Finding Good Deals
When was the last time you heard someone say, “I just got a good deal”? Probably not very long ago. Is a purchase a “good deal” if you have to go into debt for it? It’s all a matter of timing.
Around this time last year, a neighbor told me that she and her husband purchased a brand new big screen television. “We got a very good deal. Payments don’t start for two years and the interest is really low,” she said.
Right now retailers are hurting. They’re falling all over themselves to sell us stuff. And if you need financing, well they’ll show you right where to sign. Heck, they’ll even give you a “discount”! The television is just one example. Car companies are slashing prices left and right, too. There are so many good deals to be had; maybe I should stop writing this article and start taking advantage of them!
Smart buyers understand their limitations. They have a budget and have been planning their purchase for some time. They’ve done enough homework to know exactly what they want before they enter the showroom, the electronics department, the gallery, the flea market, etc. If it’s a big ticket item, smart buyers have been setting money aside every month in anticipation of the purchase. And when they make the purchase, they get a very good deal - especially if they negotiate with cash.
But what makes a “good deal” a “smart buy”? Timing. If you’re stretching your budget or going into debt to buy something new, it’s definitely not the right time. It’s not a “good deal” if you can’t afford the purchase. After you’ve taken the time to plan for your purchase - financially and through research - you’ve made yourself “smart” in the buying process.
When planning for a big purchase, try the sinking fund approach. Divide the cost by the number of months between now and the time you’ll make the purchase. Every month set aside that amount in a special place so it won’t be confused with anything else. When buying time comes, you’ll have the cash ready to go get a great deal on a smart buy!
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