Big Ticket Purchases – Five Amazingly Simple Ways to Save

A lot of people have this idea in their heads that to save money, you should do things like take your lunch to work, stop buying magazines, and stop eating out so much.

While I can’t argue that those things will save you money if you do them, they’re simply not sustainable.

The problem is, you have to do them over and over and over, not just once. Every time you make that decision not to have an appetizer at dinner, you’re going to feel the annoyance and pain of making that sacrifice.

Over time, it starts to really suck. You’ll eventually give in to your desires and your behavior to save will be gone.

Save on Big Ticket Purchases

A better way to save money is to save in large chunks when the opportunity presents itself.

These are things like appliances, vehicles, houses, subscription costs, televisions, computers, etc.

Notice that you only have to do these things a few times in your life. That means if you save a giant chunk of money, it’s all yours. You don’t have to keep doing it over and over.

That $1000 you painstakingly saved over the course of a year by skipping your morning donut pales in comparison to the $1400 you just saved on your new car by doing a little bit of negotiation.

This is especially true for young people just out of college, or the family just starting out in their first or second home.

Enter Mary Leonard, a financial specialist who has a few great tips to save on the big ticket items that come with the purchase of a new dwelling.

Take it away Mary.

Starting Your Financial Life After College

So you’ve just graduated from college, with the obligatory mountain of student loans, and landed a great job.

Problem is, it’s several hours from your hometown so spending a few months in your old bedroom while you get your finances in order is out of the question. What’s a young person, with little savings, to do in order to set up housekeeping?

Spend as little as possible on each and every large purchase that you make.

While you can save small amounts of money by buying store-brand cereal and clipping coupons or curating your closet from charity shops, you can make some big wins — translation: save hundreds of dollars — by following some expert tips for getting big-ticket items at a fraction of the retail price.

Appliances

Get great deals by shopping at a local mom-and-pop shop and asking for a discontinued model or one that’s in the scratch and dent section, suggests an article from Fresh Home.

In most cases, you’ll get a washer and dryer or refrigerator that is a near-perfect condition, save the fact that there’s a tiny scratch on the lower corner.

Finally, new models often come out in the last quarter of the year, so July through September are when you’ll see retailers slash prices to make room for new arrivals.

Phones and Electronics

Phones, computers, and televisions aren’t cheap, but you can save some green when you go the unconventional route of buying a refurbished item or choose one that’s been returned.

Consumer Savvy Tips noted that many returned items have actually never been used at all, but because the packaging is no longer intact, stores must discount them.

Stores don’t have to follow any regulations with refurbished items, but they’re usually restored to a new condition and will serve you well. If you choose either of these options, be sure you get some kind of warranty.

Buying a Car

New cars lose a considerable amount of their value the minute you drive them off the lot.

Oftentimes you can get a very nice used vehicle with few miles at a much lower cost if you’re just willing to look around and choose a different model or color. You can find thousands of great used cars for sale at drivetime.com. Online websites like Drive Time have financing made for people with poor credit or little money to put down.

Note from Cody: Great tip Mary. See “How to Bank Six Figures on Your Next Car Purchase” for further reading on this strategy.

A, New to You, House

One way to get more house for your money, according to Homedit.com, is to look for motivated sellers and foreclosures.

People who are about to be foreclosed on, want to get the home off of their hands before they’re forced to give it up, so they’re often willing to take less. And banks don’t want to be property owners, so they’ll sell foreclosures at a fraction of the original cost.

Do make sure to inspect the home thoroughly, so you know what you’re getting into as many foreclosures are in need of a little TLC, which also gives you more negotiating power since the house isn’t up to standard.

Note from Cody: A lot of people are scared of foreclosure properties, but don’t be. As long as you are willing to get things thoroughly inspected and fix up any rough areas that need to be addressed, this can often save you tens of thousands of dollars, and ensure you a nice profit when you sell the home.

Furniture and Home Goods

According to ABC6, the best time to get smoking deals on furniture is in January and July.

Think about it; stores often have their “white sales” in these months, which is really a clever way to unload inventory before the new products arrive. You can also score deals on furniture at the end of the month when salesmen are eager to meet their monthly quota and will be open to haggling prices.

Always be willing to negotiate in these situations as well. The biggest mistake people make with negotiating is not negotiating in the first place.