How To Afford Expensive Purchases

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A few months back, my laptop is acting crazy. I know for a fact that it is nearing its end. I have been using it for years already and truth be told it has served me well. Repairing it would mean shelling a lot of cash and buying a new one would be viable. I know for sure that I would badly need a new one since my online job is dependent on this one and more so my teaching profession as a computer science instructor. Sure I can forego buying a new laptop if I would really want to be frugal like that. However, when my career is on the line and not to mention it is a need more than a want, I know buying would be deemed essential.

There would always be a point in our life that we cannot decline an expensive purchase. This could be a new computer like in my case, a new phone, a necessary appliance or furniture and more. As much as we want to practice frugality, we cannot deny that some of these items are needs. That is why, I developed a strategy on how I can be able to afford purchases that are deemed expensive. I hope that you can get an idea or two as to how you can be able to devise your own strategy too.

Allocate Budget

I don’t want to sacrifice the entirety of my money just so I can be able to afford the purchase immediately. I am sticking to my budget and I don’t want to push other expenses that are currently in my budget roll. What I did was to allocate even a meager 5% of my total salary for such expensive purchases. Even if there’s no need yet, I already have a fund that would be available for such. However, if you haven’t started doing so, you can start realigning your budget in order to cater to this kind of purchase. However, don’t overdo and don’t sacrifice much your current budget. Your other expenses might suffer.

Let Go of Expenses

Based on the first tip, we need to allocate budget for it. However as a word of caution, don’t overdo it. For instance, if your current budget for your monthly expenses is set at 50%, you might want to let go a little portion of your expenses. You might want to lower it to 40% so you can allocate the remaining 10% to your larger purchase. In other case, you might want to skip your usual expenses such as your usual dining outs and shopping. Every peso you save could go a long way in order to be able to buy that expensive purchase.

Add Income

The next approach would be to add income. In here, you might want to sell your old gadgets, clothes and other items that you think you no longer need. That is why many are sorting to selling their outdated gadgets in order to buy a new one. You can even do some online jobs for the meantime. Whatever extra you can do can truly aid in order to be able to afford your expensive purchases sooner than expected.

Expensive purchases can be a pain in the wallet and in the bank. However, if you allow yourself ample time to collect the amount more so create a strategy, it will be easier. I do this for myself and trust me it is all worth it. 

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