What the Cost of Convenience Really Costs

Everyone knows that lunch out, buying an ice cream cone, and purchasing a cup of morning coffee are more expensive than preparing those exact items in your home, but what about the other little conveniences in life that you pay extra for?

To continue with the food and drink examples, think about your trip to the grocery store. If you decided to purchase ingredients instead of relying on take-out, pat yourself on the back, but just be aware that you are still vulnerable to grossly overpriced items at the supermarket as well. For example, a bag of salad mix costs about $4, whereas a head of lettuce is $2 and the meager amount of carrots and radishes that are sometimes present in such mixes equate to less than $1, resulting in a 33% markup. Even Jell-O, quite possibly the simplest dessert to prepare carries a staggering convenience premium. A 6-pack of Jell-O snacks retails for $5 compared to the price of Jell-O to prepare it on your own, which is less than $2. Are you in that much of a hurry to eat Jell-O that you cannot wait for it to set and would rather spend a $3 premium?

Valet parking and overnight shipping are two other high-cost, yet often needless, expenses that are often incurred. Some valet parking is unavoidable, especially when parking at a hotel. However, many restaurants in downtown areas charge exorbitant fees to park a car, banking on the fact that hungry restaurant-goers would rather add the cost of parking to the night out than spending the extra time looking for low-cost (or free) street parking. Overnight shipping is often the result of poor planning. Neglecting to drive to the post office until the last minute or ordering last-minute gifts online are two common catalysts for overnighting a package with costs in excess of $10.

These are just a few examples of the plethora of traps that people fall into on a regular basis. Before spending the extra money for conveniences, it is important to evaluate the value of your time. Instead of just factoring in add-on costs to an overall price, look at charges as individual entities. Maybe you highly value the 5 minutes of time that it takes to make Jell-O, but everyone needs a break from work. Instead of cutting back on stress-relieving entertainment, try to economize on the unnecessary conveniences that do little to your overall disposition.