The silence on the other end of the line said it all. You know that feeling you get when you realize you just made the wrong choice? My husband was on the receiving end of my not-so-good news, and frankly, stunned doesn’t quite describe the feeling of shock and panic that now hung in the air. Against my better judgment, I had just purchased a new vacuum. Now this wasn’t just any ordinary vacuum, but a $1,600 vacuum. To some people, that kind of money is petty cash. To me, as a newly married, fresh-out-of-college, new home owner, this was a large and costly mistake.
Debt has a funny way of following us around. Except there’s no punch line. Instead, the joke’s on us and our finances take the hit. Like a dog with its tail between its legs, I knew I had to call up that salesman and return the vacuum. Not my proudest moment. Can you relate? I think one of the hardest things to admit is that sometimes we don’t deserve the nice things we have. I certainly was in no place to be purchasing something so expensive. Yes, we needed to clean the carpets, and we even had pets! Plus, I just landed my first job after graduating college, so we could afford it, right? There were lots of reasons to justify my decision. We needed a vacuum. But we didn’t need that vacuum. In all reality, an older, less flashy version was what we could afford. Little did I know, had I waited, I would’ve been relieved to learn my mom would soon be blessing us with a reliable, new vacuum. Seven years later, it still works like a charm.
The reality was, my impulsivity mixed with the false security of a new job had blurred my lens. I was believing the mental mantra that I deserved to buy those expensive things. But isn’t that what gets us into financial trouble sometimes? The fact was, I simply couldn’t afford it. So if you find yourself in a similar situation, here are a few things to consider before making that major purchase:
1. Wait at least 24-48 hours. Your wallet will likely thank you for it. After taking a bit of time to think it over, you may be surprised to find you don’t need it after all. The answer might actually be a “yes,” but “not now.”
2. Discuss it with your spouse/family member/friend. Sometimes that trusted outside perspective can really help realign our focus and clear that blurry lens. We can forget to consult others in our lives that may keep us accountable, encourage us, or even offer a different solution!
3. Consider buying used versus new. Pre-owned or used items that are good quality and in good condition can be just as dependable as the new version, but save you money in the process. Whether it’s cars, clothes, cell phones, electronics, furniture, or hobby items, the list is endless.
4. Make a list and shop with cash. It’s tempting enough to walk into a store with countless products glaring back at you. Plan ahead with a list and a set amount of cash. Leave your debit/credit card in the car or even at home if you know this will be a stumbling block at the register. The concept of using cash is pretty simple: you won’t be able to overspend!
These tips definitely bring it back to the basics, but it’s the small strategies that equate to the big successes in the long run. Learning to set my entitlement aside and sacrifice splurging on things I really didn’t need, has been a lasting lesson. Stick to these simple tips, and you’ll be amazed what an impact they have on achieving your financial goals! It won’t always be easy, but it will be worth it.