This one may seem obvious but it actually took me several years to figure out. Of course, part of this was getting over the myriad things I could buy when I had my first paycheck and no financial responsibilities. Every weekend I would get a ride to the local flee market and find cheap trinkets that appealed to my 14 year old tastes. This phase was not for nothing, however, and I did have a chance to learn an important lesson.

One of my biggest weaknesses when it comes to saving money is that I instinctively gravitate towards purchasing the cheapest item available. For grocery stores, I’ll compare unit pricing, and for other items the lowest price tag wins. Except I’ve learned the hard way that sometimes the lowest price tag doesn’t always mean the lowest cost. While grocery shopping, unit pricing is great for comparing similar products but sometimes the cheapest juice may be more corn syrup or water than fruit juice. In that case, unit pricing doesn’t indicate highest value.

I’ve experienced the same thing in purchasing items I use on a day to day basis. In a span of five or so years, I was replacing my watch at least once a year because it had stopped, or the faceplate had shattered, or for one reason or another it simply wouldn’t tell time. The watches I was buying were between 5 and 20 dollars a piece, so individually they weren’t that expensive, but adding them up now I cringe to think of the money i wasted on lousy watches. I could have probably saved quite a bit of money spending a little more upfront to get a watch that would last me longer. Trent at The Simple Dollar did a similar breakdown when switching over to replaceable batteries. Yes, the initial investment was more, but over time it paid off.

I certainly learned this one the hard way, and in this case had to take a page from my brother’s practice. Though my brother may not be the most financially savvy kid around (I got a call last night asking how to cash a check), one thing he’s good at is making smart purchases. Credit where credit is due, he taught me the benefits of reading online product reviews to help make an informed decision. Advertisements for a product have an agenda. People writing consumer reviews (for the most part) don’t.

With a Maine winter looming (a friend noticed frost this morning), I’ve been contemplating getting a bike trainer. While the most cycling stores stock and advertise one particular brand, a check into online forums indicated that most people were just as satisfied with the ‘generic’ version, particularly at a novice level. Without these reviews, I probably would have caved into advertising to buy the appealing bike trainer, rather than spend half the price for a comparable one. They also mentioned different types to avoid, trainers that I noticed fell into the category of being least expense. Product reviews then can tell you to shy away from an over-priced product, and inform you of poor quality in cheaper models. For some purchases you can also compare features. My mom called me recently for help picking out a new computer, and creating a spreadsheet comparing cost, necessary upgrades and functions made it pretty clear what the best value for her dollar was.

There are some products that you can also save on by buying them used. I just replaced my bike (which had been stolen) with a quality mountain bike at a rescue sale, a sale of abandoned items that were still in good condition. At ten dollars it was more than I’ve ever paid for a bike, preferring discarded bikes but this one is in great condition. And learning new skills, like fixing old bikes, can also be a great way of saving money if you have the time to invest. Right now, though I’m trying hard to rely exclusively on libraries, sometimes there’s no substitute for brightening my day with the acquisition of new books. Fortunately, there’s a cheap fix: I know several local libraries that collect book donations, which they then sell for next to nothing. My favorite spot has libraries for a dollar a bag.

Lastly, a rule I try to follow is to create a set waiting period to observe before making major purchases. Anything I consider a larger than average investment I usually add to a wish list where it remains after a certain amount of time. I’ve often been able to simply check items off of my list after that waiting period when I discovered that I wasn’t as interested in the item I thought I was. This also helps prevent you from creating a need. Our consumer culture can often entice us to make purchases and subsequently justify their use: my sister frequently makes comments about clothes she bought saying “Well, I don’t really need it, but I’m sure I’ll wear it at some point.” Eliminating impulse buys means money better spent on items that will be more frequently used. Borrowing items can also help with this, but obviously this should be done carefully, as things aren’t always returned.

For further reading, Lifehacker links a collection of nine things you should never buy used, Nina goes over items you shouldn’t try to fix, and Moorea has a different take in Splurges that make sense.