Who doesn’t like cheap and good stuff? Getting something of high value for a low price is like striking lottery. Haven’t you heard of a penny save is a penny earn?
Is cheap really good? It depends.
Last week alone, I got some cheap deals and a not so cheap deal.
I was celebrating my wife’s birthday in our neighbouring country. This happened to be the most value for money celebration we ever had. The best thing of course, my “boss” was very happy.
First of all, our hotel or motel is cheap. With S$61, it is unique in its own way. This boutique hotel takes on the couple theme which suits us. On top of that, the cleanliness of the room definitely looks more than S$61. Security is everywhere in this small premise. Elevator, wine room and getting into the hotel at night requires keycard to access. In this instance, cheap is good.
Second, we were exploring various activities around the area. We found a massage spa. A SPA not a massage parlour. S$40/person for 2 hours of foot and thai massage. In this instance, cheap is good.
Third, proceed to usual dinner place with crabs and prawns which my wife had craving for. Only S$40 for two, In this instance, again cheap and good!
Fourth, we went to sing in a karaoke room. The price that we paid is ridiculously cheap. Room is clean, sound system is good, song system is new with updated songs. For 3 hours, we paid S$4/person. In this instance, once again cheap is good.
It was a weekend of cheap is good until…
My $18 digital watch drowned when I brought it for swimming yesterday. This watch lasted for a week. Though it’s only $18, it is very expensive.
So cheap can be subjective. While paying for the $18 watch is cheap at the point of purchase. One week later, it becomes very expensive.
Purchasing something that you think is cheap may turns out to be pricey. This brings us to price vs value. Some people can’t differentiate price and value. They are not the same. That $18 watch is price at $18. But the value is lower than $18. It means the price of watch is over value or in layman term, expensive.
The opposite example will be the recent Procrastination Buster Workshop that I conducted. The price of the workshop is $25 but the value that participants took away is about $200 – $250. The workshop is undervalue or in another word, cheap.
With the ability to differentiate price and value, you can save more money or avoid over spending. Recall what are some of the items you have been over or under spend?
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