Research and careful consideration are top requirements before you decide on making that large purchase. To ensure you’re making the right decision, below is a short list of important questions to ask yourself before you start spending your hard earned money.
Do You Really Need It?
Stay as objective as you can when asking yourself this question. As leaving emotions out of it can be difficult, ask your partner, some friends, your kids, or even your financial planner Orlando, about what they think about you buying the big ticket item. If you receive pushback or questions about the necessity, hold off on the purchase, and see how you feel a week later. If you get a resounding yes, you’re one step closer to owning what you’re after.
Are There Any Alternatives?
Before you go and spend a lot of money, consider searching for alternatives that would still suit your needs. Maybe you only need this item a few times a year, and you can borrow or even rent it whenever the time comes. Or perhaps, a different name brand is less expensive, or there are different versions that would be more affordable. Consider all of these points and do some research on the availability of the item you’d like and it’s competitors, before splurging.
Do You Need It Now?
If you’ve come to the conclusion that yes, this exact item warrants purchasing, the next question is about timing. Does this need to be bought now? Can you wait for it to go on sale, or put away some money and buy it in the future? If there isn’t a timing necessity, budgeting for a bigger purchase will make the entire process go much more smoothly.
Big ticket items truly require careful consideration. Answering these questions is a great place to start in order to avoid buyer’s regret. Of course, one of the most important factors, and a throughline in these questions is your current financial situation. Before you spend over $1000 on something, make sure you’re comfortable with the purchase and make sure you’ve got money in the bank to maintain your lifestyle, after you buy that expensive item.