For the Jeffrey Bezos of the world, a high-end purchase is just an aspect of everyday life. For a vast majority of people, though, these same transactions are a significant splurge. These people have to put some thought into buying something luxurious because put simply, it’s an awful lot of money. With that in mind, a few particular guideposts can be useful in helping you to decide whether a high-end purchase is worth splurging on.
Pay attention to your investments.
Financially minded individuals may think of this element upfront, but it bears repeating—is this purchase a wise investment from a monetary point of view? In part, this can consider whether a particular investment will appreciate in value. Take, for example, your favorite independent watch brands. The watch industry is generally considered to be a wise investment because these pieces hold their value well. Paired with the return on your investment—you’ll be able to wear that same watch countless times—purchasing a timepiece from an independent watchmaker or luxury watch brand seems like a wise financial investment for collectors and luxury watch-wearers alike.
Consider how it would make you feel.
Emotions might not get the same credit as monetary value, but they’re undeniably an important currency in their own right. If a certain purchase is going to bring you joy or allow you to unwind after a tough day, it very well may be worth the splurge. If you’re contemplating luxury walk in tubs, for instance, you might appreciate the accessibility of the purchase or the sheer opulence of lounging in a tub of such high quality. In either case, this investment could still be considered a wise one—the benefits of how it makes you feel can easily outweigh the financial expense.
Read descriptions and reviews carefully.
When you’re considering a high-end purchase, it’s easy to fall in love with an item before you’ve looked too closely at its details. Once you’ve zoomed in to that level, though, your love at first sight might deteriorate. By reading the product’s description carefully, you can determine whether it really is the purchase you want to splurge on. Professional or customer reviews, then, can play a similar role. By showing you the best- and worst-case scenarios as well as (mostly) genuine insights into the product, reviews offer incomparable insight into the purchase you might make.
Look over your budget once more.
If each of these three factors (or one to an equally significant degree) has you thinking that this purchase is definitely worth the splurge, you must stop to consider one more crucial factor: can you afford such a splurge? While taking on debt to make a big purchase, such as using a high-interest credit card to buy it, may seem appealing in the moment, it’s rarely a good choice. If you’re in a situation where you can’t necessarily buy the item outright, consider saving over time, taking advantage of a zero-interest promotional period, or using platforms like Klarna or Afterpay to spread out your purchase without a credit card’s risk. You may even be able to give yourself a “loan,” repaying money spent from your savings if you‘re disciplined enough to stick to such a plan.
Whether you’re buying from an independent watch company or you’re eyeing up a luxury tub, there are quite a few essential factors to keep in mind in determining whether a high-end purchase is worth the splurge. If you have the funds to do so and decide it’s worth the expense, go for it! If not, you might still decide it’s worth the money—ultimately, you’re the only one who can make that choice.