Is it worth it? 5 things to consider before making that big purchase.

We all know this scenario too well. You’re casually strolling in your favorite mall.  The plan was to do some window shopping that day. You wanted to buy a new cooker because the one you have is broken, or you read somewhere that a convection oven is better, or it simply doesn’t go well with your new kitchen decor. You were only meant to window shop that day, compare prices and different brands you could try. You then spot that big red and yellow sign on one appliance store, “UP TO 80% OFF!!*”. You peep in and see all the new stuff you can get. Your dream cooker is right there, nice and shiny but the price tag is a little scary. You notice that the sale was on select items only and your cooker wasn’t part of it. That sign outside had a little, almost invisible asterisk on it. 

You can still get it but, is it worth it?

Being able to make the right buying decision is a necessary skill in this age. With ads online and huge sale signs everywhere, it’s easy to get caught up in the noise and buy something you really do not need. Today we’ll take a look at five simple steps you can take before making that big buying decision. These tips will help you buy things you really need and buy the best quality at a fair price. 

Is it something you want or need?

It’s important to understand the difference between a ‘need’ and a ‘want’. Many are times we think we need something but on looking at other variables, we actually don’t. A need is defined as a necessity arising from a particular situation. A want on the other hand is a wish, crave or desire, not necessarily stemming from a particular situation. Take some time to really think about this. 

Will it serve an immediate purpose? 

Will the new pricey item you’re about to purchase serve an immediate need? Many of us buy things on the basis that we might use it later. Most times, we end up shelving that item or using it once in a long period of time. It’s worse when you already have a similar item like in the little hypothetical story we started with. If it’s something you know for sure you’ll use more often than not, or will serve a dire need you have, go for it. But before you do, keep reading!

Think about it (again)

Be honest with yourself. Are you buying it because it’s on sale, trendy or someone else has it? Practicing some level of restraint will have you consider all variables and outcomes before making that purchase that might significantly dent your account. One rule you can consider is to take a week or two before making a big purchase. 

This will give you time to reflect on the reason why you want this item and also to take into account the next two points. 

Compare prices

Always take some time to window shop first. Check out the prices of that item in 3-5 different stores. Look out for value addition; things like after-sale services, warranty and the authenticity of the brands. Check online reviews as well to determine if it’s worth the spend or not. You also have to be cautious with online reviews as some brands tend to buy them. Look for the best, and worst reviews from different sites to make an informed decision. And finally…

Choose the best quality

We can’t stress this enough. Choosing the best quality of a valuable item will save you lots of money in the long run, in terms of maintenance and repairs. Great quality items tend to be a bit pricier than their generic counterparts but you’d know for sure that that item will serve you for a very long time. Think of it as an investment that you wouldn’t need to replace over and over again. 

If you take some time to consider all the above before buying that dream item, you’ll grow to be a wiser spender and great saver. Making the best buying decision is part of financial literacy, something most of us weren’t taught in school. There is a lot of information online and courses available locally that you can take.

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