From time to time, we all need to make big purchases. It might be something fun like an exotic vacation or building your dream house. It could be something more practical like an automobile. If you don’t have the cash, you need to make a plan to pay for a big purchase.
Cooling Off Period
Be honest – is the item you are considering buying something you really need? In most cases, the answer is probably no. But you say, “I work hard for my money, and I want to enjoy it!” – and you should enjoy some of it! However, often we really want something and, before we know it, we are back home with it. Then, a few weeks later, we wonder, “What in the world was I thinking?!” This is what is called an impulse buy. The way to avoid these types of purchases is to give yourself a cooling-off period. When you see an expensive item, and you really want to buy it but know in your head you don’t need it, write it down or even take a picture of it. Wait 30 days and if you still want to purchase this item, it is no longer an impulse purchase. However, the odds are you will not even remember this item or why you wanted to buy it.
Save Up
Think back a moment to your childhood. Maybe you were paid an allowance for doing household chores or got rewarded for a good report card. Remember saving that money for something you really wanted to buy and how good it felt when you finally had saved up enough to buy it? It seems like once we become adults, we forget this line of thinking. If you want to buy something you don’t have the cash for, you need to save up to buy it just like when you were a kid.
Wait for the Right Time
Many items go on sale at different times during the calendar year. For instance, fitness equipment in January, bathing suits in August, and television sets on Black Friday. Waiting for the ideal time to make a purchase not only means you will get it at a discount, but it may give you time to save up depending on when your item goes on sale.
Shop Around
Don’t buy the item you want in the first place you find it. You may be able to buy it for a smaller amount at a different store or online. Here’s a great trick – before you head out to make your purchase, enter whatever you are buying and the word “discount” or “coupon” into a search engine. You can also use the search engine to compare prices across different vendors. Enter the name of the store you plan to buy from and the same words too. You will be amazed at how many discounts you can find if you spend a minute or two searching online.
Buy Used
Depending on the item you want to buy, consider buying it used rather than brand new. Have you ever bought something, used it once or not at all and then tossed it into a closet to collect dust? Have you ever sold perfectly good items because you didn’t feel like packing and moving them to a new place? Have you ever received a really bad gift from a relative? Well, lots of other people have experienced this too so you can buy their stuff at a discount.
You Deserve It
Most of us can’t afford to buy whatever we want whenever we want. That does not mean we are not ever allowed to make a big purchase. With some planning, we can indulge ourselves without feeling guilty or breaking the bank.
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