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How to Plan For Big Ticket Purchases

Big purchase should not send your budget to an online cash advance

Major purchases can through a budget plan off whack. The typical advice to not buy anything you cannot afford is not always applicable. Some purchases must be made. How we think about the actual purchase and the effort made to shop for the best price without giving up on quality? It is what financial plans need. Make careful considerations to how the budget will adjust to the added expense without falling more reliant on credit cards or have to apply for online cash advance help. A well thought out plan works best to keep finances on track.

Do you need a new washer or dryer? Did your home computer stop working? Even if you have to make room for a new baby, redoing any room should not break your bank. Create an action plan to make your purchases more budget friendly.

– What is it that you need to purchase? Be specific. If you need a new washing machine, you will want to describe what you need. For example, “I need a new washing machine that can handle about 8 loads of heavy laundry per week.” If you are looking for a new refrigerator think about what you need, “I need a new refrigerator with plenty of space for storing leftovers and a large freezer section for meats and frozen dinners.” Don’t forget energy efficiency to keep utility costs down.

-Do you have exact criteria that you cannot do without? Maybe it is color or certain features that you must have. Since many features and even colors will upgrade the cost, you have to be clear what is a want and what is needed. If you have never used certain features on the old model, chances are that you can live without them.

-Look at your options and begin to narrow down your choices. Remove those that do not have the features you want. Shrink your list to two or three choices.

-Compare items. List the pros and cons for each option. Be specific.  “Option 1 is the right color but limits my freezer space, option two has everything i want and need but doesn’t fit my budget.”

-Which item matches your needs best? If they tie in that end, go to your wants list.

-Evaluate yourself. Do you feel good about this purchase? Did you stick within your budget limits?

It is always good to save for large purchases whenever possible. The less you have to charge on a credit card, the smaller your monthly payment and interest charge as well. Emergency purchases are sometimes unavoidable, so it is good to have an empty credit card on hand. Buying cheap may not be in your best interest as these items tend to break down sooner. You can always hope that you need to buy a new refrigerator during a blowout sale at your local merchant. Online sales work too if you know exactly what you need and the dimensions of the available space.

Smart spending is your ticket to keeping your budget manageable. You don’t want to end up buying more than you can manage. The price will only go up when the debt sits for too long with only minimum payments made each month. If it outspends your income, the last thing you need is online cash loans to make good on other payments.  Make your plan and stick to it.

About Holly Petherbridge

I am a Blogger, Web Content Writer, Teacher, Mom. A woman of many hats. As an elementary teacher, I had always encouraged my students to write more. I find myself falling back on my own teaching techniques to share what I know about building and rebuilding personal finances.
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