Before You Make a Big Purchase, Read These Tips!

Got your eye on a big purchase? Maybe it’s finally time to buy a new car or perhaps you’re saving for an even bigger event like college tuition or a wedding. Whatever it is, these tips will help put it all into perspective.

Before You Buy…

Check your upcoming bills to make sure you have enough

You may have several hundred dollars, or even $1,000 or more saved up to finally replace that 80’s relic of a couch that’s been an eye-sore in your living room for years, but what if another, more pressing bill comes up at the same time -- can you handle both without breaking the bank? It’s not a question we like to think about, especially if we’ve finally saved up for a major purchase, but it’s one that will help you prioritize over what’s necessary and what’s just “nice to have”.

Wait 24 hours before your order to avoid the impulse buy

Many people have found themselves the victim of an impulse buy that they regret (and can’t return), so to avoid this buyer’s remorse, try to wait 24 hours before you make your purchase. This will help soothe that impulse rush and help you feel more in control of your spending. If you can afford it and 24 hours have passed and you still want it -- go for it!

Is there a better use for that money?

It might pain you to think about it, but what other, more important uses could there be for that money? Sure, you may have had your eye on that tropical vacation for years now, but that $5,000 credit card debt isn’t going to mysteriously vanish, either. And the last thing you want is the gnawing dread of credit card debt eating away at your enjoyment of that vacation you’ve saved long and hard for!

What other costs are involved?

When you make a big purchase, it’s seldom just a one-time thing. There may be other costs involved in the short or long term. For example, if you’re buying a new car, you’ll have to consider things such as the registration and paperwork, as well as other costs depending on where you live, like snow tires or other maintenance.

Is this really the best price?

You may be able to save a considerable amount of money on your big purchase by shopping around. Everything from vacations to exquisite clothing and even insurance policies can be compared online to find the best deal. Don’t hesitate to shop around -- it could save you quite a bit!

By following these tips, not only will you be able to enjoy your new big purchase with confidence, but you’ll be able to truly relax and enjoy every moment of knowing that you worked long and hard to save for it -- relish these moments!