Everything You Need To Know Before Buying A House – It seems many of us have similar problems; namely, control over our money so that it does not melt like a snowflake in the sun.

Today I’d like to take a few minutes to look at the psychology of spending and the questions you should ask yourself every time you pull out your debit card.

Everything You Need To Know Before Buying A House

Everything You Need To Know Before Buying A House

By paying more attention to our expenses, we can not only better understand where our money is going, but also help to get rid of unnecessary expenses. Also, when we do spend money, we can be sure that we are getting the best possible value.

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Sometimes we spend money because we need to – we’re talking about things like rent or your mortgage or your car insurance. But just as often, we spend because we want to – on vacations, eating out, gadgets, and even some of the more “luxury” items from the grocery store.

One of the cardinal rules of the best-selling book Your Money or Your Life (one of my favorite personal finance books) is to consider the pleasure you get from shopping. The goal is to minimize your spending on things that bring you less pleasure, while being willing to spend on things that do.

Let’s be honest for a moment: how many things have you bought in the past that you quickly got tired of? Maybe there was a gadget you wanted so badly that you ended up getting it, only to have it wear off after a few months (or even weeks).

An example would be buying a new car. For some people, investing in a new (to them) car can be a constant source of satisfaction and pride. Every time you get into your shiny car, you congratulate yourself on your purchase. However, for other people, despite the initial excitement of buying a new car, after a few months it’s just a ‘car’. The fun is gone – and they could get just as much fun from a car that cost half the price.

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So, the first question to ask yourself is not only how much pleasure you will get from certain expenses, but also how long that pleasure will last. Be honest with yourself. Will this jet ski really be used every weekend for years to come, or will it soon be parked in the back of your garage to collect dust?

Economical does not always mean cheap; it’s more about value, not price. This is one reason why some thrifty people buy fewer items but buy the highest quality they can afford. If a cheap garden fork breaks in its first season, and one that costs twice as much is still in use ten years later, which one is really the best deal?

Another example would be the digital SLR camera I bought a few years ago for a month long trip to Costa Rica. I definitely felt like I got my money’s worth and came home with literally thousands of photos that will live with me for years to come.

Everything You Need To Know Before Buying A House

The downside I discovered upon returning home was that it’s such a large and impressive camera that it’s not really practical to carry around on a family holiday. As a result, it got relegated to a shelf in my office and I rely more on the iPhone camera instead. The longevity of this camera was measured in a few weeks because I didn’t factor in extended use.

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In other words, before you buy something, try to imagine what benefit you will really get from it. Will you still enjoy the product months or even years down the road? If so, this could be a good buy. But spending $50 on a fancy dress outfit you’ll only wear once? Maybe your money is better spent elsewhere…

What would you buy if you won the lottery; if money were no object. I, for one, might consider investing in a small sailboat or a large home theater. Honestly, I could have bought them now, but I didn’t because I have higher priorities. My goals now are financial stability (accumulating savings) and planning for the future (investing in business). I need these things much more than a home theater.

I hate relying on credit, so whenever possible I carefully budget and save up for an item before I buy it. And yes, that includes expensive purchases like cars. This means that there is usually a “lag phase” between deciding that I want something and actually purchasing it – especially for larger items.

A few months ago I decided I would really like a tablet. Not an iPad – too expensive – but one of the cheaper but just as good models. I did my research and found a model I liked and then saved it. However, before I reached the amount of money I was aiming for, a funny thing happened; I realized that I had just been swept up in the excitement of a few friends who had recently purchased tablets. I saw them showing off, playing games, and having fun, and I decided I needed to get in on the action.

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However, over time I realized that I didn’t really care. I have a laptop and a smartphone and can do pretty much anything a tablet can do – and more. I lost sight of reality and was tempted to buy something completely unnecessary.

So, before you whip out your debit card (not your credit card, please!) and buy something instantly, try taking some time to really consider the item. Do your research, think about its use and how much you really want it. There’s a reason that “purchase regret” has become a well-known phrase – because many people long for a certain purchase, only to find that the reality doesn’t live up to their expectations. Will yours be?

When we want something, it is natural to want to buy it. Just like my camera mentioned earlier. But spending hard-earned money is not the only option. You may be able to borrow or rent the same item for a short period of time, saving you money in the long run. Come to think of it, I have a few friends with cameras as good as mine, and I’m sure I could borrow them. It would have saved me hundreds of dollars.

Everything You Need To Know Before Buying A House

An example of how I recently saved money was when I borrowed a friend’s tent for a camping trip. I already have a small tent, but a group of us were going from there, so we needed a bigger “community” tent. Instead of buying a tent that we might never use again, we just asked around. A friend soon offered to lend us his, and we avoided expensive and unnecessary expenses.

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We live in a competitive world where businesses are desperate for your dollars. If you decide to go shopping, make sure you are getting the best price. Be prepared to shop around, compare prices, or maybe even negotiate. You’ll be surprised how much time you can save, and there are a range of tools that will do most of the hard work for you.

When it comes to living on a budget and saving money for a rainy day, one of the most important lessons to learn is to only make “thoughtful” purchases. Don’t spend your money left and right without considering any expenses. Try applying the simple questions above whenever you’re tempted and see how much unnecessary spending you can really save.

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166 Facebook0 Pinterest166A few weeks ago I boarded a ferry in my car for the first time. And we’re not talking about a small boat; we are talking about a huge vessel capable of carrying dozens of trucks, cars, boats and passengers. …Thinking about buying an apartment? There are some significant differences compared to the traditional home buying process. From financing to community rules, you’ll want to use our condo buying checklist to make sure you’re fully informed before you make your decision. Before you sign the deed, follow these steps.

Before you start looking for your dream apartment, you need to get pre-approved. You will submit your financial information to a lender, such as a bank, for review, and the lender will check your credit score and credit history.

A lender’s pre-approval will let you know what price range to work with when you start looking for potential units.

Everything You Need To Know Before Buying A House

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