Monday, May 04, 2009

Want vs. Need; or Opportunism?


(I wish this was my kitchen!)

After a week of unexpected disasters (are they ever expected?) I woke up today to find my refrigerator on the fritz. Luckily I’m way overdue for a trip to the grocery store so there wasn’t much in there. I have a spare fridge out in my shop and was able to move all my food out there so I didn’t lose much. I turned it off and am going to let it finish thawing and then clean it and turn it back on. If that doesn’t miraculously fix it, I’m going to have to buy a new one. It came with the house and has some age on it so, although the timing could have been better, I’m not too unhappy.

Last week a friend of mine had both her indoor refrigerator/freezer and her extra upright freezer go out within a couple of days of each other. We live about 70 miles from the nearest place to buy appliances and, having nothing better to do, I accompanied her on a trip over there. While she was obsessing over refrigerators I wandered around checking out the ranges. I would love to have a new range. I don’t need one. The one I have, which also came with my house, works fine.

Cooking is one of my passions and I do a lot of it. I have a very tiny kitchen and my microwave takes up a lot of space. I’d really like to get a new microwave that would install over the range and also act as an exhaust fan. While I was wandering around the store I found both a great range and a microwave that would fill the bill nicely. I’ve spent the last week plotting and planning and lusting after them. I finally decided that, as a want instead of a need, I would let them go.

Fast forward two weeks and now I have to go back over to that store and get a new fridge. They charge $150 to make a delivery, regardless of how many appliances they bring. I find myself thinking about that range and microwave again. I’m not fooling myself, they’re a want, no question about it. Still, if I have to go up there and if I have to pay that $150 delivery fee and assuming the range I have is every bit as aged as the fridge; should I go ahead and get the new range? I don’t know, but I’m sure thinking about it!

Obviously a big question is whether or not I can afford it. The answer is yes and no. I can certainly afford it but it will also take a fair chunk out of my savings. If my circumstances don’t change, and I have no expectation that they will, I can put the funds back in a couple of months. Alternatively if things do change, I’ll be sorely missing that money. All the news about the economy has got me as worried as everyone else and is making me hesitant to spend money I don’t absolutely need to spend.

I read an article in The Washington Post recently about just exactly this sort of thing. People who have a stable job and plenty of money in the bank are hesitant to make any major purchases because of the news of the economy. This thinking creates a sort of self-fulfilling prophecy in that even if the soft economy is having no real effect on an individual, he or she is still hesitant to spend, which in turn keeps the economy soft. Obviously I’m over simplifying things in a big way but I realized I’m a poster child for this phenomenon.

Although it’s hugely inconvenient to have to go out to my shop every time I need something from the fridge, I don’t need to rush into anything. I’m going to give it some thought and try to make a sensible decision about my appliance acquisition. The appliance store only delivers on Saturdays and I’ll be out of town the next two so I’ve got some time to think about it. In the meantime, I’m enjoying imagining the possibilities of a new range!

4 comments:

Moneymonk said...

ooooohhhh I lovin that kitchen....sooooo functional

Funny about Money said...

Y'know...I think you need to do it. I mean "need."

First, you're an amazing cook. This is an important part of your life, because it brings you pleasure and helps to define you as a person.

Second, sooner or later you'll have to replace the range and microwave anyway. If you have the money and you're not looking at penury in the near term, there's no good reason not to go ahead and do it.

Sometimes retailers will give you a little break on the cost if you buy several items at once. A$k and ye shall receive.

Also, if you have enough money in savings to pay for the stuff and you expect that much will accrue again in the next few months, try to buy them on a 12-month no-interest deal. Keep the amount needed to pay the bill in savings, preferably where it'll earn a few pennies of interest. This gives you 11 months to accrue that much in savings, making you feel better about what you've spent on the goodies.

I always get the same sinking feeling every time I consider ponying up a lot of money for some major expense. But usually I end up feeling glad I did it.

CindyS said...

I was going to suggest something very similar to what Funny About Money said. Today's economy may be keeping people from making major purchases but it is also making retailers much more willing to bargain. Decide what price would entice you to purchase them all and then make an offer. It might be worth it to the store to move a couple of appliances at less profit. You never know until you ask.

Shelleypg said...

My fridge went on the blink last week too. When it rains it pours? Also a 47 year old mom.