Have you ever needed something so urgent but you can’t afford it? Well, it comes a time when your needs exceed your bank balance. It’s not that you can’t afford it, but you are incapable at the moment. There is a saying that ‘if you can’t purchase it in cash, then you can’t afford it.’ While that may be true, you can have some thoughtful ways of affording it. 

It can be making some savings, buying it on the higher purchase, renting it, or selling something different to own it. There are many ways you can solve this equation. This informative article will discuss some practical ways you can purchase something when your finances are down. Here is the list.

1. The Layaway

Sometimes you see something and get interested instantly. But upon checking on your account, you can’t afford it. The layaway method is an old-fashioned purchasing method whereby you choose something, pay a deposit for it, and pay the balance in installments. You only pick the item after clearing the balance. The method is like hire purchase, but you pick the items after making all the payments. 

It’s suitable for items that are on offer, limited releases, and for the expensive items that exceed your monthly budget. Most retail stores do that to electronic appliances, cars, and other items of value. The good thing about this purchasing method is that you can cancel the order and get a refund when you decide otherwise.

2. Point of Sale Financing

We can term this purchasing method as the opposite of the layaway method. How does it work? Sometimes, you might have a blown-out TV, a broken fridge, or a non-functioning cooker. These items are so essential that you can’t wait to have them, but finances are down. 

Point of sale financing enables you to get the item and pay it later. According to experts from paylaterfinder.com.au, several outlets do this business. You only need to find your favorite products, get the retailer, order the product and pay them later. Most of these points of sale financing are available online. It’s like getting a short term loan (through the product), which you need to clear at a fixed period. When you take such products, the ‘loan’ is attached to your credit score. The earlier you pay, the more you improve your credit score.

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3. Credit Cards Purchasing

Credit cards work more or less like the point of the sale financing system. The only difference is that with credit cards, you can buy anything, anywhere. It’s not fixed on the product or retailer. When you do the swiping of your credit card to get a product, it’s like you have registered for a loan. The loan has a limit of amount and duration, which you need to pay with interest. 

The good thing about a credit card is that you can use any amount as long as you don’t go beyond the limit, and you can purchase different products from different retailers. You only need to service your loan to protect your credit score. Some sellers in point of sale financing can reclaim the goods when you don’t pay. In credit card purchasing, you only get notices to pay for your goods. 


4. Save and Buy later

If the item you want to purchase isn’t that urgent, why not save and buy later? There are multiple ways you can accumulate money. You can open a savings account, have a piggy bank at home, Saccos, and much more. 

You can also open a target account for the item you want to buy and save to achieve the goal. Most financial institutions will allow you to open a fixed deposit account and earn interest. Use the opportunity and have an account until when you want to buy the item. Make some daily, weekly, or monthly savings until you reach the target. People do save to buy expensive products, including houses, cars, properties, and other assets. You can get some good interests through savings, which will boost your purchasing power.

If all of the above processes fail to work, you can sell to buy. How does this happen? You might be having some items of value in your home which you no longer use. Some of these items include clothes, appliances, cars, and much more. Instead of looking for money to buy what you need, you can sell the items lying at home and generate enough income to finance your needs. Besides helping you boost your finances, you will be decluttering your house or making space for the new items. Unlike before, the remarkable thing is that some websites and apps enable you to sell your secondhand items, including the popular eBay. 

Failing to afford something doesn’t mean you shouldn’t buy it. You can sacrifice through many ways and get the item, even if you will pay later. Some of the ways listed above have been in use for a long time and have enabled individuals to own things they never dreamt of. You only need to choose the right way according to your needs and finance the payments as applicable.