Module 7 Personal Finance 3.

DEFINE YOUR REQUIREMENTS - Clearly identify your

requirements and preferences for the product or service. Make a list
GUIDELINESS ON MAJOR PURCHASES of must-have features and any specific criteria that are important to
you.

4. COMPARE OPTIONS - Once you have a clear understanding of

HERE ARE SOME GUIDELINES TO HELP YOU SAVE MONEY ON
what you ' re looking for, compare different sellers or providers.
MAJOR PURCHASE:
5. CHECK REVIEWS AND RATINGS - Read reviews and ratings
1. UNDERSTAND YOUR NEEDS - Understanding your needs and
from other customers who have purchased from the seller or used the
wants before you start the process can be the key to successfully
service before.
saving money on major purchases.
6. CHECK RETURN POLICIES AND WARRANTIES - Before making
2. SET CLEAR GOALS - Set specific and realistic goals for each
a purchase, familiarize yourself with the seller’s return policy and
purpose, including the amount of money you need to save and the
warranty terms.
timeline for achieving it.
7. PREPARE QUESTIONS - Prepare a list of questions related to the
3. CREATE A BUDGET - Develop a detailed budget that outlines
product or service that you can ask the seller.
your income, expenses, and savings goals
8. CONTACT SELLERS - Reach out to sellers through their preferred
4. PRIORITIZE YOUR SPENDING - Determine which expenses are
communication channels, such as phone calls, emails, or online chat
essential and which ones you can reduce or eliminate.
platforms.
5. COMPARISON SHOP - When making major purchases, take the
9. NEGOTIATE - If applicable; be prepared to negotiate the price or
time to research and compare prices from different vendors. Look for
terms of the purchase.
sales, discounts, or promotional offers that can help you save money.
SEVERAL KEY STEPS TO ENSURE YOU MAKE AN INFORMED
6. NEGOTIATE PRICES - Research the market value of the item and
DECISION WHEN IT COMES TO COMPARING SHOPS FOR
use that information to negotiate a better deal with the seller.
BUYING OR LEASING VEHICLES AND OTHER MAJOR
HERE ARE THE STEPS YOU CAN TAKE PRIOR TO ENGAGING PURCHASES
WITH SELLERS:
1. RESEARCH AND GATHER INFORMATION - Start by researching
1. RESEARCH - Start by conducting through research on the product the specific product or service you’re interested in purchasing.
or service you intend to buy. Look for information on different brands,
2. SET A BUDGET - Determine your budget for the purchase or
models, features, and pricing.
lease.
2. SET A BUDGET - Determine how much you are willing to spend on
3. COMPARE PRICES - Once you have a clear understanding of the
the item or service.
product or service you want and your budget, compare prices from
different sellers or dealerships.

4. EVALUATE QUALITY AND REPUTATION - Price is not the only
factor to consider; quality and reputation are equally important.
5. CONSIDER FINANCING OPTIONS - If you're planning to finance
your purchase or lease, compare financing options available from
different lenders or dealerships.
6. NEGOTIATE - When buying a vehicle or making a major purchase,
don't be afraid to negotiate the price or terms with the seller or
dealership.
7. SEEK EXPERT ADVICE - If you’re unsure about certain aspects of
the purchase or lease, consider seeking advice from experts in the
field.
STRATEGIES TO HELP YOU MAKE EFFECTIVE CHOICES WHEN
UNDERTAKING MAJOR EXPENDITURES
1. DEFINE YOUR NEEDS AND PRIORITIES - Start by clearly
identifying your needs and priorities for the purchase.
2. CONDUCT THROUGH RESEARCH - Take the time to research
and gather information about the product or service you intend to
purchase.
3. SET A REALISTIC BUDGET - Determine a budget that aligns with
your financial situation and goals.
4. COMPARE PRICES - Shop around and compare prices from
multiple sellers or providers.
5. EVALUATE QUALITY AND RELIABILITY - Consider the quality
and reliability of the product or service you are considering.
6. CONSIDER LONG-TERM COSTS - Look beyond the initial
purchase price and consider the long-term costs associated with
maintenance, repairs, upgrades, or replacements. Opting for a higher-
quality product upfront may save you money in the long run.
7. SEEK EXPERT ADVICE - If you are unsure about certain aspects
of your purchase, consult with experts in the field
PURCHASE DECISIONS AS GUIDE FOR FUTURE BEHAVIOR
1. REFLECT ON PAST EXPERIENCES - Take the time to reflect on
your past purchase decisions. Identify any patterns or trends in your
decision-making process.
2. EVALUATE SATISFACTION - Assess your level of satisfaction
with previous purchases.
3. CONSIDER VALUE FOR MONEY - Reflect on the value you
received from previous purchases.
4. LEARN FROM MISTAKES - If you made any purchasing mistakes
in the past, use them as learning opportunities.
5. IDENTIFY PREFERENCES AND PRIORITIES - Analyze your
preferences and priorities based on past purchases.
6. SEEK RECOMMENDATIONS AND REVIEWS - Utilize
recommendations and reviews from trusted sources when making
future purchase decisions
7. STAY UPDATED ON MARKET TRENDS - Keep yourself updated
on market trends, new product releases, and advancements in
technology or services related to your interests.
8. PLAN AND BUDGET - Use your past purchase decisions to create
a plan and budget for future purchases.