You have had your eye on that new car, gadget, dress or whatever it may be for a while now.
Knowing that it will soon be in your hands has kept you motivated during those long days at work.
The time has finally come where you have enough money to buy it, and you are filled with excitement just thinking about it.
But wait a second.
You are just about to part with a lot of money. You want to make sure that you don’t make a mistake.
3 Questions to Ask Yourself Before Making a Big Purchase
1. Will it make me happy?
This is the most important question to ask yourself. You don’t want to part with hundreds, thousands or even hundreds of thousands of dollars if what you buy will not add any value or happiness to your life.
If the answer isn’t a resounding yes, then maybe it would be better to hold off on the purchase until something that would really make you happy comes along.
2. Can I buy it used?
Buying something used rather than brand new can save you a considerable amount of money. For example, buying a used car instead of new one can often save you thousands of dollars. Does it really matter that it is used?
If it still looks the same, has passed all the checks and drives the same, then why not buy the used version?
Every time the opportunity to buy something used instead of new presents itself, ask yourself, Is my ego the only thing making me spend more money?
3. Is now the best time to buy?
Depending on the time of year, you can pay much more for something than you would normally have to. During Christmas, for example, prices are inflated. Therefore, it is better to wait until after Christmas, when there will be numerous sales on.
Is what you are looking to buy brand new? When something has just been released, you will have to pay a premium for it. This is often the case with technologoical products. Consumers have to pay more because they want to be among the first to have the new gadget.
When it comes to property, is it a seller’s or buyers market? You certainly don’t want to be looking to buy property in a seller’s market. Can you wait a year or two for the market to change?
Timing is everything when it comes to getting the best bang for your buck.