When you are about to make a purchase, do you consider all of the extra costs that might go along with it? Sometimes a simple purchase is not so simple after all. Keep the following things in mind when you are about to spend money on something.
Do you need to use credit? If you are taking out a loan or using a credit card to purchase something than beware. You may wind up paying twice or more of the purchase price in interest fees. Few of us can afford a house without a mortgage, but it is a great goal to set. Don’t forget smaller purchases. Even groceries put on a credit card can cause you to pay interest.
Will you have maintenance fees? We often don’t consider how much it will cost us to keep maintaining an item. There are larger costs, like that house again. While a home is a great investment, don’t forget about all of the other costs involved. Look at even the smallest purchases. Will a new shirt require dry cleaning? Do you need special oil for your new teak furniture? Will granite countertops need to be professionally sealed? These are just some examples.
Will you have increased energy costs? Upgrading from a standard CRT television to a HDTV means that you will be spending more in electricity, especially if you leave it plugged in all of the time (power is drained even if the set is off). The new snow blower will be convenient, but factor in gas or electrical costs associated with it.
Will you have disposal costs? Knowing that you may have to pay $15 or more to dispose of a product may make you think twice about purchasing one if you don’t need it. Air conditioners, refrigerators, freezers, dishwashers and other large appliances or furniture may require a fee when it comes to disposing of them. Keep that in mind.
Do you need additional purchases to make it work? If you are putting in floor tile, will you also need new molding, sealer or leveling compound? Factor in all that you need for something, and not just the initial cost for the main item. A video game system may cost between $150 and $350 initially, but what about all of the games that you will want to purchase. Get an estimate and break it all down.
You can read more blog posts by Mary Ann Romans here!
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