Seventh Months - Resist the Urge to Buy
Now that you have lived in your home for a few months, you may have found yourself thinking about buying new furniture or upgrading your appliances.
While making your space perfect for you can be an exciting experience, be sure to keep your money savviness about you.
Here are a few smart ways to update your home without causing you trouble down the road:
1. Understand the difference between luxury and necessity.
It’s one thing to want that $3,000 purple velvet couch, but it’s another to think you need it.
Our advice? Start small, update accent pieces, and when you’re financially ready, purchase one main housing item at a time. Additionally, 2nd-hand furniture can be a great source of good quality furniture at an affordable price.
2. You should not open new lines of credit or credit cards without talking to your coach.
Sometimes moving into a new home feels like everything is a necessity all at once. That feeling can lead you to contemplate opening a new credit card to refurbish your home. While this is an understandable feeling, making a big purchase on a credit card intending to pay it off soon is an easy way to accidentally find yourself in debt. Resist the urge & instead save up for those big purchases so that you can be financially ready.
If you have any concerns about your personal credit cars or budget, please reach out to the team at Money Management International and speak to a counselor. Email or call 877-349-4447.