Would you purchase now, or wait?

[Anonymous]

I have to make a $2500 purchase by March. It’s unavoidable.

It’s currently on sale for $1700, and is anticipated, though not guaranteed, to go on sale again for $1700 on Black Friday.

I’m a single mom and I follow a strict budget. I have the liquid funds to purchase now while it’s on sale, but it would take my savings down to an amount that doesn’t feel super comfortable.

In November, I receive a contractual bonus that will pay for this, and that was my original plan, but again, I can’t guarantee it’ll be on sale then.

I keep thinking in a catastrophic way, imagining my AC breaking, or some other huge emergency happening before November, and wishing I had the funds and had waited.

The fact of the matter is that it has to be purchased, there is no avoiding this. So why am I struggling to purchase now, given the facts listed?

Honest, what would you do in my shoes?

[Anonymous]

Get it now. The difference between now and 3-6 months from now is really negligible, and $800 is significant savings. You will feel better once you have the purchase under your belt and you are no longer anticipating the outlay.

Plus, there are levers you can pull (0% credit card, etc) if there is an emergency and you absolutely can't wait until your bonus comes in. They aren't ideal, but are also not the end of the world.

[Anonymous]

Anonymous wrote:Get it now. The difference between now and 3-6 months from now is really negligible, and $800 is significant savings. You will feel better once you have the purchase under your belt and you are no longer anticipating the outlay.

Plus, there are levers you can pull (0% credit card, etc) if there is an emergency and you absolutely can't wait until your bonus comes in. They aren't ideal, but are also not the end of the world.

Thanks so much for your response, it’s definitely helped me see things in a more objective way! I hadn’t even considered the time in that way. It really is only six months away!

[Anonymous]

I agree with PP. Buy it now. No guarantee it will be on sale at same price later. No guarantee it will still be available. Grab it now, at the lower price.

-Also a saver.

[Anonymous]

Thanks, both of you!

I’ll pull the trigger. Any advice for not worrying myself to death for the next 3 months? I hate that I have this financial anxiety. I know everything will be alright in the end—it always is—but the worrying sucks!

[Anonymous]

Anonymous wrote:Thanks, both of you!

I’ll pull the trigger. Any advice for not worrying myself to death for the next 3 months? I hate that I have this financial anxiety. I know everything will be alright in the end—it always is—but the worrying sucks!

Plan for your worst case scenario. Make a plan for how you'd access $2,500 in an emergency (pull from your 401k, open a 0% credit card, sell something, pick up gig work or a side job, etc). Don't plan to do all of them, just pick the one that might work best for you and think through the mechanics of how you'd execute it. Then when you start to worry, remind yourself that you have a plan and know what you will do if the worst happens.

The other tip for anxiety is to set aside a defined amount of time (like 5-10 mins) in the day to allow yourself to think/worry about finances. And if those thoughts creep in at other times, have a plan to distract yourself and make yourself wait for the worry time. This allows you to feel the feelings, but in a constrained way and keeps them from permeating into other areas of your day/life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Thanks, both of you!

I’ll pull the trigger. Any advice for not worrying myself to death for the next 3 months? I hate that I have this financial anxiety. I know everything will be alright in the end—it always is—but the worrying sucks!

Plan for your worst case scenario. Make a plan for how you'd access $2,500 in an emergency (pull from your 401k, open a 0% credit card, sell something, pick up gig work or a side job, etc). Don't plan to do all of them, just pick the one that might work best for you and think through the mechanics of how you'd execute it. Then when you start to worry, remind yourself that you have a plan and know what you will do if the worst happens.

The other tip for anxiety is to set aside a defined amount of time (like 5-10 mins) in the day to allow yourself to think/worry about finances. And if those thoughts creep in at other times, have a plan to distract yourself and make yourself wait for the worry time. This allows you to feel the feelings, but in a constrained way and keeps them from permeating into other areas of your day/life.

Great advice. Thanks so much!

I debated posting, but I’m really glad I did. This has been so helpful.

[Anonymous]

You have to crowd source this, OP? Clearly you can’t afford it.

[Anonymous]

agree with the others - get it now. And if an emergency strikes, you may realize that some emergencies aren't so time sensitive (said as I endure week 2 of no AC in august, not for lack of trying). We're surviving!

[Anonymous]

Buy it now and then work on that budget of yours. Just know that your problem is not even lack of money, but that anxiety.
There is no rule against single mothers having great credit, being able to get cash advance at 4-5% interest from credit cards, or invest.
All this can be learned from library books and online. You have chosen not to know it and/or not to do it or your wouldn't be asking here.
It's like refusing to learn to cook and wasting money on take out and then complaining about not having money.
I made minimum wage all my life as an immigrant working in service industry. Invested what I could, retired early, and now I'm investing for my two kids.
If not having money adds to your anxiety, get some money. You make personal finance your hobby. Then you pass what you learn to your kids.

[Anonymous]

I dont think you need it.