4 Things to Do Before Spending Money
#1. Make a Preliminary Budget
Take time to clearly define the budget needed to get what you want. Determining an accurate budget is essential and should be created with the end in mind and by the quality of the item you choose to buy. Ask yourself the following questions:
#2. Determine Your Priorities and Values
How much should you spend? Your spending should be based on your Priorities and Values.
Priorities
Your priorities – need to be specific and finite. What do you want to buy and what are the features the item must have? Be sure to write these particular details down.
Stay focused on what you really need. For instance, do you absolutely need a new sofa or is the sofa you already have still serviceable? Maybe a simple slip cover can provide the fresh look you desire.
Value
Your Values – are determined by the level of quality or durability you expect from the item you plan to purchase.
For example, a car valued at $1,000 is surely expected to be an unreliable source of transportation.
Therefore, when most people buy a car they budget more than $10,000. Their expectation is to have a vehicle that provides a safe means of transportation for an extended period of time.
#3. Decide What Your Budget Should Be
Create a realistic budget. Comparison shop by pricing the item that includes your specific needs. Use price as a starting point to help judge quality.
For instance, a very inexpensive drill is also a low-quality drill. It may have fewer settings and be made of cheaper materials.
An expensive drill is generally assumed to be a high-quality drill with lots of features and solid construction. Usually you get what you pay for but sometimes that’s not always the case. So do your homework and be sure you don’t overpay for elements you don’t need.
#4. Execute the budget and get what you want
Confirm the specific features and decide which item has the quality needed to meet your terms of use. Spend Wisely.
When purchasing furnishings, tools or anything… Create a Realistic Budget and Spend with Intention. Click on the link below for additional budgeting help on your next room design.