What to Ask Before You Buy
Can you pay for it outright?
If not, consider the real cost of charging it; within a year, a $250 dress,
billed at an annual interest rate of 20 percent, becomes a $300 dress.
Are you already in debt? No treating yourself until you’ve paid off
student loans, home equity lines, all credit cards – and you’ve started
investing in your retirement. In the long run, the money in the bank will
bring you far more enjoyment than any item you can wear.
Have you banked eight months’ living expenses? That may sound like a
lot, but that’s low long it’s taking people to get a job these days.
I am all about finding good deals, but to be honest sometimes I don’t always have the extra cash for another pair of shoes. This puts it all in perspective, just what I need. Guess that means I need to put my Neiman’s card away and pass on these juicy Prada shoes.
May 9, 2011
A Word to the Wise
I recently came across these tips from financial guru Suze Orman and thought they were good enough to share.