Spring is ALMOST here!
Spring Break will be coming soon along with St. Patrick’s Day. March is a great month to do spring-cleaning, start a garden, and make some big purchases (if you’re in the market).
What should I buy in the month of March?
We always recommend buying something that you can afford without going into debt to purchase it. If you can’t afford it right now, look for a used version. The best way is to look ahead and start saving for the big purchases that are coming up. This is our favorite tool to do this.
Sometimes you can’t plan your purchases out, like if your fridge goes kaput, and you unexpectedly need to buy a new one. This is where an Emergency and Sinking Fund comes in.
If you’re in the market for any of these items, now is the best time of the year to purchase them!
March is the best time of year to:
1. Buy a house:
This is a huge investment that shouldn’t be done on a whim. Buying a house now will most likely be cheaper than in the summer months when most people are ready to buy and sell. You make your money at the purchase. Focus on buying a home that is in a prime location. This means not on a busy road, in a desirable area, and close to amenities.
Look for the smallest house on the block. These homes have the potential to increase in value at a quicker rate than the larger homes. Don’t try to be the best home on the block. You’ll cap out on your home’s value.
Look into safety and school ratings before purchasing a home. If you plan on selling the home eventually, buy in a place people will want. If it is in a sketchy neighborhood or has poor-performing schools, it will be hard to sell.
If you have kids in school, are you willing to move in the middle of the year and potentially have them switch schools? You also have to look into interest rates, down payment, loans, and more.
2. Rent a home or apartment:
March is the perfect time of year to rent a new apartment or house. The best months to get into a rental are from December to March.
With many people avoiding moving in the winter months, you’ll be able to get a great deal on your monthly rent and also have more flexibility when it comes to negotiating terms of the lease. The colder weather can make it harder for landlords to find tenants, so they may be willing to accept lower offers.
3. Best time to sell a vehicle:
March through August is the best time of year to sell a vehicle. Make sure you check the Kelly Blue Book value before attempting to sell it. You almost always make more if you sell your vehicle yourself instead of trading it in or getting cash at a dealership.
Take great pictures and be detailed in your vehicle’s description. The cleaner your vehicle is, the sooner you’ll sell it for a higher price. Being able to show that you have done routine maintenance on your vehicle will help you get a higher offer.
4. Lock in a fixed utility bill:
Level pay will make bill paying so much easier. March and April are the best months to do this.
At Rich Living Coaching, we help our clients pay their bills as soon as they get paid. That way they will always pay their bills on time, and not spend their money at Costco.
Too often our money is a jumbled mess that seems impossible to untangle. When our clients are able to streamline as many areas as possible, their money starts being consistent and so much easier to manage.
5. Luggage deals:
March is the perfect time of year to snag luggage deals for your upcoming summer vacation. With spring break just around the corner, many retailers offer discounts on their luggage selection.
If you rarely use luggage and would rather not purchase it, ask if you can borrow some from a relative or friend. You could also ask for luggage post on a Facebook Buy Nothing Group. Facebook Marketplace and thrift stores often carry luggage at a much cheaper price point.
6. Buy a digital camera:
March and April are the best two months for sales on digital cameras. Since most of us rely on using our phone’s camera, most people don’t need a digital camera unless it is a hobby or work related.
Before purchasing a camera, check to see if your local library lets you check them out. We’ve been able to check out thousands of dollars worth of camera equipment for free (no purchase necessary!).
Purchase without Shame or Guilt
As you can see, March is a great time of year to buy a home, sell your vehicle, rent a place to live, buy luggage and digital cameras, and get on level-pay with your utility bills.
A common misconception we get as Money Coaches is that we focus on restricting purchases and put our clients on a budget. The truth is that we don’t take a diet approach to finances.
We help our clients line up their spending with their values, that way they are able to fund what is important to them. When our clients do this, they have an easy time determining what they don’t want to fund. Check out our client’s success stories here.
We’re not at all about guilt or shame. Instead, we focus on getting intentional with the resources we have and capitalizing on the best times to make purchases and sell items.
If you want to stop financial dieting and get real results for the long term, book a FREE 20-minute call with us. We’ll ask you specific questions to help you identify what is going on in your financial life. You’ll discover what next steps you need to take with your money. We’d love to help you experience JOY (not stress) with the money you have!