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Choosing the Best Time to Make Expensive Purchases

Image courtesy of Anssi Koskinen
Image courtesy of Anssi Koskinen
If you have an expensive item that you are thinking of buying, perhaps a new three piece suits, having renovations done or even buying a car, then you may wonder when the best time is to make these purchases. Personally you may feel you are at a good time, but economically and financially you may not be. It is worth considering many factors before deciding.

Economical Factors
It is worth considering the economy and how that might affect you in the future. Interest rates can be a consideration, particularly if you are borrowing money for your purchase. If they are likely to rise in the future, then your borrowing will be more expensive and your repayments will go up, unless you have a fixed rate. This means that you may find that it is better to wait until you have more money saved up before you borrow. It is also worth considering what might happen with regards to your job. If the economy is shrinking, then there is a chance that you may lose your job. This could mean that you regret your purchase and have difficulties as a result of it.

Financial factors
It is wise to work out carefully whether you really can afford to make this purchase. You may have already saved up all of the money for it and feel confident that you can afford it. It is worth just thinking first though to make sure that you really are ready. Consider whether you have debts that might be better paid off with the money or whether it might be wise to hold onto a bit of it so that you have some savings to fall back on if you need them.

Personal Factors
You may feel that you are ready or need a big purchase like this. However, big purchases usually need taking care if. Things like houses or cars need maintenance and you need to be prepared to keep on top of these. They will cost more money and so you will need to think about whether you can afford these. They also take time, particularly jobs in a house and you will need to think about whether you are ready to commit to that.

Sometimes it might seem that there is never a good time to make expensive purchases. However, if you make sure that you can afford it, that the economy is working in your favour and you have a backup plan if it is not and you have no other better uses for the money, then the time is probably as close to right as possible. If you really are unsure then talk to a financial advisor as they may be able to let you know what they think will happen in the economy and how that could affect you. Friends and family can also be handy to talk to as they will be able to tell you of their experiences in your situation and how it worked out for them.



Rachel Henderson is a professional freelance writer from the UK. She writes on many subjects but specialises in personal finance. As well as contributing to various blogs and websites she has her own website tracking her own money making process and sells her books through

1 comments On Choosing the Best Time to Make Expensive Purchases

  • Hello Rachel,
    You have mentioned all the important points and I loved the personal factors point very much. It seems you are an experienced lady in such cases. Thanks for sharing mate. Good Job.

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