Rachel Wait reveals seven things you should never scrimp on....
Everyone likes to save money when they can, and with money tight for many of us, cutting back where possible is a high priority.
However, while I love getting a bargain just as much as the next person, there are some things in life that are definitely worth spending those extra pounds on. Here are seven of them.
1. Insurance
In my book, cutting back on how much you pay for your insurance is a big no-no. Although I certainly recommend shopping around and looking for the best deal, cutting corners should be avoided.
For example, if you plump for the cheapest home insurance policy, you may find it doesn’t include personal possession cover or accidental damage – limiting what you can claim for.
Similarly, if you’ve undervalued how much your possessions are worth - simply to keep your premiums low - you may find if you end up making a claim, your insurer will only pay out in proportion to what you're covered for.
If you choose the cheapest option for car insurance, you’re only like to have third party cover, which means you’ll only be covered for claims made by another person(s) for damage caused by your car - your own car won't be covered.
And if you scrimp on how much you pay for travel insurance, you’re likely to end up with a lower level of medical cover and no lost baggage cover. So it’s worth paying that bit more to ensure you’re fully covered.
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2. Security features
That said, there are plenty of ways to ensure you’re still getting sufficient insurance cover while also keeping your premiums to a minimum. And one way is to ensure you have adequate security features in your home and car.
Again, it’s worth spending a bit of money on this as if you go for the cheapest options, the security features are likely to be less reliable and may not meet the required standards for your insurance. As a result, if you need to make a claim, you may find it’s turned down.
So, for your home, make sure you fit good quality, strong locks to external doors. These should be 5-lever Mortise locks configured to British Standard BS3621 as these meet insurance standards. And if you want an alarm, make sure it’s fitted by a National Security Inspectorate (NACOSS) or Security Systems & Alarm Inspection Board registered company. You can find out more here.
For your car, the AA recommends you buy a Thatcham approved system and have it installed by a Vehicle Systems Installation Board (VSIB) approved installer. And if you’re looking for an immobiliser (which fits across steering wheel), products should again be tested and approved by Thatcham. You can find out more about car security here.
3. Cookware
If you want it to be hard-wearing, again, you’re better off spending a little more every time you buy cookware. Cheap saucepans tend to wear out quickly and you’ll end up replacing them on a regular basis – so in the long run, you’re actually likely to end up paying more.
If you buy a cheap non-stick pan, you’re likely to find that the non-stick coating flakes off fairly quickly. Either that, or every time you cook, food will get stuck to the bottom of the pan and you’ll have to spend hours scrubbing it off – or throw it out and buy a replacement.
So unless you’re on a seriously tight budget, it’s well worth forking out a little more for good quality pans. My favourite brand is Le Creuset because it’s extremely durable. Yes, it’s expensive, but I think it’s worth the investment. Plus, there are often discounts on Le Creuset cookware and there are plenty of outlet centres up and down the country that offer some fabulous deals.
4. Car repairs
Obviously no one wants to pay through the nose for repairs to their car. But if you opt for too cheap a deal, you may simply be paying for shoddy work which includes poor quality parts. As a result, you may need more repairs at a later date – so you’ll end up forking out more anyway.
To ensure you don’t get caught out by a dodgy garage, it’s worth checking if the garage is recognised by Motor Codes, a body responsible for self regulation in the motor services industry. If the garage is signed up, it must offer honest, transparent and accountable service with guarantees for work and parts.
Of course, on the flipside, you don’t want to get ripped off either and end up paying far more than you should have done. So for some top tips, read Easy ways to find a good mechanic.
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5. Specialist safety equipment
If you’re a sports enthusiast, don’t scrimp when it comes to safety equipment. For example, if you’re a skier or snowboarder, it’s worth spending a bit of money on a decent helmet or wrist protector to ensure they are of good quality.
Likewise, if you’re a climber, you want to ensure you pay for good quality harnesses. After all, when it comes to safety, paying that bit more is well worth it.
6. Furniture
Yes, yes I know, furniture can be extremely expensive. But if you want good quality, personally I would pay for it. I’ve bought so much ‘cheap’ furniture in the past, and guess what? After a year, it’s fallen apart.
Cheap furniture tends to be made from chipboard which is pretty flimsy and will often break after only a matter of months. So if you want something to last for several years, it’s well worth paying for!
7. Designer goods
Finally, with websites selling fake goods springing up all over the place, always remember that if a deal sounds too good to be true, it probably is.
If you’re after a designer watch, handbag, sunglasses or clothing, you’re far safer to cough up that little bit more than end up with a counterfeit product you picked up at a ridiculously low price. For more on this, read How to spot fake goods.
More: The dangers of shopping online | 10 things you should never pay for