4 steps to take before making a large purchase

Financial Tip Friday | 09/03/21
FTF Large Purchase Blog 1708x1140 Q3 AUG21 V1

It could be a new iPhone that’s caught your eye, or maybe you really want to get that 70-inch TV mounted to the wall before football season? Before you go ahead and pull the trigger on a large purchase, it’s wise to take a step back and follow these steps.

Step 1: Take a deep breath and wait it out

Often, a want can seem like a must-have, but that urgency fades when you wait it out. Taking a break for a few days before going through with a big purchase to see if you really want it can be advantageous. You might find after some time has passed, that you don’t want the item.

Step 2: Is it emotionally driven?

Before making the final decision, take a moment to identify if emotions are driving the purchase. Is it being used to fix a troubled relationship? Or maybe you’re going through a hard time and you’re using this purchase as retail therapy. Be honest with yourself and identify what’s really driving the purchase.

Step 3: Review yourbudget 

Do you have any other large expenses that you are about to incur? Take a look ahead to ensure you don’t need the funds for another more important expense. A good budgeting tool like Ascend’s free Money Management can help you keep track and forecast your cash flow.

Step 4: Shop around

If you’ve got your heart set on making the purchase, make sure to do your due diligence and shop around. Comparison shopping can lead to unexpected savings. Google shopping and apps like ShopSavvy make it easy to see prices at different retailers. Many brick-and-mortar stores will price match other local stores and some online retailers.

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