Sometimes You Just Have to Replace It
By Keith Bunn Jr.
November 4, 2013
What to do Before Making a Purchase
As frugal as I am, there even comes a time where I have to say, "Replace It!" And there even comes a time where even buying brand new stuff is except-able, but not always.
Let's come right out and say it... buying something new or just new to you, can be emotional. You get excited about getting the item. Chemicals are naturally released into your system causing both physical and emotional responses, and if we're not careful, those responses can cause us not to make wise decisions about a purchase. Knowing this about ourselves is the first step in protecting ourselves from either being ripped off or just spending too much on the item. With that being said, there are 5 simple rules we all need to follow to have power over our purchases.
1) Wait overnight before making purchases.
2) Carefully consider our buying motives. No amount of stuff equals contentment or fulfillment.
3) Never buy anything you don’t fully understand.
4) Consider the “Opportunity Cost” of our money.
5) Seek counsel of our spouse or accountability partner.
Brand New is Not Always the Answer
Again, we would all like to get brand new stuff when it comes to replacing things that break down in our lives. But buying brand new is not always the answer. Like cars for example: buying a brand new car doesn't make sense unless it is a very small part of your overall net worth, because they go down in value so quickly. And if you have been following me for 30 seconds, you know I'm not going to tell you to make payments on the purchase or to put it on a credit card. If you have to do something like that to buy it, you can't afford it.
But there are other options out there that are almost like buying brand new without the brand new prices. To give you an example: if you need to replace an appliance of some kind, you might want to check the scratch and dent sections of the store. You can find awesome deals there at times and sometimes you won't even see the scratch or dent after you get it in place at home.
There are even rare times you can get awesome deals on cars after a big storm. Years ago, before I moved down to Georgia, they had a huge hail storm, and all the cars at all the dealers looked more like golf balls than cars. It would have cost the dealerships tons of money to fix them all, so to move the cars quickly, they greatly discounted them. Even back during the recession, while gas prices were through the roof, car dealers greatly discounted all their pick-up trucks to get them off their lots.
Pawn shops are also a great place to find great deals. Most of the time, items there have been greatly reduced because they are not brand new, but they can be in new like condition. As an example: you can get awesome, high guilty jewelry there at great prices. Way better prices than at a retail jewelry store, but you have to be careful that you know what you're buying, so do your homework before making a purchase there.
Well, I hope I gave you something to think about. Don't forget about the 5 rules to have power over your purchases, and don't always think that brand new is the way to go when replacing things. Shop around and find the best deals!
The reason I do this, is to give people hope and to try to inspire others. To make people think about their finances, whether they are young or old, so they can win financially.
If you have any questions for me about my posts or if you need help learning how to live on less than you make and creating a budget, you can call me at (616) 454-2046 or e-mail me at email@example.com. I’d be happy to help!
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