Buying and Budgeting Tips

A budget is a tool that helps you gauge exactly where your finances are now, and helps you get them where you want them to be. A well-balanced budget should help you make financial decisions with confidence, and worry less about your future. Check out the budgeting tips below and then try filling out the budget worksheet on the following pages.

  • Be detailed. Make sure you track even your smallest expenditures, including your daily coffee! These can add up to hundreds of dollars a year.

  • Track everything. Complete a budget worksheet. PDF Excel

  • Cut back. Look at your fixed expenses as well as your discretionary spending to see where you could be saving more money

Avoid Buyer's Remorse

 

Buyer’s remorse is something many of us have experienced - the feeling of regret after making a purchase. The feeling could hit immediately, or it could happen after you have the item home.


These are all feelings of buyer’s remorse. They can cause us to regret our purchase decision and look for a way out.
Despite these feelings, once you have made a purchase you are not guaranteed that you can return it for a refund or exchange – that is just the “30-Day Myth”.
You can help yourself avoid buyer’s remorse by ensuring you do your homework before you buy. Ask yourself these questions:

  • Do I need this or do I want this?
  • What purpose will this have in my life?
  • What value is this purchase bringing to my life?
  • Does the item meet my needs and goals?
  • Am I rushing into a purchase because I feel I need to “keep up with the Joneses”?
  • Can I honestly afford this?

By being honest with yourself, doing your homework on purchases (especially big ticket items), not allowing others to pressure you into a decision that isn’t right for you, and making sure you read and understand any contract you sign, you can feel more confident with your decision and less likely to experience buyer’s remorse.

 

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