Within the last year and a half. I have been forced or wanted to make some big purchases in my life.
You know BIG purchases like
Car (forced too my old car gave out on me)
House( wanted too tired of living in an apartment , paying someone else’s mortgage.. just doesn’t sit well with me)
Education (Those school loans are a beast, grad school killed me)
and many more
I want to share with you no matter if you purchase these things cash or loan you need to prepare yourself
- Decide if the purchase is necessary for whatever your circumstances are now. Don’t go out and make a big purchase now on the promotion you plan to get next year… well you can but you will stress your self out.
- How will buying or not buying this thing affect you .. is it necessary for your future?
- SAVE. If you want to buy something cash money you have to save. If you want to get a loan for a house or car you may need down payment money and that still requires you to save
- Remember your are now committing to pay back with interest on a loan. can you handle the payment?
- Put your self on a budget and review it. If you are in the red before you purchase something you may want to rethink purchasing something new overall
- Maintaining what you purchase. Yes you can get a car or house cash but having nice things come with maintenance . A car needs gas, tune up, oil change,breaks, tires, registration , insurance, oh dont forget parking tickets (I am the queen of those) … you get my drift you need to think about that too. A house will no longer be the managers problem when you have a leak in the bathroom now its your issue. You have to prepare to maintain your purchase.
- Negotiate. You can negotiate a better interest rate if possible, payment amount, perks, due dates. (This is what I did with my school loans. I negotiated my payment amount and due date)** NOTE: Even if you file for bankruptcy school loans are the only loans that WILL NOT BE waived, they will still be there, this is in the US **
- Be wise with what you purchase. Yes you got approved for a Jaguar but you don’t want to live on noodles and macaroni just to buy a fancy car
- **Rule of thumb** have your paper work for your purchase in order. Bank statements, job verification, pay stubs, etc.
Have you purchased anything major ? Did anything I listed resonate with you?
Want me to write a post about anyone of these purchases in particular? Let me know
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“Get your mind right and your body will be too”
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