4 Large Purchases That Require Planning Beforehand
Purchasing big-ticket items can be exciting ventures if they are well thought-out prior to any financial investment. With purchases of any amount becoming more convenient through technology, each item may require different considerations to assure security, quality and the best prices being offered.
Education is invaluable. It can also be very expensive, regardless of age. Private schools from kindergarten through high school can be thousands of dollars each year. Colleges, universities and trade schools also require deep pockets for those interested in furthering education investments.
Planning ahead by discussing student’s goals and expectations can assist in selecting the appropriate educational direction. Funding options such as state funding, grants, loans and scholarships can also help. Calculate expected costs such as tuition, meals, boarding, medical costs, transportation costs and daily living costs.
Real Estate Purchases
Real estate is a true commodity that requires diligent financial study. Factors such as location, size, type of real estate, such as land, single-family houses and business buildings affect every inch of the final purchase. Include other features such as mortgage expenses, landscaping, insurance and design features to add to the list.
Vehicles and Transportation
Vehicles of all kinds are necessary for travel, agricultural operations, community assistance and pleasure. They can also be pricey. Just buying new cars involves many steps to get the best price; and even then can still be very expensive.
Before purchasing any vehicle, talk to several professional dealers or manufacturers about the new vehicle desired. Ask questions about depreciation, purchasing options, warranties, insurance, ownership rewards and excess charges included in the final selling price.
Placing medical care at the top of the list of big purchases may not sound exciting; but it is necessary. With today’s controversial issues surrounding medical care, researching every angle of medical help available has become necessary.
There are free clinics and medical facilities opening up everywhere for more convenience. This can help those who may find transportation challenging. Approximately 8% of annual household spending is dedicated to healthcare costs. Even with insurance, budgeting for health care should also include premiums, out-of-pocket expenses, routine medical care costs, pharmaceutical costs and the likelihood of future or ongoing medical circumstances.
Big purchases are different for every individual. Avoid impulse purchases. Hidden fees, unexpected charges and other sneaky expenses can be avoided. Budgeting, doing financial homework and comparison shopping before any big purchase is the winning ticket for protecting financial investments, and making smarter big purchase decisions.
Emma Sturgis is a freelance writer based out of Boston, MA. She writes most often on health and education. When not writing, she enjoys reading and watching film noir. Say hi on Twitter @EmmaSturgis2
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