Now with Covid-19 protocols a part of our routine of life, the elections behind us, and the new year still ahead, we're all getting back into the normal rhythms of life. Maybe you're thinking about a future trip, should you remodel your home, or splash out on a backyard upgrade? If so, you’ll be thinking about purchasing something that might have a big price tag along with it. No matter the purchase, sometimes the decision can be hard to make. A conversation with your trusted financial advisor can help you to analyze the financial scenarios around big purchases and how they fit into your long term goals. Reach out today for a quick chat! Schedule an appointment to meet with me  Email me at : roxanne@bladefinancialservices.comHere are three things you should ask yourself before you spend your hard-earned money:Is it needed? Impulse-buying is more frequent than ever before with ever present smartphones and online shopping platforms. Oftentimes, the accessibility of large purchases made possible by these technologies lead to spending that may be desired in the short term but not necessarily needed. Taking the time to evaluate whether or not this purchase fits in to your plan can help avoid rash purchases that impact your future goals. Do you have to borrow? Large purchases often come along with the necessity to take on debt in order to pay for them. When deciding whether or not to make a purchase, factor in the amount that would be borrowed and interest would be paid, which is dependent on the type of puchase and loan needed. Something that doesn’t seem too costly on the front end can end up being much more expensive in the long run when high interest rates and long periods of time are involve. It’s also important to consider the impact on your credit score as well as the amount of total debt you have across all your expenses. Is it part of the plan? You work hard to afford a happy life and a comfortable retirement. Sometimes, some opportunities are too good to pass up. Whether it’s taking a big vacation, buying that dream car, or finding your perfect summer home, opportunities don’t always align with the timing you had planned and you have to jump on them. Make sure the purchase aligns with your plans; both short and long term so you can have confidence in your decision. Goals, dreams, and aspirations guide a financial plan, not the other way around. Let’s be ready when those opportunities emerge so we can be sure they line up with your goals! We are always happy to talk through big purchases and answer any questions you have. Schedule an appointment to meet with me Email me at : roxanne@bladefinancialservices.com |
Three Good Questions to Ask
February 12, 2021