Where do you draw the line when it comes to money vs. convenience?
Do you clean your own house? Do you get your food delivered? Mow your own lawn?
How much extra are you paying for these services?
The reality is, the answer is different for everyone.
Today, we can purchase goods and services with just the tap of a button by using our phone or smartwatch. Within 30 minutes, we receive our shopping delivery right to our door.
However, consumers rarely appreciate convenience now, and it is simply expected when paying for a service or product. But at what cost have we pursued convenience?
Is it worth spending a little bit extra to save time and hassle? At the grocery store, drive-thru, or coffee shop, we pay extra for convenience. In some situations, it costs just a little, but convenience can be quite expensive in other cases.
Let’s take a look at some of the hidden costs associated with convenience and what to consider when choosing how to spend your hard-earned money.
Quality
We all know that in life you get what you pay for. Sometimes purchases made out of convenience result in a higher quality product or service. But this is not always the case. Chipotle is a great example. Even among those who use Chipotle’s new delivery service regularly, they sometimes complain that the quality of their food was sloppy. But once that delivery is at your door, you cannot do anything about it. When you opt to get something delivered to you as quickly as possible, naturally, the quality may not always be the highest.
Sometimes it’s worth investing a little more time and effort in a purchase to ensure your money isn’t wasted. You’ll save hundreds of dollars a year by adopting this mentality, which is something we would all appreciate.
Health
At times, convenient purchases negatively impact our health. Sales of prepackaged foods grew by more than 60 percent in the last year. Unfortunately, these meals often contain preservatives and artificial ingredients. Our health is one of the most important things in life, but you can’t improve your health overnight no matter how wealthy you are. Paying that little bit extra for a healthier alternative can pay you back by adding years to your life, so this is something we should always keep in mind.
Overconsumption
Goods have become cheaper to produce and buy each year, which has led to overconsumption worldwide. With malls, convenience stores, and fast-food restaurants on the corner of every major street, we are constantly offered convenient ways to buy more than is necessary. Just because you can pay to have a meal or product delivered to your door today, it doesn’t mean you have to take this option. By becoming more mindful of how we spend our money, we can ensure we are making responsible financial decisions for our future.
Money can buy you time
One of the top reasons many of us opt to spend our money on convenient solutions is to buy back time. Time is one of the few things in life that even the wealthiest of people can’t control. By choosing a convenient solution that will give you time to spend on other tasks, you’ll find that you enjoy greater control over your life. It’s all about measuring up how much your spare time is worth and deciding if the cost of convenience is worth paying that extra amount for.
There are times in life when convenience is absolutely worth the price. However, if your lifestyle is being compromised in any of the areas listed above, you might want to reevaluate what purchases you are making purely for the sake of convenience. At the end of the day—if you are properly saving each month, keeping your debt low, and have money in the bank—you should feel free to pay for any convenience you want! By choosing the right times to pursue convenience over money, you’ll be able to enjoy greater control over your finances moving forward.
https://gofrombroke.com/cost-of-convenience/
https://theartoffinancialplanning.com/financial-planning/mo-money-mo-problems/
https://theartoffinancialplanning.com/financial-planning/what-will-the-future-look-like/
https://www.thedollarstretcher.com/frugal-living/weighing-the-high-cost-of-convenience/
https://mint.intuit.com/blog/budgeting/the-hidden-cost-of-convenience/
https://www.ecoandbeyond.co/articles/the-true-cost-of-convenience-culture/
