso, where you can make your own aromatic cup of coffee with a Nespresso machine and capsules without having to step out of the house.
And if you take a Nespresso subscription plan and stay on the plan for 12 months, you can own a machine for just $1 (U.P. $249 onwards)The plans range from $38 to $88, allowing you to pick the one that suits your coffee habits and needs. You can choose from 8 different coffee machines to suit your usual coffee preference, with milk coffee, long black and espresso coffee options available. This includes the newly launched Vertuo Pop machine, the smallest Vertuo machine yet that comes in an array of eye-catching colours, helping you add a pop of colour to your home.
Each monthly Nespresso subscription plan gives you flexible monthly credits that can be used to get coffee capsules and accessories online and in their boutiques. Choose from over 30 coffee blends, including single origin coffees with unique processing methods (Master Origins range) and coffees perfectly crafted to go with milk (Barista Creations range).
Fret not, if you are unable to utilise all your credits, unused credits can be rolled over and will remain valid for up to six months after your subscription is over. And if you choose to stay on the plan, you will enjoy an additional 10% credits from Nespresso from the 13th month onwards. (e.g. $38 per month subscription, on the 13th month will receive an additional $3.80. $38 + $3.80 = $41.80).
Learn more about the Nespresso Machine Subscription here.