When thinking about making a big purchase there are a number of variables to consider. Whether you are simply buying a new flat screen television or a lounge suite, choosing a new car, or taking a big step like putting down a deposit on a house or apartment, it is important to look at your options carefully. Rushing into spending considerable sums of money without weighing up the pros and cons of your decision is not often the best way to go about making a purchase. The following are a few tips to help you out when making decisions that may affect you or your family financially.
First off, we know it is tough, but do you need the item? A new car is often a necessity, and so are other basic belongings like furniture or appliances for your home. However, do you really need that new flat screen TV? And can you afford to put down a deposit on an apartment? Make sure you weigh up your options – can the item wait until next month, so you have more time to sort out your finances? When you have gone through the process of questioning your purchase, if you do come to the decision that you do need the item, there are a few more options. Firstly, make sure you have the money to spend. If you do, go ahead! But if you don’t have the money to spend or are not too sure, there are a few other options to consider: personal loans, debt consolidation, and refinancing to name a few.
What other outgoing expenses do you have for the month? It is important to keep up with what bills are due, when rent or mortgage repayments are coming up, if it is time to pay the kids school fees or maybe time to pay off a holiday. Finances can often become confusing and bills can be forgotten about or lost when trying to juggle everyday life. Why not try using a budget planner to keep up with monthly expenses, or visit a financial planner to set up a schedule? If you are paying off a few debts, why not talk to a financial adviser about consolidating your debt, or making an arrangement to simplify your loans and bills?
In short, it all comes down to one simple question: do you have the money? Too many individuals choose to purchase expensive items without carefully researching both the product and their own financial situation. Ensure that you are in control of your finances rather than your finances being in control of you.
Talk to a financial adviser at lifeafterdebt.com.au today to make sure you can afford that new car or flat screen TV whenever you like. lifeafterdebt.com.au can assist you in creating a specific budget plan for your personal situation, and consolidating any debts you may have acquired. Contact us on 1300 237 669 for debt advice and assistance.