Budgeting Tips and Tricks: 4 Ways to Save Money With Big Decisions

Tuesday, February 21, 2017, PM | Leave Comment

Big financial decisions undoubtedly set long-term implications.

Thus, it seems only practical that you take more than a moment’s notice and shake off the old consumer behavior impulses that have yielded poor if not disastrous results on your personal finances in the past.

Here are four ways on how to save money when making these pivotal decisions in your life.

Budgeting

  1. Let it Simmer

    Big ticket items, like the latest Apple smartphone or a brand new car, should be given ample thought before making an actual purchase.

    Purchases made on impulse can cost you dearly, leaving a trail of monthly loan payments that accrue interest over time.

    Sleeping on an important decision for days if not weeks helps you determine if it truly and objectively is a wise financial investment.

    Only through prolonged assessment of the product’s merits can you think of faults and liabilities that you may have overseen in the past due to a biased view.

  2. Involve Experts

    If you’re getting dentures or braces, for instance, it’s best to consult a local dentist or orthodontist before making any final decisions.

    Dental work can be an expensive investment, but it can also bring about positive lifestyle changes that in several ways can boost your earning potential and net worth.

    Aside from dental work, you should also involve experts in other decisions that you have limited to no knowledge of, such as taxes and insurance.

  3. Time it Just Right

    Timing is perhaps the simplest yet most effective tool in the bargain-hunter’s arsenal. And when used on a purchase that’s thousands of dollars’ worth, the savings can be relatively immense.

    When buying a house or car, for example, it’s been shown by countless surveys that buying during the last months of the year actually yield better results as there tends to be a dip in prices during such times.

  4. Measure Twice, Cut Once

    While it sounds like an old adage thrown around the warehouse or workshop, this saying can also be applied to situations where big decisions and money are involved.

    Whenever faced with a tough decision, always exhaust all your options and weigh all your pros and cons multiple times.

    It’s better to take your time in planning and preparing for a purchase rather than waste a significant amount of money on something you don’t need.

    For example, if you’re planning on moving to a new home, you will need to also plan how you will get all of your belongings there quickly and safely.

    Whether that means hiring professionals like Bekins Van Lines Inc., or paying all of your friends in pizza, you’ll want to know how you’re going to do it, who will do it, and what it will cost far in advance.

Use these four tips as daily habits when faced with both small and big decisions in life. While you can’t immediately feel your wallet getting fatter with cash, it does protect you from costly financial mistakes while also helping you save for the future.

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