One of the questions we sometimes have to ask ourselves is this: Is it sometimes worth it to pay a little more? The issue of the Netflix price increase has me thinking about when it might be worth your while to pay a little extra. For instance, if the Netflix price increase will allow the company to expand its streamed offerings, then I think that the higher price is well worth it.
There are other instances in which spending a little more might be worth it include:
- Higher quality: If you are getting a higher quality item, it might be worth it to pay a little more. Higher quality can mean longer-lasting. If you pay a little extra to get something that will last a longer time, you can come out ahead in the long run.
- Convenience: Sometimes, convenience plays a role in your decision to spend a little more. Recently, I booked an airline flight. I was comparing different flights, and found that one flight better fit my schedule in terms of when it left (after my son was in school), hours on layover, and arrival time in the new city. I decided the convenience of the flight was worth an extra $50.
- Time: What is your time worth? This is a question that you might need to ask yourself. If I want to see a movie on opening day, I usually buy movie tickets online. I have to pay an extra fee to do this, but I find it saves me at least an hour of standing in line. My hour of time is definitely worth the $2 fee paid on the ticket.
- Better experience: Many of us have different preferences. I love food. I would rather pay more for a better experience at a nice restaurant than for cheap — but mediocre — food elsewhere. If a better experience is available to you, and it’s important to you, it might be worth it to spend a little more.