5 ways to be frugal with big purchases

It’s inevitable that even the thriftiest of households will need to make a large purchase eventually. Whether you’ve planned ahead and saved or something unexpected came up, there are a few ways you can make this decision and still be frugal.

• Wait for a Discount or Sale – If the purchase isn’t urgent, consider bookmarking the item and waiting to see if it goes on sale. You’d be surprised how much money you can save if you wait and the store comes out with a great coupon two weeks later. Check daily deal sites for discounts as well, especially for things like experiences and vacation deals. The only downfall is that often the discounts are for a limited time only so you have to act fast which doesn’t work for everyone.
• Compare Deals – Thankfully we live in a digital age so it’s easier than ever to shop around and compare deals. Many websites exist solely for this purpose so it’s a good idea to use these resources. Check out Consumer Reports and online reviews as well to see if there’s an alternative that’s cheaper yet equivalent in quality. You could save hundreds of dollars by simply avoiding brand names. Keep in mind that it’s best not to sacrifice quality for cost on things that will last you a very long time – weigh your options carefully.
• Seek Help Financing – There are times when your purchase might be too expensive to pay for out of pocket, so you may need to seek help with finances. If you opt to use a credit card, choose a card with a cashback feature and pay it off as soon as possible. Personal loans are another option, but pay attention to the amount of your loan and only borrow what you need. There are online tools where you can compare private loan offerings and make the right decision for you.
• Find It Used – People often replace their possessions before necessary, so finding something used is a great way to save money when making a big purchase. Look for resale shops and classifieds to see if you can find a bargain. Do your research and make sure that everything is in working condition and is priced in the correct range for what it is, its age, depreciation, etc.
• Ask for a Discount – When all else fails, simply ask for a better price. When you’re buying something in a store from a live person they often have the power to give you a better deal, especially when making large purchases like furniture, appliances, or cars. Sometimes you don’t even have to ask; a sigh accompanied by an averted or maybe even wistful glance can work wonders.

Now that you’re well equipped with these money-saving strategies, you can make that big purchase worry and hassle-free. Saving up or making new purchases doesn’t have to be a pain. Do your research, plan ahead, and maybe you can even have fun with it. Good luck!