Most people have a few luxury items on their list of things they want to acquire. It may be a diamond ring, a new car or the three-hundred dollar pair of boots you saw in the store window. There is nothing wrong with wanting nice things. The problem arises when you blow the bank account on a frivolous purchase before taking care of the essentials, like your bills. Before you get tempted to spend money foolishly on things you want rather than need, it’s important to take care of the vital things that are reliable, bring comfort and give you peace of mind.
A home security system.
Whether you live alone or are married and raising a family, having a home security system can help protect the things and people near and dear to you. Today, with advancements in technology, a home security system offers many extra services, giving you the option of signing on for a basic package or a deluxe package with all the bells and whistles. There are likely many options for home security in your area, but not all are alike. Before selecting the first one you call it’s best to check their background for service and length of time in existence. Once you find a company that meets your criteria you can then discuss what services you want.
A reliable mode of transportation.
You work and run errands weekly so it’s important that you have a vehicle that’s reliable but that doesn’t mean that you have to break the bank. Instead of shopping the showroom floor for the new arrivals, check the outside lot for one that recently came off a two-year lease. These used cars are well-maintained and have low mileage, two very important pros. Plus, since they aren’t brand new, dealers want to clear them out of the lot quickly, which gives you, the consumer, some bargaining power. The price is also much lower than a new vehicle, making the money you have saved to apply towards the vehicle, go a long way.
College education
If you are raising children, you know how important it is that they extend their education beyond a high-school diploma. Today, even going to a local college can run you ten thousand or more a year. If you start a savings account for each of your children when they are small, you’ll have many years to save up a nice down payment. If your child receives a scholarship, you can still use the college fund for other things, such as books and a used car.
Owning a home
Owning a home is one of the biggest investments you’ll make in your lifetime. However, for many, it remains out of reach due to the large down payment required. Whether you are single or newly married, if owning a home is something you want to pursue, creating a savings account for the down payment is a must. Even if you have to do away with eating out as often as you like or foregoing expensive vacations for a few years, in the end, you’ll be happy you cut back on your luxuries to save for the downpayment. Not only will this get you into a home easier, it will also do away with the need for PMI insurance, which can reduce your monthly payment by a few hundred dollars.
Saving up for the things you need versus the things you want will keep your life operating smoothly. It’s ok to want things, everyone does, but if you opt to take care of the luxury items prior to your essentials, you’ll need up with a lot of debt and give up on your quality of life in the process.
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