Saving money is a hot topic right now, but while we all know that if we look after our pennies, our pounds will take care of themselves, we also all know the danger of being penny wise and pound foolish and that going over the top with money saving can actually wind up costing you money in the long run. Andrew Ellis of Poshh has some tips as to how to square this circle.
Understand how to judge the value
“We all understand that value is basically the relationship between price and quality, but while price is obvious, it can be less clear what makes a quality item.”, so says Andrew Ellis. “Lower-end manufacturers will often emphasize that they provide a similar feature set to their higher-end counterparts, which may well be true, for as long as the item works. What they don’t emphasize, but you need to understand, is that if they are providing that feature set at a much lower price than premium brands, then they obviously need to make cutbacks somewhere else and that generally means materials, workmanship or both. You may not be able to see this from pictures on websites, but you’ll certainly notice it when you actually use the item. On a premium-end item everything just works the way it should, shower doors open and close smoothly, buttons are easy to press, handles turn without having to be forced. Don’t let yourself be misled by creative advertising and jargon, focus on what actually matters and always remember that if a brand has been around for a while, that usually means it has lots of happy customers and there’s a reason for this. Of course, new brands can be good, but you need to research them a bit more carefully, or just work with a retailer like Poshh which does all the work for you so you can just focus on choosing what suits you best.”.
Decide how important a purchase is to your life
“Basically”, says Andrew Ellis, “the more important a purchase is to your life, the more you should aim to spend as much as you can afford to get the best, possible quality and, of course, vice versa. Major household items tend to be important because we use them a lot and I’d strongly recommend that you look on anything electrical or anything plumbed in as an important purchase because you don’t really want to be dealing with the consequences if it goes wrong. On the other hand, items you’re buying primarily for fun, such as seasonal decor, can be lower quality because you’re not going to be using them as much so it doesn’t matter as much if they’re not made to stand the test of time. Putting it another way, if you buy a low-end steam shower, you can potentially flood your bathroom if not your house, but if you buy some cushion covers and they rip, well, that’s nowhere near so bad.”.
Think about after-sales service
“There’s a lot of confusion about how warranties work,” says Andrew Ellis. “First of all, warranties are covered by the Consumer Rights Act, not the Sale of Goods Act, which was superseded in 2015. Secondly, the legal warranty come from the retailer rather than the manufacturer (and therefore only hold for as long as the retailer is in business) and thirdly you should probably work on the rule of thumb that you should only expect to be able to claim on a warranty for six months after purchase unless you have bought an item from a retailer and/or a manufacturer, which offers extended support. In theory you can make a claim for much longer, but after the initial six-month period, you need to be able to show that any fault was there from the point of manufacture and that can be difficult to impossible to achieve. Quality brands will tend to offer longer warranties and be prepared to support them because they have confidence in their products. Have a browse of Poshh and you’ll see again and again how the brands we stock go well over and above the legal minimum standards. This can matter a lot if you’re buying investment pieces like quality home goods.”.
Once you’ve covered all of that, then look at the price
“Price does matter” says Andrew Ellis matter of factly, “which is why, here at Poshh, we’ve long offered a price-match guarantee and we’ve recently improved on it. Now, if you find the same item elsewhere for less, we’ll not only better that price but we’ll give you an extra 20% of the difference on top as well.”. He adds, “We can do this without compromising on service through a combination of making the most of modern technology to help us run Poshh efficiently and by remembering the traditional keys to success, such as building great relationships with manufacturers so we get the best prices from them, which, of course, we then pass on to our customers.”.
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