Think long and hard about your financial goals. Then look again at that major something you’re about to buy, that very something you’ve been craving or needing or wanting to complete your wardrobe, your home – your life!
Now walk away. Log off. Get a hold of yourself! Differentiate between your wants, your needs and your whims and if that thing is still whispering your name, take a cold shower.
Why? Because the world we live in is one of instant gratification, making it all too easy to part with cash, accumulate debt and fall short of our financial goals. That’s why it’s so important for you to:
- Set a threshold drawing a line between minor and major purchases (be it $100, $1,000 or $10,000)
- Do your homework and find the best deal
- Instead of whipping out your credit card or loan application, establish a savings timeline or look into layaway and other payment options
Once you've done all of the above, check out our tips on how to make smart, major purchases.
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