No matter what your major purchase is, there are ways to save money and sometimes a lot of money. Whether you are looking for a new television, a sectional for your living room or a new fridge for the kitchen, there are ways to reduce your costs if you take your time.
Don’t make the mistake of leaving money on the table because you are in too much of a hurry to make your purchase. Before you pull the trigger on your next big spend, here are some steps to consider.
Get A Cash Back Credit Card
The last thing you probably need is a new credit card, but getting one could put hundreds of dollars back into your hands. At least, if it has a cash back bonus feature.
If you have good to excellent credit, there is no reason that you should not put a major purchase on a cash back card. They are plentiful and it takes only a few minutes to get an approval. Even if you intend to pay cash for your purchase, you should put it on a card. Then, simply pay off the card statement when you get it and pocket the cash back.
The catch here is that you need to be disciplined. Credit card companies make these offers because they know that people will generally carry a balance. They can then make back the “cash back” money, plus a lot more. So, be sure to pay off the card just as soon as you get the statement. If you already have plenty of credit or if there is an annual fee, it also may be a good idea to cancel the card after you get your rewards.
Shop Discount Stores
If you are like most people, you probably have a few “go to” stores that you always turn to, assuming that you will get the best deal. One common one is Amazon, but being loyal to places like Amazon is a huge mistake, because they do not always have the best price. In fact, even with free shipping, they are often higher than other retailers.
Before you put your credit card number down, do a good online search and see if anyone else has your product for a better price. Be sure to check actual websites and not just the “shopping ads” on the front page of the search engines. Those ads are not there because they are the best deal, they are there because the companies paid for placement.
Once you have shopped online, be sure to check some local stores as well. Believe it or not, those local retail stores can, and often do, compete with online merchants. Sometimes, you can even find deals that are not available online. As an added bonus, you would get your product the same day instead of having to wait for shipping.
Look For Coupons
Coupons are far from dead and you can use them to save quite a bit of cash on a major purchase.
One place to search for a coupon is the manufacturer themselves. Sign up for e-clubs and join manufacturer mailing lists. If you are lucky, you can score a coupon with a nice discount.
If the manufacturer does not pan out, be sure to look for a coupon code online. This can be achieved by simply searching for your product name, plus the word “coupon code”. Just use caution, because there are quite a few scam coupon sites that simply want to get your traffic and waste your time.
Another way to get a coupon code that actually works is to use a simple app like Honey. This app searches the internet for coupon codes and then manually tries them out for you at checkout. Honey is a great time and money saver and they even have a feature that will tell you past Amazon prices. Use it to see if you are getting the best deal or if you should wait for a price to come back down.
Shop The Used Market
Not everything should be purchased new. You must remember that a new product will be used in just a few weeks. Why should you take the depreciation?
To find a deal on a used product,simply look at the local classified. The “go to” one for most people over the last few years has been Craigslist, but this is changing. Mainly due to the high presence of scammers, more and more people are turning to online classified like Facebook Marketplace. Use caution, because there are still scammers on Facebook, there are just not as many. Always pay for your purchase in cash and try to meet at a public location.
Take A Time Out
Last, but not least, take a time out before you make your big purchase. A timeout will allow you to cool down and not make an impulse buy.
If your product is 500 dollars or less, consider waiting a few days before you pull the trigger. Should you be looking for something more expensive, like a purchase in the 1000 dollar plus range, a few weeks waiting period may be in order.
The waiting period or “time out” allows the excitement of an impulse buy to wear off. Sleeping on it for a short period will allow you to determine if you really want to spend your money or if you would be better off doing without.
To Sum It Up
People get excited when they make a major purchase, and understandably so. The trick to saving money is to overcome this excitement and take the time to make sure that you are getting the best deal. Remember, every dollar you save is an extra dollar you have for retirement and your investments. It makes the time well worth the investment.
