“Fixed My Life”: 30 Expensive Items That Are Worth The Price Tag

According to Davis, broadly speaking, you get what you pay for, however, it doesn't necessarily mean that spending more always makes sense. "There’s almost always an affordable path forward. Sometimes, that requires you to step back and look at your broader goal rather than assuming your choice is what you think it is," the co-founder of SparkRental.com told Bored Panda in an email.

"For example, when you’re planning a vacation, you could compare Cheap Hotel A to Expensive Hotel B, and sure, the expensive hotel is almost certainly nicer. But do you have to stay at a hotel at all? What if you stayed at an apartment or house through Airbnb? What if you rented an RV and slept in that instead of flying and staying at a hotel?" he said.

"For that matter, what if you designed a cheaper but just as fun vacation from scratch? You could crash with friends or family somewhere you’ve been meaning to visit, or do a road trip, or go camping."

In the meantime, the co-founder of SparkRental.com drew attention to some red flags that everyone should watch out for when it comes to products and experiences that might not offer more quality in exchange for a higher price. For instance, something to look for is "slick, expensive marketing campaigns."

"Think 'Disney vacation' instead of nearly any other trip, or 'Beats headphones' instead of cheaper alternatives with better sound quality but smaller marketing budgets. Look for unbiased online reviews by niche experts. You could plan a dream vacation to Europe or South America for less than a Disney vacation costs," Davis explained to Bored Panda.

Of course, there are always going to be areas in your life where it's worth spending more money. According to Davis, it's essential to make the distinction between being 'cheap' and 'frugal.' "'Cheap' means always choosing the cheapest option, regardless of quality or needs. 'Frugal' means looking for the best value, all things considered. I love fine wine, and sometimes spend a lot on a bottle, but I also maintain a list of outstanding affordable wines as well, that would stand up in a blind taste test to fancy bottles," he shared.

"Avoid being cheap with your health. That includes products like running shoes, so you don’t end up with injuries. Avoid being cheap with products or services that will improve your earning potential. Invest in your skills and qualifications—if they’ll directly lead to higher income," Davis advised.

However, he added that we shouldn't justify spending on things that we want by calling them 'investments' when they're clearly not. Honesty with ourselves is key here. "A luxury car is not an investment, it’s just a more expensive depreciating asset. Buy it if you want it, just go into it knowing that it’s a splurge, not an 'investment' that will somehow pay a return for you later."

If you happen to be a fan of legendary fantasy writer Terry Pratchett like us, then you might have heard about the so-called ‘Boots’ theory. It was proposed by one of his characters, Captain Sam Vimes, in the book Men at Arms, part of the Discworld series of novels. (Which we obviously recommend very highly, but that’s not the point right now.)

According to Vimes, buying quality items helps you save money in the long run. It’s what he called the ‘Boots’ theory of socioeconomic unfairness. “The reason that the rich were so rich, Vimes reasoned, was because they managed to spend less money,” Pratchett writes.

“Take boots, for example. He earned thirty-eight dollars a month plus allowances. A really good pair of leather boots cost fifty dollars. But an affordable pair of boots, which were sort of OK for a season or two and then leaked like hell when the cardboard gave out, cost about ten dollars. Those were the kind of boots Vimes always bought, and wore until the soles were so thin that he could tell where he was in Ankh-Morpork on a foggy night by the feel of the cobbles,” Pratchett continues.

“But the thing was that good boots lasted for years and years. A man who could afford fifty dollars had a pair of boots that’d still be keeping his feet dry in ten years’ time, while the poor man who could only afford cheap boots would have spent a hundred dollars on boots in the same time and would still have wet feet.”

The ‘Boots’ theory has seen lots of popularity over the years. Pratchett’s estate has actually authorized anti-poverty campaigner Jack Monroe to use the Vimes Boots Index as the name of her new price index, meant to document the creeping prices of basic food products.

Pratchett’s daughter Rhianna had this to say: “My father used his anger about inequality, classism, xenophobia, and bigotry to help power the moral core of his work. One of his most famous lightning-rods for this was Commander Vimes of the Ankh-Morpork City Watch - a cynical, but likable, man who attempts to better himself whilst railing against the injustices around him. Some of which he’s had a hand in perpetrating in the past.

“Vimes’ musing on how expensive it is to be poor via the cost of boots was a razor-sharp evaluation of socio-economic unfairness. And one that’s all too pertinent today, where our most vulnerable so often bear the brunt of austerity measures and are cast adrift from protection and empathy. Whilst we don’t have Vimes anymore, we do have Jack, and Dad would be proud to see his work used in such a way.”