Saving Money on Big Purchases

Tuesday, April 24, 2018, 6:00 PM | 1 Comment

Being careful with the way you spend your money is important, especially as you get older and gain more responsibilities.

Even if you are thoughtful and logical with your budgeting however, large purchases can throw your finances for a loop.

Whether the purchase you are making is a “want” or a “need”, here are the best financial moves to save you money on your big buy:

Saving Money on Big Purchases
Via Pexels

  • Car

    Do your research before even going onto a car lot. Be armed with the information you need to get the best deal out of a car. It’s important to know the fair market rate as it pertains to the specific vehicle you are looking at, taking into account things like mileage, condition, and prior accidents on the title.

    Traditionally it’s safe to shoot for summertime when purchasing a car.

    While dealers work to get people into their stores, their salesmen rely on the lowered summertime prices of vehicles to make room for inventory on their lots in the fall. This saves you money while letting you keep the upper hand on a deal.

    Conventional loan financing averages 3 to 4 percent when leasing or purchasing a new car and 4 to 5 percent if the car is used.

    When you finance, you get what you want when you want it, but you will pay thousands of dollars in interest in addition to the purchase of a car.

    Only finance when absolutely necessary or else you risk just handing your money over to the bank.

  • Home

    Buying a home can be one of the most rewarding (and expensive) endeavors you ever take on. There are plenty of things to consider when buying a home.

    For example, make sure to explore all of your available financing options. Doing so prevents you from leaving extra money on the table for the anks, and the right financing can help save a significant amount of money on your big purchase in the long run.

    Make sure you have a home warranty before signing papers at closing. Traditionally the seller will provide a warranty with the home sale, but if they do not, invest the few hundred dollars it costs to get one. This may seem counterintuitive to saving money, but a home warranty gives you the peace of mind knowing that if you have any issues with major appliances or the home itself, it is covered under a warranty for at least a year (or longer) after you move in, potentially saving you thousands of dollars.

    Whether you are completely furnishing a new home or just making some small furniture adjustments, it is important to factor this cost into your overall move.

    Look for the best sales on specific furniture purchases. For example, the best time to buy a mattress is during the holidays. February, May, and September are also good months to purchase a mattress, so look for the best sales before, during, or after the popular 3-day weekends.

    By knowing when to shop, you can make a smart and informed decision, saving you precious money.

  • Vacation

    Vacations can be a necessary endeavor for the modern worker. They are a time to fill up depleted energy reserves, but great vacations can be expensive. This is why it’s important to save money on your next vacation instead of spending your savings for some relaxation in the sun.

    To save the most, plan to travel during the off season when costs are lower. The best times to travel are typically in early spring or late winter. Since summer and winter months are when most people travel, it’s also when you can expect to pay the most for your vacation.

    Shop for flights and hotels online in an incognito browser tab. When a travel site suspects you are looking for a specific date or a specific hotel, they can use your cookies and search history to fluctuate the price you see while you search. By searching in incognito, you get the best prices every time without Big Brother watching.

  • Last but not least, don’t be afraid to negotiate

    Hotels benefit financially when you book directly with them, avoiding the commission cost that most travel sites charge. This means if you want to negotiate a better rate than what you are seeing online, try talking directly with the company.

    Use the prices you find online as the starting point to bargain for a room. By having the quoted prices in hand, you can communicate with the hotel to let them know you have other options.

When life hands you a big purchase decision, buy only after being fully prepared. By focusing on the bargains you can control, being a savvy consumer, and getting the best prices, you can save big money on your big purchases.

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