Mo’ Money, Mo’ Money – The Purchases That Just Keep On Taking

A year ago I replaced my old cell phone with a shiny new iPhone.

Ladies let me tell you, to us men electronic gadgets are like Fendi boots, Donna Karan handbags, and Tiffany pendants all wrapped up into one.  Expensive items that draw us like moths to a light pole.

A year later I’ve realized that my little iPhone purchase has taught me an important financial lesson:

When we purchase something we’re frequently not buying a single item. Instead we’re actually buying the product along with its lifestyle.

OK, I know what I just said may sound a little crazy but let me explain.

Like people many items have their own lifestyle – they require extras, whether its special accessories to make them work properly, monthly service fees to ensure they continue running, or special care and cleaning to make them look their best.

We may scrutinize the cost of the initial purchase but do we really check out the costs we’ll have to make after the purchase?

These unanticipated expenses are the ones that hit us square in the eye, busting our budgets like a sledge hammer.

You notice that sharp blouse hanging in the corner of the department store – a must have.  Seconds later you’re taking your little treasure home. Of course its a month later when you realize the thing is dry clean only. Mo’ money, mo’ money.

You haggle over the cost of that flat screen television and even get the salesman to drop the price fifty bucks.

Once you get the flat screen home, however,  the purchase takes on a life of its own  – installation fees (installing and setting up a flat screen is not as easy as it seems), wall mounting brackets (aren’t these supposed to come with the television?), special cables required to hook the television to your stereo system (they cost HOW much?)

You finally have your new prized possession all hooked up and ready to go.  Is now the time you want to get frugal and cancel all those extra premium channels you’re currently receiving? – I mean you just got a new flat screen.

Of course you have to keep the premium channels, perhaps you even purchase the NBA premium package so you can watch all the games with your boys!  Mo’ money, mo’ money.

You scrimp and save for that shiny new car. But not just any car. You “deserve” that expensive German sedan. No more driving the hooptie for you.

Things are looking up until you get the insurance bill which is twice that of more modest cars.

Every time you stop for gas you wonder how you forgot to notice that your new car takes only “premium” unleaded gas.

Yet you really hit the roof when you get the routine maintenance bill for your “fine” German automobile. You gotta be kidding me. It costs how much to change the oil?

Bust a tire and you get to see how truly expensive “performance” tires can be.  Yes, expensive cars have very expensive lifestyles indeed.  Mo’ money, mo’ money.

The hard lesson of a life - it’s not always about the initial purchase. Its the money you spend after making the initial purchase that may suck you dry.

I must say that I researched the heck out of my iphone purchase. I studied the features, the battery life, and the durability. I even combed through pages upon pages of customer reviews.

What I FAILED miserably to do was research the ongoing costs – Costs that I would be paying long after my initial iphone purchase.

I forgot to look into the cellular and data plans that would hit me like a rock straight upside my head when I got my first cell phone bill.  $94 a month!!!

So after my two year contract (prison sentence) with AT&T, I’ll have paid $297 for my iphone but nearly $2,256 for the cellular service!  A classic example of an item with a large product lifestyle.

Should you never purchase a new blouse, flat screen, expensive car, or iphone? Of course not.

Just realize to keep fit financially,

research and budget  for the initial purchase …….but also take into consideration all the additional expenses you’ll pay after you make that purchase.

Have you ever purchased an item that just kept taking money from your pocket after the initial purchase? Share your experience. Leave a comment below.