155- How to Save on Big Money Purchases
Updated: Jan 15, 2021
Today’s post is an excerpt from my upcoming book, The FinancialVerse Guide to Savings - 600 Practical Cash Saving Ideas (Pandemic Version). The topic is how to save on your big dollar purchases. Hope these ideas help you save money.
Ideas to Save on Big Money Purchases
1. Always price check your big purchases. In my view, these are purchases over $200. There are a number of apps that can facilitate the checking process. That way you can be sure to always get the best price. For example, Wikibuy is a great price check app that can save you money in a couple of different ways. Whenever you’re looking to buy something online, Wikibuy will quickly search the web to make sure you’re paying the lowest price possible. They’ll also look to apply any coupon codes that have been successful for other Wikibuy users.
2. Use the 30-day rule. When you want to make a large purchase, think about it for a while first because, for some people, money is an emotional issue. Write down what the purchase is and how much it costs. If after 30 days you still feel it’s necessary, purchase it. Carefully consider why you are buying before you take the leap to purchase.
3. Never buy “off the shelf.” Any time you plan to buy something costly you should always do your homework first. Try the following: (1) surf the web to see who has the item at the lowest price, or if any sales are coming up, (2) check the website of the manufacturer and retailer to see if any coupons are available and (3) see if you can buy the same item second hand. By adding research to significant purchases you can save hundreds of dollars each year. For appliances and electronics, I always consult Consumer Reports to see if any key information about an item is available.
4. Time major purchases for sale periods. Because demand fluctuates by the season for certain items, you can time your big buys. For example, the end of model year or month-end can be a great time to buy a car because dealerships want to meet their sales quotas. January is a great time to purchase linens. Lastly, pay close attention to special deals on your favorite websites.
5. Save for big purchases a little at a time. Set up a fund that allows you to accumulate funds for your big purchases–these are called sinking funds. For example, these funds allow you to have the cash to replace those balding tires. Or you can save up for Christmas all year long since you know it’s coming December 25. You do all of these things by setting aside money each month for that big purchase.
Saving money whenever you can is a good money habit. Like anything else if you look at your big dollar purchases first you will likely find your greatest savings.
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