Hello World! Welcome Friends! There’s nothing worse than the regret you feel and the money wasted on a big purchase that went wrong. You work hard for your money, so it makes sense to take time and put effort into making the right choices when buying something costly. These big purchases will come up throughout your life, from getting a new mattress to picking a car. Plan ahead, budget, research, and think about the big picture before your next major buy to ensure you get it right.
Research, Research, Research
You can’t make a purchase plan without knowing something about what you’re buying. Spend time researching so you can get familiar with the products available. Research online, and if appropriate, in stores. Learn about the products, their features, quality level, and price points.
Check out this mattress buying guide for a good example. A mattress is a big buy because it can be costly and will have a big impact on your quality of life. Read up on mattress types, materials, firmness, sleeping styles, size, and more. The more you know, the better choice you’ll make.
Armed with knowledge about the product, you’re ready to do some comparison shopping. Look at what different companies and brands have to offer. Read up on reviews from consumers for an honest look at your options.
Budget and Financing
Now that you know what’s available and what all the options cost, make a budget. You’ve seen a range of prices and can now decide what you can and cannot afford based on your personal finances. Deciding on and sticking with a price limit will help you avoid overspending.
As you set a budget, keep in mind financing options. Depending on the product, you may need to finance it. For instance, you’re unlikely to buy a new car outright with cash. Look at your financing options and consider their costs when creating your budget.
Set a Savings Timeline
Financing may be necessary for some big purchases, but you can save and buy the product outright for others. Even with financing, it’s a good idea to plan ahead and save to minimize the amount you finance and pay interest on.
Saving is most effective when you have a plan in place that includes a realistic timeline. Consider the product’s price, what you can afford to spend on it now, and how long it will take you to save the rest. One way to speed up the savings timeline is to earn extra cash. Get more hours at work, find a part-time job, or get a side hustle, like ridesharing, to save faster toward your purchase.
Have Some Options
Avoid setting all your hopes on one specific product. This can lead to disappointment if you ultimately can’t afford it or overspending if you go ahead anyway. The best way to make a smart purchase is to give yourself a few options.
With a budget in mind, a plan for saving, and research under your belt, narrow down your choices to two or three. Do some more research on each one and create a list of pros and cons. This can help clarify the options.
It’s also a good idea to talk to other people you trust. It’s easy to get tunnel vision when spending so much time researching and deciding on a big purchase. Someone else can point out problems you didn’t see or potential upsides to a particular product. Also, dig deeper into reviews for your final list of choices to get more information and insights.
Think Big Picture
Before pulling the trigger on the buy, consider the big picture. A major purchase is usually for something that will be in your life for a while. Think about your future and how it fits. Will you still want it two years from now? Five? Will it continue to fit into your lifestyle, or will it be outdated as your circumstances change?
For any significant investment, it’s worth taking time to make the decision and to consider its future impact. Look at it from all angles, and don’t get pressured into going ahead with the purchase until you’re ready. This also gives you time to see if any sales pop up in the meantime.
Feel Good About Big Buys
In the end, you want to feel good about the choice you make. If that means spending a few months or even a year planning, researching, and saving, it’s worth it. Be thoughtful about significant purchases, and you’ll never regret them.
Click the links below for any posts you have missed:
5 Tips for Engaging with an HOA
How to Handle Most Common Pest Problems
Areas to Add to Your Spring-Cleaning List
Take Your Garden To The Next Level
How Real Estate Agents can Use Twitter
I’d love for you to join my email list! You’ll receive a notification straight to your inbox which will include links to my latest home project posts! Simply enter your address below.
Thanks for stopping by! Have a wonderful day/night depending on where you are in the world! Go with God and remember to be kind to one another!
Toodles,
[…] How to Plan Before Making a Big Purchase […]