In your life, you’re bound to make a few big purchases. However, while some people only think of big purchases as ones that cost a lot of money, other people may consider even smaller items to be a big purchase if that item is going to have a big impact on their life.
Either way you look at it, there are certain times where you’ll need to think long and hard about something before you buy it. So if you’re on the verge of buying something big in your life, here are three things to consider before making that big purchase decision.
Figure Out Your Priorities
Unless you’re someone with unlimited financial resources, you’re likely working within some kind of budget as you make this big purchase. Because of this, it’s important that you think about how your other priorities will be impacted by this other big purchase.
According to Barry Ritholtz, a contributor to Bloomberg.com, it’s worth noting that when you spend money in one area, you’re essentially giving up your ability to spend that money in another area. So as long as you’re okay with prioritizing your purchase today over the purchases that you’ll be making in the future, you should feel confident that you’ve properly prioritized the current big purchase that you’re considering.
Do Thorough Research
Once you’ve decided that you’re going to go through with making your big purchase, you should then do everything you can to ensure that the exact item you’re buying is what you want.
As you do this, Andrew Schrage, a contributor to Forbes’ Young Entrepreneur Council, shares that you’ll want to put a lot of research time in to ensure that you’re spending your money on something of quality. The extent of the research you do will vary based on what it is you’re buying. For example, if you’re buying a semi trailer, you may want to look at a buying guide and see the actual product you’d be purchasing. But if you’re buying something smaller or less complicated, less research may be required to still do a thorough job.
Buying New Versus Buying Used
In many situations, you may be considering making your big purchase by buying something used.
When buying something big or expensive as a used product, Miriam Caldwell, a contributor to The Balance, recommends that you consider how long you plan on having this item and how long or hard it was used before you’d be buying it. While wear and tear is less important for some items, other items need to be treated very well in order for them to retain their value when bought used.
If you’re going to be making a big purchase decision soon, consider using the tips mentioned above to help you make the right choice.