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Ask yourself these 8 key questions before considering making a big purchase

Moneymagpie Team 20th Sep 2022 No Comments

Reading Time: 2 minutes

Making a large purchase can be a daunting task, but with careful planning and budgeting, it can be manageable. Save up in advance by setting aside money each month so you can avoid going into debt or using credit. If you do need to finance a purchase, make sure to use your credit wisely. Shop around for the best interest rates and terms, and be sure to make your payments on time to avoid accumulating debt. Check out Credello’s recommendations for personal loans so you can be smart while financing. When making a large purchase, be aware of how much it will impact your overall budget. Make adjustments as necessary to ensure that you can still afford your other expenses.

Here are a few key things to consider before spending a significant amount of money on something.

  1. Do you need it?

Before making a purchase, especially a large one, it’s important to ask yourself whether you need the item. If it’s something you can live without, it might be best to save your money.

  1. Can you afford it?

Make sure you can comfortably afford the purchase before going ahead with it. There’s no point spending money you don’t have or putting yourself in financial difficulty just to buy something.

  1. Will it last?

Consider how long the item is likely to last. If it’s something you’ll only use for a short time, it might not be worth the investment. On the other hand, if it’s built to last, it could be a good purchase.

  1. Is it good quality?

It’s important to make sure you’re getting good quality for your money. With big purchases, you don’t want to end up with something that falls apart easily or doesn’t work well. Do some research to find out if the item is worth the price tag.

  1. Can you get it cheaper elsewhere?

Do some shopping around before buying to see if you can get the same item for less. There’s no point in spending more money than you need to.

  1. Is there a better alternative?

Think about whether there might be a different product that would serve the same purpose and be a better fit for you. There’s no point in spending money on something that isn’t exactly what you need.

  1. What are the returns policy and warranty like?

When you’re spending a lot of money on an item, it’s important to know what the returns policy and warranty are like in case there are any problems. That way, you can be sure you’re protected if something goes wrong.

  1. Have you considered all the consequences?

Think about all the potential implications of purchasing before going ahead with it. For example, is it an environmentally-friendly choice? Will it add to your stress levels? Consider all the possible outcomes before making a decision.

Bottom Line

Asking yourself these key questions can help you to make smart spending decisions and avoid buyer’s remorse. Be sure to take the time to think things through before making any big purchases.

DisclaimerMoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence 

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Jasmine Birtles

Your money-making expert. Financial journalist, TV and radio personality.

Jasmine Birtles

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