Whether you’re buying a new vehicle, furniture or appliances, sometimes those big purchases can be a hard pill to swallow and even make the bum pucker a bit! Don’t worry, here are 4 tips to make big purchases easier!
- Calculate the daily cost. I recently bought some new furniture and even me (being a money mindset coach) struggled with not really wanting to spend that kind of money on couches. So I used my own tip. The furniture I was replacing was 18 years old (I’m dating myself…) The new furniture I wanted was $5000. So let’s say I keep this set for only 10 years which is 3650 days. (10 years x 365 days a year= 3650 days) At $5000 Divided by 3650 we are looking at $1.36/day for the life of the furniture. I don’t know about you but I spend way more than that each day on coffee and snacks! Definitely an easier number to think about than the purchase price
- Ask yourself how many working hours will it take to pay it off? So let’s stick with the same number of $5000. Say you make $20/hr…. $5000 divided by $20/hr Divided by 40 hours a week. This means that in 6.25 weeks your purchase is paid for! Now I know my analytical people will point out there are other bills to pay blah blah (Contact me to talk abut this mindset issue!) but if you’re looking at it in the sense that you only have to work 6 weeks to pay for it, that makes it sound much better!
- Make a Pros/Cons list. We all know the regular pros/cons list works but for this one I want you to go a step further. Break it into 4 parts… The pros of buying the item, the cons of buying the item, the pros of not buying the item and the cons of not buying the item. This will help you get clear about how badly you actually need or want the item.
- Think about the people you are helping. I do this every year when I pay my City tax bill of over $7000. Instead of doing what everyone else does and complaining about it, I think about the people that I am helping. By paying my taxes I am covering part of the wages of a bunch of my friends! (I happen to know a lot of people that work at the city) If you’re buying furniture, you could be helping that single mom pay for baseball for her child, helping a family put food on the table… you get the idea. Think about who is being supported when you make a purchase – it feels good!
Now if you have gone through these 4 tips to make big purchases easier and you’re still freaking out, you may have some underlying money mindset beliefs that really aren’t helping you. Please, please, please reach out for a complimentary consultation and we can chat about it!