mortagesandforeclosures

by Garrison Galbraithe

My grandmother used to always say when in doubt, do without. Not a popular phrase with most of my friends, but now that the economy is in a bit of a slump and many of us are feeling the pinch, this advice seems to be a little more relevant than it used to be.

If you watch the news today, you will see that too many of us have fallen prey to the I deserve it mentality. Credit card debt is out of control. Shopping is one of our favorite pastimes, and marketers keep telling us we need the latest and greatest

But do we really need the latest and greatest? Before you reach for your wallet, there are a few questions you should ask yourself about that purchase you are about to make

The most obvious question is do I need this item now? If not, you should delay your purchase until you have had the time to think about it for a bit. Impulse purchases can hurt you over the long run. Take your time to decide if you really want or need the item and then allocate some of your funds to buy that item.

Do I really need this? If the items fills a real need, not a made up marketing-need, then go ahead and buy it. If not, you should rethink the purchase. If you really want it, save up and buy it, but if it is something that will hurt you financially and it is not a must have then you should leave it on the shelf.

Do I already have something that does the same thing and still works fine? Many of us fall into the trap of buying things we have already. There is always a new and improved version of what we have. It is our job to weigh whether we can live with the item we currently own or if we need to upgrade.

What is the items shelf life? Try to buy things that will last a while. Many times, upgrades to products come out within a short period of time after you have purchased the previous version. If you know an upgraded version is coming out in a month or two and you will want the upgrade, then it is probably a good idea to wait.

How well is it made? Repair and replacement costs can make even the best bargain a costly mistake. Sometimes it is better to do a little research and find out which models rate better before buying something. You want to look for the best quality you can afford.

How much will this item really cost me over time? If you are using your credit cards to purchase things, but cannot pay off the monthly balance, you need to factor in the interest and finance charges you will be paying. If you look at these costs, you will get a better idea of how much the item will truly cost you.

My grandmother was pretty adamant about not buying anything she could not afford. She did not believe in credit cards. I use mine all the time, but I have learned that grandmother was right, I should not buy anything I cannot afford, even if I have the credit to buy more.

About the Author:

Garrison Galbraithe, who has been writing about money matters, living within your means, and dealing with credit problems, has created a guide to obtaining loans for bad credit. His website offers a wealth of information regarding unsecured signature loans and other money matters.

Get all the information and photos:: http://mortgagewide.info/when-in-doubt-do-without/