I have been out of debt for about a month, my bank account is growing rapidly, and I could head out and pay cash for a brand new $2,000 bedroom set if I wanted….but I didn’t. “Why not?” you might ask, “You have the cash for it!” It’s true – it’s not like I’m heading out and financing my entire bedroom purchase. I have the cash, but with every purchase there are opportunity costs. If I spent $2,000 on my bedroom furniture, that’s means that I wouldn’t be able to spend that $2,000 on something else I might have wanted/needed. After much deliberation, here are all of my reasons for buying used furniture for my bedroom. You might agree with them and you might not, but either way, be sure to leave your comments below.
1) When I’m in This Room, My Eyes are Closed…
How many hours a day do you spend in the bedroom? 8? Maybe 9? How many of these hours are you actually awake? Maybe 30 minutes a day. If I’m going to be in the bedroom for only 1/48th of the entire day, my spending is going to be fractionally proportional. In other words, why the heck would I want to spend thousands of dollars on a room that I’m never in? Nope, I’d rather make it look decent, but not sock all of my money into it.
2) A Beautiful Bedroom Suite is Not on My Goals List
I have goals to get the exterior of my house painted, redo my landscape, and pay off the mortgage. Having a fancy bedroom didn’t make the list. If I were to overspend on the bedroom furniture, that would mean that I would have to forgo some of my other goals. Frankly, I’d really rather not do that.
3) I Might Want to Change it Someday
It’s nice to redo the design in various rooms once in a while. When you buy things new and then decide to make a change a couple of years later, that can be really expensive! That $2,000 bedroom set can only be sold for $500 (if you’re lucky) a couple of years from now. But, if you buy your furniture cheap and used from the get-go, you’ll lose much less money and you’ll ultimately feel more relaxed about the redesign.
4) It’s the Exact Color I Wanted
When I purchased this house, I had the floors refinished to look extremely dark and glossy. I absolutely love the look, but it has been a challenge to find furniture that isn’t light or medium brown. Even black has been somewhat challenging to find. Since I didn’t want to spend $500 for a brand new bed (that price doesn’t include any of the nightstands or dressers). I browsed Craigslist for over a month to find something that had just the right color. Finally, I found a set that matched it perfectly.
5) It Was the Right Price and Looks Amazing
As I’ve been saying all along, a typical bedroom set would have cost me nearly $2,000, but there are some way better things I could do with $2,000. Heck, I think I’d rather take a vacation than spend two grand on bedroom furniture.
Most people that want to save money head to IKEA. The quality isn’t the best, but it is inexpensive and it looks fashionable. If you really want to find a deal, you’ll find someone that wants to sell you their used IKEA furniture. Yep, that’s what I did. This set came with a headboard, side rails, and a footboard, as well as two nightstands that roll in and out of the headboard (depending if you want them out or not). The regular retail price of this piece was $300. Tack on tax and travel and this would have cost me about $400 (assuming that someone that owned a truck would want to drive me 2.5 hours to pick it up anyway…). Instead, the used IKEA bed was only 1 year old and really had nothing wrong with it. The price tag? $150.
While I was on a roll, I decided to look for two lamps and an area rug. I went to a Hotel Furniture Outlet (they have tons of furniture that has been retired from local hotels) and found some nice lamps with brand new shades for $20 each. Then, I drove over to Big Lots (Lol. Yes, I love these high class stores) and found myself a 6’x9′ area rug for only $50! The entire bedroom is now furnished and it only cost me $240. 🙂
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.