How to Make an Expensive Purchase Without Getting Broke

Sometimes, even the most budget conscious among us will be tempted to plunk down a pretty penny, in the hopes of securing a prized possession that is well beyond our means. In this hyper commercialized and materialistic society, it’s normal to feel tempted by shiny things both big and small, only to realize that your monthly stipend cannot accommodate purchasing the thing that you desire. Or, it could be that you absolutely need to buy something that will take better care of you and your family, yet the problem of limited funds remains. This is an awful conundrum that is bound to haunt working and middle class folks alike, in varying degrees. Life mandates that we make an expensive purchase from time to time, due to circumstances well beyond our control.

If you need to make one soon, but worried about going broke, then this guide is for you.

Evaluate Usefulness of Purchase

Your decision, and how best to finance it, will largely depend on the kind of purchase you need to make. Is it something that is incredibly useful to you and your well being, or is it something harder to quantify, such as a nice suit or season tickets to a basketball game? For some non-essential purchases, your only course of action would be to close your eyes and charge it to your credit card, swallowing the interest rate and the dent it will make in your bank account.

For other essential services, be they medical, home or business related, then you can ostensibly take the immediate financial hit, knowing that you will get a return on your investment, eventually. If it’s something you really can’t make do without, then, by all means, purchase it – there’s no reason to delay. Whether it’s a necessary medical procedure, or an electric generator you need to buy for your home or business from the experts over at Krugerpower.com.au, then these are expenses that are easy to justify. Not only that, but there is a greater chance that the company will offer you some way to finance it. Be it through a medical credit card that will have 0% APR, or smart installment plans available through dozens of trusted outlets. These vendors know how necessary their products are, and would be willing to help make them more attractive for customers – a very different plan than that offered by manufacturers for impulse purchases.

Letting Go of Guilt

After carefully assessing the usefulness of the potential purchase, you might have to do some work to let go of the guilt entailed. This is often easier said than done, but it is necessary, for what is the use of purchasing something if you’ll only beat yourself up about it afterwards?

If you are a person who practices conscientious spending and is not prone to extravagant purchases, then the one or two times that you do buy something expensive should – generally speaking – not be responsible for sending you to the poor house. If your finances are under control and you are diligent about making monthly payments, then things are most probably fine.

Assessing a Game Plan

Ok, now that you have done the mental and emotional work of deciding to buy something, you should focus on setting up a game plan to make sure it’s paid for, eventually. If the store of the manufacturer offers a financing plan, then jump at the opportunity. Some of these proposed plans can be no money down, or a modest down payment in return for zero interest monthly installments that can go for as little as twenty, thirty, or fifty dollars a month, depending on the overall cost of the product or service. We would strongly advise you to go down the route of zero interest, whenever possible since it helps you save money on your purchase in the long run, and you will have been able to pay it down in the most sensible way possible.

Another important thing to note is that you should automate all your payments right away, if you haven’t done so already. Especially for the new, expensive purchase you just made. This takes the guesswork out of knowing whether or not you have the money required to not only meet your basics – food, rent, transportation, etc. – but also gives you peace of mind in knowing how much is going to pay off the more expensive purchases. The more organized your finances are as a whole, the better off you will be.

Other Methods of Destressing

Making an expensive purchase – even one that doesn’t necessarily qualify as an impulse buy – is bound to make you feel an inordinate amount of stress regarding your finances. However, there are different ways of alleviating these feelings of guilt and anxiety.

First off, we cannot overstate the importance of finding a finance plan that offers low monthly payments with zero interest. This is the best case scenario, and will ensure that you have a modicum of control over your finances, and that the financial hit is in reality just a small blip on your radar.

Second, you can try better preparing yourself for such a purchase by putting aside fifty dollars a month – or whatever your monthly budget will allow – for large purchases. That little pool of money adds up quicker than you expect, and you will find yourself able to pay for different things soon enough.

Finally, looking into a side gig can never hurt. Nowadays, there are plenty of freelance jobs you can pick up without overscheduling yourself. From writing, editing, driving, or what have you – pick whatever fits your skill set and lifestyle, and run with it. Even if you earn only a little bit every month, you will find that it adds up and allows you to have a bit of an emergency fund with little effort. That way, your expensive purchase will not feel so out of reach.

At the end of the day, if you plan accordingly without acting simply out of emotion, you will be able to make those expensive purchases, without it hurting your savings account too much, or depleting your energy levels. Researching the options available to you is bound to save you a lot of headaches, not to mention money.