Last year, I turned 43. It’s a little amusing to me since I’ve been telling people that’s my age since May of the same year when my husband turned 43. I’m not one of those women who fears or even mourns getting older. In fact, as the years pass, I enjoy a bit more comfortable authenticity. I’ve become less fearful of what others think. And I’m trying to make the most of life, day by day rather than trying to rush through it.
There are still days when I miss my youth – the way I used to be able to stretch or move or eat three slices of cake. And while I also may not appreciate new wrinkles, gray hair, or wondering if that spot has always looked that way or not, I do appreciate the fact that I’m taken more seriously in places of business.
What I would have once considered “grown up” purchases now fall on me. Buying a new car or investing in a large household appliance or changing an insurance policy brings a myriad of questions and choices. When we step into these arenas, it’s easy to feel overwhelmed by smooth talking salespeople or pressured to buy when we’re outside our knowledge base. Age influences our appearance. And whether you look too young, too old, or just right, you need to prepare well before making a major purchase. Use these guidelines to help you step into your purchasing power.
Purchasing Power Tip 1: Research
Most major expenditures require some sort of research. None of us can be experts on everything. Obviously, a quick Internet search yields thousands of results and opinions. You should wade through at least some of them. Make sure anything you read is on a reputable website and from as close to an unbiased perspective as possible. It also never hurts to ask your immediate circle of friends and family about the products and brands they’ve had success with and on the flipside those to avoid. You need to know the specific features of your item as well as a knowledge of the price range, too.
Write down the pertinent details or keep them in a note on your phone. Most of us get a little rattled when dealing with people in sales and/or those who have a deeper understanding of a product than we do. Research helps kill your nerves and keep you focused and prepared to spend your dollars well.
Purchasing Power Tip 2: Know What You Can Spend
Before you set one foot on the showroom floor, you should know the exact amount you want to spend. Check and double check your accounts. Crunch the numbers for future expenses tied to said purchase. Obviously, I’m always going to advocate for you to save up for every expense – even a major one. It can be difficult and may be an inconvenience, but in the long run you’ll save more cash when you only spend cash.
It might be wise to actually come up with three separate sums after you know what you can spend. 1) The absolute highest amount available to you. 2) The ideal cost you’d like to pay and are likely to cut a check for. 3) The starting price you’ll share initially with a sales team. Knowing these ranges guides your conversation more efficiently. Especially when it comes to purchasing a car or a large ticket item, don’t forget the add-ons. Taxes and fees quickly increase the out the door expense. You’ll also need to prepare yourself to either say yes or no to warranties and other special options the retailer tosses at you right before you sign the dotted line.
Purchasing Power Tip 3: Take Someone With You
It may behoove you to take along a trusted friend or family member when you do your shopping. If you’re married, your spouse should be a part of any major purchase discussion. Having an extra set of eyes and ears keeps the conversation focused and able to be confirmed at a later point in time.
If possible, one of you should take notes and keep track of prices and features. Again, if you’re married, both of you should have a working understanding of how much you can spend and what you truly need. Lack knowledge in area of purchase? You may want to consider bringing someone along who has greater expertise. Vehicle purchases might also require a quick check from your mechanic or favorite mechanically inclined friend.
Purchasing Power Tip 4: Be Confident & Kind
After you’ve done your research, determined your budget, and found someone to come along for your journey, it’s time to step into the process. Convey a strong sense of well being and well defined boundaries. Salespeople are hardworking and need to turn a profit to make their businesses successful. They are not your enemy. Sometimes, they’re coached on strategies to increase their margins.
But it’s OK to know your stuff. It’s also okay to say “no” or walk away if the bottom line doesn’t match your budget. Your money is more valuable to you than anyone else. Exercise both confidence and kindness in tandem. This is sometimes easier said than done but if you go into the experience with this in mind, you’ll be able to stick to your expectations more effectively.
Purchasing Power Tip 5: If You Don’t Understand, Run
A few final words of caution. At any point if you feel confused, lost, or doubtful, flee the purchasing situation immediately. If someone can’t explain to you where the price comes from or the procedure for making a final buy, it’s not a good investment. All of us get gut feelings for a reason. Trust is incredibly important in major purchases. If you don’t trust the company or the person making the deal, move along. There are plenty of other places to take your hard earned dollars. Don’t make a decision you feel uneasy about.
Step into your purchasing power. Don’t let anyone manipulate you with fear or distraction. Be ready to spend, but be ready to walk away too. In the end, you’ll feel ten feet tall when you make a wise choice based on solid facts. You’re the grown up now. You deserve to be treated well.
Our new book Your Money, Your Marriage is now available! Be sure to check out videos on managing money together on Facebook.
My book is now available: Slaying the Debt Dragon: How One Family Conquered Their Money Monster and Found an Inspired Happily Ever After. You can also check out The Debt Free Devotional
This post contains an affiliate link. That means when you get a great deal, learn about a way to save, or maybe even something for free, I may end up making a small commission. All prices are subject to change.
