Being Able to Afford Something Is Not The Same As Being Able To Maintain It

[Pi-network314159]

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

Well this is a problem that people face when they don't buy what they can maintain. I think there is a difference between what you can afford and what you can be able to maintain. Sometimes people chose to buy flashy thing just to recieve accolades without undermining the maintenance cost. Why some buy what they can afford to maintain even if they have more. For example, a person might have $20k and he want to buy a vehicle of $20k, not that he can't afford it but will go for the one of $10k to have a balance of $10 for maintenance as a wise person, while another may have $20k and use it to buy a car of $20k, this is not a wise person because he never check the maintenance cost.

Because of this reason of not buying what one can maintain, I have seen many young guys who made financial mistake by buying what they can't afford to maintain and they sold at cheaper rate thereby losing a lot of fund. So maintenance should be looked into before buying anything. Just that some people chose to buy it for people to see that they can afford it without knowing that there is a big difference between buying and maintenance.

[noorman0]

I always consider those two factors, but I don't view the costs as burdensome. In fact, there are specific plans and strategies in place to keep those expenses down. Basically, the more frequently you use something, the more it makes sense to get the highest quality version. I just really dislike upgrading items that incur taxes, that’s the cost I hate the most. lol.

[Sobz]

I always consider those two factors, but I don't view the costs as burdensome. In fact, there are specific plans and strategies in place to keep those expenses down. Basically, the more frequently you use something, the more it makes sense to get the highest quality version. I just really dislike upgrading items that incur taxes, that’s the cost I hate the most. lol.

Even if you get the highest quality version you still need maintanance, getting a high quality doesn’t make you to run completely away from maintainance it is just still there. The ability of maintaining just need to be there because even if you have the high version it may last you longer but their is no guarantee it will last forever. Maintaining will even make it to last longer, some persons think highest version is the altimate durability and no expenses on maintanance but having this mindset can disappoint one when less expected because you might have what you think is the highest version but low version unknown to you.

[Localhostspeed]

This made me realize that affordability should probably be looked at from two different angles; CAN I AFFORD THE PURCHASE AND CAN MY INCOME COMFORTABLY SUPPORT THE RESPONSIBILITY THAT COMES WITH IT? Something can be within your budget today but becomes a burden 6 months later if the ongoing cost are ignored. I think this is one reason why two people with similar incomes can have completely different levels of financial stability.

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

You have just made me to remembered what some youths are facing here. When they are living and making an average money, they stay within their means but the moment they make big money, they decide to start living above their means and by the time they don't have much again, they start to think what and how they spend the money they should have used to maintain their current lifestyle. If the money they made give them 3 years to live above their means, it might take 7 years to maintain their average lifestyle.

This was how some made 4 figures of airdrops and change their apartment and lifestyle only for bear market to start and money refused to stop flowing. Now, must of them have stop making money and have sold the expensive things they bought when the money was there.

[Makus]

It is said that if you cannot afford to buy something twice or three times then it means that you cannot afford it, a lot of people buy flashy cars probably due to peer pressure, after saving up for a long time they end up buying a car but they struggle to maintain it. No matter what it is you purchase you must first of all think about the cost at which it would be maintained, if you cannot maintain it then there's no point in purchasing it.

At the end of the day whatever that cannot be maintained in the long run would be sold at a lower amount which is going to lead to losses.

[snowpega]

Yes, I agree with this. Because if I have to share an example regarding this, then I would say that in our country.
Buying a car is not easy, but somehow, if you can afford to buy a car as a middle-class person, then for a middle-class person, its maintenance is very hard to afford. A car takes a lot of money when it comes to its maintenance in our country.

You need to change your car engine oil after using the car for a specific number of kilometres; car damage repair maintenance, if there is any, technical issue maintenance, washing the car and many others. At the same time, the fuel price has hiked, which has made it unaffordable for one to use the car for daily use. One has to think multiple times before using a car. This is the reason why, in our country, people use more bikes within the city for their daily tasks.

[The Founding Titan]

Owning a utility asset should either save you expenses or improve your finances. Since a car is used, for example. Most people own cars because they want to up their game.

Society now measures wealth by owning a car, house, and business. If you own at least one, they won't look at you less in the society. It is the reason why a few buy a car so that they can be able to land a job, contract, meet business partners, and do logistics with ease. The other few buy their own car due to peer pressure and to show off. If owning a car and a house won't save expenses on transportation, logistics, and rent, don't rush into owning them.

This right now is a problem that is particularly predominant in my country, I can go from point A to B with 5k naira on a public transport but if I fueled my own car (I don't own one) I will be spending at least 20k naira for it to be able to get me to the same distance, I know car owners who will instead use the public transport than have to spend that much to use their own cars, I also know people who aren't better off but would rather use their own care just to keep up appearances rather than make the obvious choice to cut on their cost or transportation by going for the cheaper option.

[Jasmyne]

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

I’ll say this works in two ways depending on the individual involved. Some persons actually pay attention to just the initial price of the item while some go as far as thinking or paying attention to the cost of maintenance to avoid regrets in the future that may result in selling of that item because of cost of maintenance.
So it is advisable before wanting to buy an item that will need maintenance, check your income, don’t just rely on the initial amount you have to purchase, be sure it is something you can maintain to serve you it purpose of purchase before buying.

[Felicity_Tide]

~snip

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

Well, I think the problem is a lot of people don't picture things in the long term. For some reasons, they're just too eager to make it happen without properly considering whether it's something they actually need or want. Take a phone for example... In this part of the world where I live, a lot of people, especially the very young ones, somehow just overrate them. Like, place so much value on certain phone brands and always want to fall within that class of users, while neglecting their financial constraints. Some of them don't mind becoming homeless just to own such a device.

So, like I said, the problem remains the fact that people don't think long term. Perhaps, they don't want the reality of that long term perspective to hinder their decisions, as they are just too eager to satisfy their desires in the moment.

[Findingnemo]

I don't know if it is a common rule or something but I follow some economical experts who always suggest that the general rule of affordability also includes the cost of maintaining it and even they suggest like you should be able to pay it off when you want or else you can't afford it and you just got into the consumerism trap.

For example if you are buying a car that is worth $50K then you should be ready to allocate $100K, 50K to buy and 50K to maintain/operating and insrance and if you can't allocate the remaining then better don't buy at all.

[eightdots]

~snip

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

Well, I think the problem is a lot of people don't picture things in the long term. For some reasons, they're just too eager to make it happen without properly considering whether it's something they actually need or want. Take a phone for example... In this part of the world where I live, a lot of people, especially the very young ones, somehow just overrate them. Like, place so much value on certain phone brands and always want to fall within that class of users, while neglecting their financial constraints. Some of them don't mind becoming homeless just to own such a device.

So, like I said, the problem remains the fact that people don't think long term. Perhaps, they don't want the reality of that long term perspective to hinder their decisions, as they are just too eager to satisfy their desires in the moment.

Considering the long-term implications of your actions is crucial for your financial well-being. You might want to purchase certain items, but the associated maintenance costs or taxes could strain your finances. The urge to buy things immediately often leads people to make mistakes when shopping; it is better to wait a while and evaluate the situation carefully. Accurately identifying your needs when shopping will yield greater benefits in the long run.

Putting this into practice is not easy, as people naturally tend to want to buy the things they desire. The key factor is whether your financial situation can actually afford the items you wish to purchase. Even if you can afford them, you still need to consider whether the purchase makes sense from a long-term financial perspective.

[Davidvictorson]

A lot of financial decisions are based on one question; CAN I AFFORD TO BUY IT? but I think another question is just as important; CAN I AFFORD TO KEEP IT?

For instance someone may be able to afford a car today but the real cost does not end when the can is purchased. There is fuel, maintenance, insurance, repairs and other running expenses. Sometimes the purchase itself is not what create financial pressure, it is the reoccurring cost that comes after the purchase.

This made me realize that affordability should probably be looked at from two different angles; CAN I AFFORD THE PURCHASE AND CAN MY INCOME COMFORTABLY SUPPORT THE RESPONSIBILITY THAT COMES WITH IT? Something can be within your budget today but becomes a burden 6 months later if the ongoing cost are ignored. I think this is one reason why two people with similar incomes can have completely different levels of financial stability.

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

Being able to afford to maintain it is not the issue.
When the item is purchase, you will automatically see that your priorities will shift to accommodate some things.
However, there are some folks who use not buy some things because they think they thing they are able to afford it. Some of them are not emotionally and mentally mature enough to handle some items so they get it for the wrong reasons (e.g. to show off), and then end up mismanaging or damaging it before one can say Jack Robinson.

[Alpha Marine]

As much as I agree with what you say, It's not always that straightforward. Sometimes, these people can actually afford to maintain what they buy, but along the way, things get tough, so they will be forced to sell. There have been situations where people pay rent in an expensive area, and then they either lose their job or something that takes most of their money, such as medical bills, and they will be forced to move to a cheaper neighbourhood.
It could be expensive schools, cars, rent or anything, but you get the gist.
So when you see that people can't afford to maintain what they have anymore, it doesn't mean they made a bad financial decision from the beginning, it could just be that life happened.

It's true that not everyone thnks about the long term effects of their decisions when it comes to spending money. Once the have money, they spend it all up without thinking if the money will be here forever.

[Emitdama]

Before you purchase an asset like a car, you should look at The liability that comes with it. if you want to buy an asset like a car what you should have in mind is that, you should have double of that kind of money you want to use to get the car, do that you can maintain the car. You cannot have $4k as the last money in your account and you use it to buy a car, you should have at least double or triple of that amount.

I have a friend that build a very big house, initially he thought that it was something that is good for him considering the space he has in the living room and in the other rooms, though as time went on, he found out that the maintenance cost of that house was taken a lot from him, especially when it comes to cleaning the yard, the house and general arrangement brings a lot of stress to him.
So to an extent I agree with you that before going for an white elephant project, you should have it at the back of your mind that there should be a maintenance culture that you have to incure expenses.

It would only be a mistake to purchase car with the last funds left in our account. Only the ones who are on a run or want car at all cost would think something like this. Purchasing the car is not an one-time investment. It comes with recurring costs like maintenance, accessory add-ons and the list continues. No matter how much we spend on the car, there is something more than can be done and we eventually plan a timeline to get it done. To purchase the $4k car, we need to have at least $8k in savings. Any asset like car needs some emergency funds kept asides because we never know what might come forward.

For house, it is totally different. For maintaining such a big house, one should have a really strong income source coming either from business or job. Without a strong income, it is almost next to impossible to manage such a big house. Doing the work ourselves might be the first thought while making the purchase but only a handful are actually able to take care of the house by themselves.

[Issa56]

A lot of financial decisions are based on one question; CAN I AFFORD TO BUY IT? but I think another question is just as important; CAN I AFFORD TO KEEP IT?

For instance someone may be able to afford a car today but the real cost does not end when the can is purchased. There is fuel, maintenance, insurance, repairs and other running expenses. Sometimes the purchase itself is not what create financial pressure, it is the reoccurring cost that comes after the purchase.

When you are getting something, you should take your time to do your analysis if what you are earning can properly maintain what you are buying. Let me use car as an example, I don’t think getting a car is so difficult, where issue is always coming from is how you are going to maintain the car, and most people don’t even understand that. When some people are having money, they rush to buy a expensive cars, but the cost of maintenance is what makes some people sell their car back. So to avoid being in a situation like this, just buy what you know you can easily maintain, so that you won’t end up selling the car back.

The same thing is applicable to when building a house, make sure you build what you can maintain, not that after building a house, you will find it difficult to even renovate the house, within few years the house is going to look unkept, build what you can maintain. If your building is small, and you are able to maintain it, people will appreciate it more than a big house which lacks maintenance.

[Rruchi man]

No matter how much we spend on the car, there is something more than can be done and we eventually plan a timeline to get it done. To purchase the $4k car, we need to have at least $8k in savings. Any asset like car needs some emergency funds kept asides because we never know what might come forward.

That is often the position where people who have the intention of purchasing something are advised to buy it from; that is a position where they are able to afford what they want to buy two times if they wish.

If you make a purchase of something that you can afford twice, it simply means you have a lot of money set aside to manage any cost of maintenance that comes forward, and unless you are a stingy person who is pennywise and pound foolish, that is the only time where you would have the money for maintenance and choose not to perform maintenance on what you have.

[terrific]

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

Wise buyers, they do.
But for someone who only buys to impress people, they don't.
They think that owning something is the end game after the purchase but no. There's the after sales and maintenance of everything.
Unless you purchase a thing that's consumable and only can be used one time.
The perfect example are the cars and houses, you don't get to stop paying things for it after owning it. There's more to it even after.

[lombok]

That is often the position where people who have the intention of purchasing something are advised to buy it from; that is a position where they are able to afford what they want to buy two times if they wish.

If you make a purchase of something that you can afford twice, it simply means you have a lot of money set aside to manage any cost of maintenance that comes forward, and unless you are a stingy person who is pennywise and pound foolish, that is the only time where you would have the money for maintenance and choose not to perform maintenance on what you have.

Principle of purchasing something twice the level of ability to pay acts as a protection against extravagance. Bravery in purchasing the goods must always be supported by the preparedness of extra money in reserve so that the purchase does not deplete the minimum liquidity of the family.

Presence of maintenance periods proves the mature approach to the management of the asset. Ignorance of servicing due to the concern about the money would be a sheer stupidity, since major problems will cause much greater expense boom.

[Botnake]

Everything you said is true. True affordability isn't just about being able to afford the initial price or the monthly payment, but its staying on the budget and making ends meet for ongoing upkeep.

Unfortunately, majority still fall on the mindset that as long as they can afford the initial price or has completed the purchase then the next days and months will be fine. But they overlook the most important factor, that is if they can able to maintain without compromising the other funds intended to pay for the different bills at home. The reason why most people end up in financial crisis and stress because they fail to manage their funds smart wise.

[Finebone]

Do you think people pay enough attention to the cost of maintaining what they buy or do we focus too much on the initial price?

The truth is that majority of people in our society only think of buying without thinking of the maintenance cost.  it's not everyone that plan or forsee the cost of maintaining something they are about buying, they only get to know of the cost of maintaining it when they have already committed themselves, that is why you will see some abandon cars, sport arena etc in our society, because sometimes the cost of maintaining it is even more expensive and a huge burden to bear, so I gree with you that being able to afford something is not the same as being able to maintain it, because to most people, maintaining something is more difficult than buying it in the first place.