Purchasing expensive products during recession is very risky. Your source of income, such as your business or a job is always threatened by the unpredictable economy. You might not know it but you’re company might just announce that you’ll never have to work for them anymore because they are closing for good. When you don’t have a source of income, your debt on the expensive product you purchased will only increase because of interest.

Before you go out and purchase that expensive gadget or product, here are some tips that will help save or at least easily deal with the financial responsibility required:

1. Ask yourself if you need it – wants and needs are two different things. A want is basically something you desire without a tangible use in your life. A need however, is an essential product since without it; certain processes will never be possible in your home or at work.

2. Know its effect in your life – before you purchase the product, know how it will change your life. Imagine buying the product and using it at home. Know the advantages and additional discomfort you might have to go through if you purchase the product that expensive.

3. Shop for the best price possible – don’t just limit yourself in one shop. Visit at least three shops and go online to get the best price possible. Don’t get too excited when you see the product you want or need since it could make you rush into buying something expensive.

4. Determine the ROI – ROI or Return on Investment is a term used in businesses to know when the product will generate enough funds that it has basically paid its cost. This might be difficult if it’s purchased not for business purposes but you can measure it through the comfort you experienced.

5. Know its role for everyone – buying something expensive that can only be enjoyed by one person is not only selfish but could cause jealousy at home. Avoid purchasing something that you can only enjoy since it will only cause trouble at home. This is also true in a business setting.

6. Can you save for it? – Instead of using credit cards, try saving some cash. Using credit cards could be very tempting but if you wait hard enough while saving, you can purchase the product at an affordable price because you don’t have to pay for additional interest.

7. Can you make it? – Before you buy something you need, consider if you can make the product yourself. For example, you don’t have to purchase a very expensive laptop if you can make affordable desktop on your own. It might require additional technical skills but there are resources online that can teach you how to build a desktop.

8. When do you need it? – Sometimes a product is not that necessary right now. Wait for the time that you really need it. This is especially true in gadgets since prices tend to go down after months since its initial release.

9. Do you have enough source of income? – Do not buy something that you cannot pay for. It’s a rule that’s often ignored because of credit cards. Living beyond your means will only lead to financial trouble that cannot be easily fixed. Only purchase something that you can pay for with your additional income.

10. Finding an alternative – before you purchase something expensive, be sure to find something affordable but just as useful. For example, you don’t need a very expensive mobile phone if you only want to use it to call your friends and family since the additional features will never be used.