This may sound like an oxymoron but it is actually an art. Most of us have some idea of what things cost and what we are prepared for them. There is also the question of whether you are receiving good value for what you spend.

I think the decision process goes something like this:

1. Is it a need or a want?
2. Is it in the budget?
3. Is there another way to get it? (such as rent or borrow)
4. Does it go on sale or can I buy it used?
5. Can I afford it or how much can I afford to spend?

Once these questions are answered, others follow:

1. Can I afford it?
2. How much can I spend to get the best quality?

As my mom used to say, buy quality and it will last. She’s quite right and for many things, getting the best quality item for your money will do you in good stead for time to come. The other piece of advice is to buy classic rather than trendy so that your investment is something you will be happy to use or wear for years to come. If it’s something you will use a lot, it’s worth it.