Happy Friday to you! I hope your week has gone well! Today our topic covers a frugal concept that's been on my mind for a week or two, purchasing wisely and the checklist I have for making a purchase!
First, there's a basic concept that I want to share, and that's this. If you don't have the money in the bank, don't make the purchase. My favorite money guru, Dave Ramsey says that if you can't pay cash, you can't afford it. I don't put things on credit cards. We have an emergency fund, and that fund covers things that aren't planned or budgeted. If there isn't money for an item, we don't buy it. That sounds rather simple on paper, but in real time, it can be difficult.
When we have budgeted for a big-ticket item, there's a checklist I go through before making the purchase. First, I go through some creative brainstorming processes to see if we really need the item. If the item is still working, then even if it's ugly, it stays and we wait on the purchase. Maybe we have something similar that will suffice? If the item is not working, then we brainstorm ways to fix it, and weigh the cost to repair vs. the cost of replace. If we make the decision to replace, then we go through another set of steps!
When we replace an item, we start with used if that's applicable. Anything non-electronic can usually be found used through thrift shops and Facebook marketplace. If we're talking about a large electrical item, we start with a simple online search for the best prices. I've been known to have three windows open at once, comparing models and pricing (for a laptop replacement). I'm looking for the best price, and the price range at first, but also for what I can expect to get for the price I pay. It always pays off to do homework on pricing before just blindly buying what we find first. This is the time in which I also take into consideration what major holiday is coming soon. Right now, it's black Friday. If we have a need before then, I'll be looking for that item on that day, instead of a non-sale day. We compare models and makes, and also sales and discounts at our major stores and online.
This may seem like a lot of homework, and it is, but it's worth it to know we paid a fair market price for what we buy. I do apply the "if there's not money for it, don't buy it" concept to most things. The plain truth of the matter is that there are very few things I need to purchase. Those things are where our funds go, like groceries and gas!
I hope this money chat helps you! It's an upside-down world we live in right now, and things are not becoming less expensive. It's time to start thinking frugally and acting accordingly!
Stacy
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