Banking Law

Twelve Personal Finance Mistakes - Plan Major Purchases

By Eugene S. Melchionne, Connecticut Consumer Attorne

I love the internet.  I truly do.  Why?  Because it is an endless source of information, both good and bad and it forces you to think about what you are reading.  That resource can be utilized to research almost anything.  If you going to need to make a major purchase, you can use this resource to gain the information you need to make an informed decision.

For example, our dishwasher recently broke down.  I looked at all the new models and there are many.  Then I researched what it would it would take to repair the dishwasher.  I did not like the choice of buying new and I didn’t like the choice of the repairmen in the area.  Then I stumbled on a site that let me buy parts for the dishwasher and with that site’s help, I was able to locate the exact part that was malfunctioning.  So for about $12.00, I was able to avoid a large repair bill or worse yet, the needless purchase of a new model when none was needed.

This same kind of research can be applied to the purchase of a car, a house, or a vacation.  Read, read, read, and then learn about your purchase before you make it.  Then plan that purchase well in advance.  Start savings for that buy and set it as a goal.  With planning, savings and research, you could make an informed purchase instead of that impulse buy on credit that costs twice as much over time.

Full post as published by Debt Law Network on June 05, 2009 (boomark / email).