Monday, December 27, 2010
Money Monday: When To Pay Full Price
Everyone is always looking for bargains, but there are times when trying to save can actually hurt you. In tonight's Money Monday, 7's Lynn Martinez is here to to show us when it's best to pay up.
WSVN -- We work hard for our money, so it's only natural to try and get the best price, but there are times when quality should matter more than cost.
Bill Tejeda, Florida Dept. of Business & Professional Regulation: "Usually the consumer is the one that's harmed if you go with cheap instead of going with the professionals."
Bill Tejeda is with the department of business and professional regulation. He says that's especially important when you hire a contractor.
Bill Tejeda: "If you try to save money, sometimes you could pay double or triple the amount that you originally paid if you do not do your homework and do the work with licensed contractors."
A good contractor might cost more, but their work is a real investment in your home. So, make sure they're licensed, insured and have a good reputation.
A caregiver is an investment in the people you love.
Bill Tejeda: "This is certainly a decision you want your child or elderly parents to be safe and comfortable and well-cared for."
Angie Hicks is the creator of Angie's List, a national consumer review website.
She says after checking background and credentials, consumers should decide what they really need from a caregiver before considering cost.
Angie Hicks, Consumer Expert: "Then you're able to make decisions about and be able to evaluate the charges and be able to really compare apples to apples."
Another thing you never want to skimp on medical care.
Dr. Blane Shatkin, Memorial Hospital, Pembroke Pines: "You want the best taking care of you. It shouldn't be going to the cheapest guy or the guy who's going to give you the best deal."
That's especially true of elective procedures like plastic surgery, when patients are more likely to shop around for a doctor.
Dr. Blane Shatkin, Memorial Hospital, Pembroke Pines: "Some guys will advertise that they're board certified, but they're not board certified by the American Board of Plastic Surgery, they might be board certified by something else, but not certified for the field that you're going to them for, so you have to be very careful."
Patients should also make sure the doctor does not have disciplinary actions or malpractice lawsuits.
Then, there are professional services attorneys, accountants or financial advisors. The decisions they make for you might cost more up front, but can save you money in the long run.
Angie Hicks: "You need to make sure you truly understand the credentials of the person you're hiring, how they bill and a complete estimate for the full project, not just what an hourly rate might be."
Then, there's the fun stuff. You really do get what you pay for with that special night out. Sure, you can sit in the rafters and save some bucks, but if it's a special occasion you might want to go for broke and buy the best seats in the house.
The lesson is: Do your research and before you buy and goods or services really think about how your purchase will affect you and your family in the long run.
If you have any other money questions or story ideas you'd like us to look into on Money Monday, you can tell us about it by emailing us at firstname.lastname@example.org.