Decide, Save, Buy W/O Regrets

Should have, would have, could have…often these sayings are just a waste of energy.  

In life we have choices and for every choice we make there are consequences. When we do things and consider the intent, it really can make a difference in how things turn out. 

When you pull up to the drive-thru and order the super-sized, double bacon cheeseburger and then get home and say I “should have” gotten a salad, you’re not being true to yourself. You understood the consequences but made that choice anyway. 

We must learn to live without regrets, decide and then fully commit. If there is doubt, then rethink your decision before committing. If you want a burger, but you’re really committed to losing weight (your intent)…DECIDE not to get the burger. Trust your gut and don’t get blinded by what sounds good in the moment. 

What does any of this have to do with me saving money?  

If you want something, get it. Purchase with intent and purpose. This may sound somewhat counterintuitive as I often write about the importance of saving and making sound financial decisions. Nothing has changed, saving is important and being mindful of your spending is also important. Though today, let us look at it a little differently. 

 Have you ever been somewhere, done something, or bought something later to wish you went all in?  

• Maybe you dined at a restaurant you’d really been wanting to try, but then ordered something generic and boring.  
• Maybe you treated yourself to a spa day, got a manicure, but didn’t want to splurge on the shellac polish.  
• Maybe there's a model of a phone, tablet, or computer that you want, but you buy a different model to save money, but it's missing the key things you really want and need.
• Perhaps you have a dream car, but when it comes time to make the purchase, you get the base model when you really wanted the model with all the bells and whistles.  

There are times when you should compromise and times when you should not. Often when you don’t get what you want, you end up with regrets. If you are not completely satisfied you may end up spending more in the long run to compensate. Take the car purchase for example; I’ve had conversations with people who buy a new car with intentions to trade it in within a year or two to get the vehicle they want. This can happen for several reasons but may really end up costing you. If you can avoid going down this road, please do. A better approach may be to decide what you want, save for what you want, and get what you want. Anyone who knows anything about buying cars can tell you who “loses” when it comes to trading a vehicle that has already begun to depreciate.  Buying and trading later to get what you want will likely cost you more than buying what you wanted in the first place. Yes, it may be more expensive upfront to buy that car with all the bells and whistles, but buying the base model first in hopes of trading up will leave you yearning for more. (This is not to say anything is wrong with the base model - stay with me.) 

The same is true for other purchases big and small. If there’s a pair of shoes you’ve been wanting, don’t settle for another pair just because they’re less expensive. They may not live up to your expectations and may not last as long. That means you’ll have to replace them which added to the original cost would have gotten you what you wanted all along. 

DECIDE, SAVE, BUY W/O REGRETS

1 - Decide 

First, figure out what you want. What must you have? What are the deal breakers? 

Decide what it is that you want and what is most important. Do your research, ask questions, make an informed decision.  

2 - Save 

Determine when you’d like to make the purchase, calculate the total cost (plus taxes, fees, etc.), begin saving towards that amount. 

You decide in 3 years you want to purchase a late model NX 300h Luxury priced at around $48,000 (that’s rich for my blood). You’d like to trade your current vehicle ($15,000 – wishful thinking maybe). That leaves $33,000 which is $11,000 a year and close to $1000 a month. 

3 - Buy W/O regrets 

Use your savings to get what you want! 

If you save $1,000 a month for 3 years, you can buy your dream car, with all the bells and whistles with little, but hopefully no debt.  

(Note: Negotiate your price and trade as best you can and maybe you’ll walk away with some extra money after it’s all said and done. Also, the price will likely be lower based on the vehicle year vs year you’re buying.) 

My Example

I, for one, am guilty of holding back at times when I should not have. I have learned that ignoring my gut does not work in my favor. There are times when you should go all in and times when there’s no real loss if you don’t. 

Minor Example: I recently went to the Peabody Rooftop party which I’d been wanting to try out for like 5 years or so since living in Little Rock. Anyway, I decided to try the VIP ticket thinking it was the right thing to do. Had I better researched what was included, I would have decided that what was offered was not of any real value to me and I could skip the VIP.

Again, it goes back to deciding first what is important (to you), doing the research, saving as/if needed and then making the purchase without regrets. 

Somewhat Major Example: Although “should’ve” does me no good in the present, I still carry with me – years later – that I should have purchased the Limited Edition model of my current vehicle. Why? Because I knew that is what I wanted and as much as I love my vehicle, and while it's not the base model, it'll never be the limited edition. Have I been tempted to sell/trade? Yes. However, life with no car note is more important to me. 

What’s important to me and what is important to you will differ. The key is to know what you want, plan/save, then make the purchase. You can have nice things, IF that’s what you want, just do your homework, save, and then buy without regrets!