The three most helpful options when considering a large expenditure that might require repeating payments are:
- Careful consideration of short-term goals – This helps in aligning the expenditure with immediate financial priorities and objectives.
- Creating a budget to consider future income and spending – Budgeting allows for effective planning and management of finances to accommodate repeated payments.
- Learning about opportunity cost – Understanding opportunity cost aids in evaluating the benefits of different financial choices, including the impact of repeated payments.
Other options like recording the number of assets currently owned or learning about different kinds of accounts are less directly relevant to planning for a large, recurring expenditure.