If you’re contemplating a big buy, spend a few minutes with the Major Purchase Worksheet on the following page to help you decide if you’re making a smart move or a bad one.
Major Purchase Considerations
- Purchase being considered
- How will you pay for the purchase?
- Length of loan
- Interest rate
- Monthly payment
- Purchase price
- Total interest expense over life of the loan
- Total cost
Other potential uses for cash if not used for this purpose?
Now ask yourself, Does this purchase still seem attractive?