Before you decide to make a new purchase, ask yourself the following six questions. You may just wind up savings some money.
1. Can I get it somewhere else for free?
We are so conditioned to just pop into a store or go online whenever we need or want anything. But often, there are other resources that will get us the same item for free. Can you borrow the item, if it is for a short term use? Can you get it free from Freecycle or other such organizations? Can you barter for it? Do you have a friend or relative who might be willing to give it away?
2. Can I make it for less than it costs to buy it?
Although it pays to be handy, sometimes just a little creativity is all that you need. I think of my friend Elaine, who over the years has converted different finds into exactly what she needs and wants around her home. Can you use the parts from something that you already have? Can you create your want from scratch?
3. Will I use it on a regular basis?
I try to calculate the cost of ownership for a new purchase. A good example is below. let us say that you have $500 to spend.You decide to spend it on a new bed and anticipate using it daily for at least 10 years. The cost of the bed calculates down to $50 a year, or about 14 cents per use. In contrast, you decide to spend that $500 on a snow blower that you expect to last for about seven years before being replaced. You may use it three times per year. The cost of that snow blower comes to about $71.43 per year or $23.81 per use. Of course, there are other factors, such rental cost, maintenance, etc., but I think you can see the point.
That is only three questions! Check back on my next frugal post for the remaining three.
You can read more blog posts by Mary Ann Romans here!
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