Close your eyes and think back to the time you made a major life purchase. For some, it might be a first car, a house or even some higher education/certification! Do you remember the panic and anxiety you felt as you moved forward with your decision? The moments of doubt you had or just the complete fear that this decision could bring you into financial ruin! Hopefully you’re happy with your major life purchase today, but in the moment, it can be quite a nerve wracking experience.
Take it from someone who has a few big purchases under their belt. I still battle those feelings when it comes to major purchase decisions, but these days, I’ve learnt to manage this anxiety and in today’s blog post I will be sharing some tips for the next time you have to purchase something costly.
I think this goes without saying but just in case you needed reassurance, it is very important to first sit down and have look at your finances. You will need to figure out just how much you can realistically spend on your major purchase. Remember you still have to eat and bills still need to get paid, so it’s good to know where you stand financially before pushing forward with any major purchase.
Not to sound overly obvious here, but some good old fashioned research is necessary to make an informed purchase decision. Before I purchased my car I took a solid couple of months to research various options. I looked at the pros and cons of purchasing secondhand vs. leasing as well the extra costs that came with buying a car such as insurance and maintenance. By the time I was done I felt pretty confident about walking into a dealership to make my purchase.
Until it’s a done deal and your purchase is complete, you basically will not know how it will turn out. For those who’ve purchased a home for example, then you know how much of a waiting game it can be from the time your offer is accepted by the seller to the day you eventually close on your property! If you do have doubts however about your purchase, what you can do is consult others who have made similar purchases to get an idea of what their experience was like. Sure everyone’s financial situation might be different and they might also be at a different stage in life than yourself but I find personal accounts can offer great insight into the nitty gritty of any major life purchase.
The smart thing to do once you’ve narrowed down your options, reviewed your finances and gotten a 2nd opinion is to take a day or two and think through your decision. Don’t be like me and put an offer in on the first house you look at! You want your decision to be a confident one, not one where it feels rushed or is on impulse. I find that once I have time to think on a purchase I have less buyer’s regret on it. If I’m still mulling over the item after a couple of days then that’s how I know that’s it something I truly want.
What are some big purchases you have coming up in the next few months? Let me know in the comments below!