Huge financial decisions can make or break your family or company’s financial health. But overall, when planned right, big financial decisions can be the best thing yet. Below are a few tips to help you navigate major financial decisions.
1. Research Your Car Options
There are quite a few ways to save money while still getting the car of your dreams. Researching the market value of the car you want will reduce the amount of time you’d use in a dealership. If possible, pay in cash. Yes! Paying in full cash for your car saves you a lot of money, unlike paying installments, you would have to pay thousands in just interest. Also, choose old over new. This will give you more of the features you want but at a lower price, but don’t be afraid to negotiate if you want that brand new car for your family. New cars are always flying on the dealership market and in 2017 a total of $1 trillion was made in sales. Listening to your gut can really help you purchase the right car for you and your needs.
2. Do You Take The Job Or Not?
You would think that getting a new job offer is a no-brainer type of decision. However, it falls under the category of “huge financial decisions.” Does taking the job make your life easier? This is one of the many questions you need to ask yourself before accepting a job offer. We work so that our lives become easier, not the other way around. In the long term, will the job be worth any pitfalls it comes with? The first thing is to love what you do, but also to trust your gut. Your gut will let you know if a job offer is for you or otherwise.
3. Think About Where You Can Cut Expenses For a Big Event
Whether you’re planning a birthday party or wedding, we all know that functions can be very wallet straining. Having an event at home or in a park can save venue expenses and lessen the hustle for a discount. Limousine drivers taking about 105 trips a week, will help reduce the fuel cost of your own vehicle while carrying a lot of people to your event. When catering for your event, it’s best to stick to three-course seasonal meals. Consider making your function a brunch or a lunch event instead of a dinner, so your guests are full enough and still happy. For your décor, you can even look online for some DIY projects that you and some helpful hands can carry out. The advantage is you do your own decor, so it comes out exactly as you want and you get to save money, which is the most important.
4. Hiring a Professional Service
Whenever hiring a professional service for life-changing circumstances. You always need to weigh out your options. Do your research. Most people’s track records are readily available online. You need to make sure that you are getting value for your money. Otherwise, you’ll end up stuck with a huge medical bill and nothing to show for it.
5. Be Smart About Home Renovations
Now that you’ve bought your family car and thrown your grand event you realize your home still needs some renovations. How do you go about it? First off, hire a professional to assess your house and see if the renovations you need are doable. Make sure you round up the price so you know what you are working with. Start slowly and assess what you want to work on first! Never make decisions that will leave you stressed and questioning why you’re renovating in the first place. Refurbish and reuse some original pieces. And keep in mind that something as simple as a basement remodel can have an ROI of up to 70%.
Overall, making financial decisions can take time and energy. Don’t rush into making a quick decision. Trust your gut and take your time.