In our consumer-driven world, we’re constantly surrounded by the temptation to purchase new items—electronic gadgets, fashionable clothing, expensive gold chains. Regardless of what types of products tempt you, there is always a cycle that surrounds major purchases. Many people recognize their desire for an item, but then feel guilty about spending the money. At this point, the person either makes the purchase anyway and feels additional guilt afterward, or they don’t buy the item and live to regret it later.
While it’s important to know how to manage your money, it’s also important to let yourself make those big purchases sometimes. If you’re considering investing in an expensive item, use some of these tips for smart purchasing before you make that final decision to swipe your credit card.
Tips for Purchasing High-Priced Items
Determine Whether This Item Is a Need or a Want
Before you dive into any research or start shopping around for your big purchase, you need to think about the reasons why you’re looking for this item. If you’re trying to buy an expensive appliance like a refrigerator or washing machine, this might be an example of a need. Appliances are used on a daily basis in your home and, if one of these important devices isn’t working properly, it’s worth investing in a new one even if there’s a high price tag. For anyone looking to make more of a luxury purchase like buying gold chains or an expensive handbag, this type of item is probably more of a want. Even if the item is a want and not a need, that doesn’t mean you should skip the purchase. You should just be more careful about spending a lot of money on a nonessential item, meaning you need to have a plan for how to pay for it, and you should be smart about the timing of your purchase. Every business offers some type of sale at least once a year. Look for these times or plan to make your major purchase around your yearly bonus to ensure that you can afford the luxury.
Before you dive into any research or start shopping around for your big purchase, you need to think about the reasons why you’re looking for this item. If you’re trying to buy an expensive appliance like a refrigerator or washing machine, this might be an example of a need. Appliances are used on a daily basis in your home and, if one of these important devices isn’t working properly, it’s worth investing in a new one even if there’s a high price tag. For anyone looking to make more of a luxury purchase like buying gold chains or an expensive handbag, this type of item is probably more of a want. Even if the item is a want and not a need, that doesn’t mean you should skip the purchase. You should just be more careful about spending a lot of money on a nonessential item, meaning you need to have a plan for how to pay for it, and you should be smart about the timing of your purchase. Every business offers some type of sale at least once a year. Look for these times or plan to make your major purchase around your yearly bonus to ensure that you can afford the luxury.
Do Your Research
When making an expensive purchase of any kind, you need to do your research to guarantee that you’re spending money on a high-quality product. The last thing that you want, as a consumer, is to drop a huge chunk of money only to receive a cheaply made product. Read up on multiple companies offering the item you’re seeking and compare qualities and prices. If you can examine the item in person, there are a few tricks to tell if it is authentic. Also, with the internet, it’s easier than ever to find information on product lines and read reviews, which is another crucial step when making a major purchase.
Because online shopping is such a common way to buy items, even expensive ones like furniture, gold chains, or other jewelry, the impact of consumer reviews has become even more important.
In fact, Bright Local’s 2018 Local Consumer Review Survey found that 86 percent of shoppers are looking at other buyer reviews before deciding to purchase. This can give you some insight into the product’s quality and value, as well as how the business responds to reviews that are less than satisfied. A company without a good customer support policy may be a red flag in case you also have an issue with your purchase.
Buy from a Company That You Trust
A company’s credibility is vital to how customers view their products, which is why major brands often net higher sales than smaller businesses. Brand recognition and loyalty often play a role in how shoppers buy. If you know of a reputable company that sells the item you’re looking for, consider researching more about their product line. It’s always a safe bet to opt for a company that you’ve purchased from before and had a good experience with. But, if this is your first time investing in something expensive like gold chains for men, you may want to examine the business a bit more carefully. Ask friends for recommendations, conduct outside research on the company itself, and potentially even contact the company for additional information. When it comes to high end products, especially via the internet, you want to make sure that this brand is trusted in the industry so you don’t end up with a counterfeit piece or a cheaply made chain.
Develop a Smart and Reasonable Financial Plan
Once you’ve decided that you are going to follow through with the purchase, and you’ve selected a company that you trust, you should determine how you’re going to pay for the item. Impulsively buying a major item can be dangerous, as people often overspend or buy on credit without a plan for how to pay it back.
Learn to budget for your expensive item ahead of time by either making a plan to save the right amount of money or using a credit line that you can pay back in a timely manner. Buying expensive items on credit can be risky because it often feels like you’ve already spent the money and, sometimes, you can procrastinate paying it off. Refer to your financial records and determine how quickly you can pay back the loan and whether or not this makes sense in regards to your other financial obligations.
Consider Waiting for a Sale
Because expensive items can be a financial burden on the shopper, it’s smart to brainstorm ways to save money on major purchases. Looking for sales is an excellent method for this. Buying expensive products around the holiday shopping season is a great way to save money because nearly every company is running some type of promotional sale at this time of year. You can also consider signing up for the business’s loyalty program or email letter because this is usually an avenue for companies to offer potential shoppers exclusive discounts.
Be a Conscious Consumer
Whether you’re looking to buy a big-ticket item as a necessity or a luxury, it’s important to be smart about buying. Too many shoppers make impulse buys that they later regret. As soon as you’ve decided to buy something expensive, start researching the product and find a reputable company with a good return policy and satisfied customer reviews. As long as you’ve also considered a plan for how to finance the item, it’s safe to press the “check out” button and eagerly await your new item.
