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.
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”.
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!
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!
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.
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!