How To Save Money on Big Purchases

Estimated Reading Time: 5 minutes

If you’re making a big purchase in the near future, you know every— dollar— counts. Whether you’re purchasing a new computer, car, or house, chances are, you don’t have an unlimited budget. You might be thinking, “wow, life would be so much easier if was a billionaire.” While we’re not here to argue that fact, we are here to let you know that saving money is easier than you might have thought previously. So if you’re looking for money-saving tips to help you get the best deal on a big purchase or just saving money in general, you’re in the right place!

Buy Used

This is probably one of the most effective ways to save on a big purchase, and there’s a pre-owned option for pretty much anything you might purchase. Buying a new luxury car? Try searching for a used Audi in Las Vegas rather than a brand new one in Los Angeles. For smaller purchases, use services like OfferUp to buy from vendors in your area! When you shop used and locally, you’re also supporting local businesses and individuals in your community.

Maybe you’re in the market for a new iPhone or other electronic device— Gazelle buys and sells high-quality tech products that have to pass their certified test before being accepted into their inventory. So not only can you purchase a gently used device at a lower price, but you can also sell your old phone and make some extra cash to make up the difference in cost.

Use Savings Apps

One of the best things consumers can do before they make a big investment is really simple— start saving money. While the concept is pretty basic, the execution can be harder for some of us than others. But the truth is, saving starts small. Use some of these savings apps to help you cut costs where you can, and ultimately build up a stronger savings account.

  • Honey: Honey is a popular extension you can add to your internet browser that will automatically alert you of any coupons and promo codes available when you’re shopping online. Sometimes these promo codes can apply to big items, but the beauty of this application is that it’s focused on saving you money whenever possible! So whether you’re shopping for groceries, clothes, or looking for a bite to eat, Honey is here to help you save a buck (or two) where you can.
  • Albert: Have trouble budgeting? Albert could be just the thing you need to get your savings on track. This app uses financial data combined with real experts to help you better manage your budget and even shows you where you can afford to spend money, and warns you when you probably shouldn’t. This is a great way to help you prepare to make a substantial purchase— even if you thought budgeting just wasn’t “for you.”

Whether you decide to solicit the help of an app or even a local finance expert, the important part of saving money is to follow a budget. It’s easy to come up with a savings plan (even easier to not come up with one at all), and then totally forget about it. But if you’re serious about saving up for a big purchase, you have to be equally serious and diligent about following your budget.

Negotiate Where You Can

This tip doesn’t apply to all markets, so use your judgment to decide whether or not negotiating on price is appropriate. When buying a vehicle or perhaps a set of furniture at a flea market, a price discussion could be worth a try. But if you are going to discuss price with a vendor, just be sure you’re being reasonable and do your research. If you offend with a laughably low offer, you might just end up ruining the deal for yourself— period. Use resources like Kelley Blue Book to identify vehicle value and Value My Stuff to get appraisals on furniture and antique items.

Takeaways

Big purchases like cars or computers are naturally going to cost you a whole lot more money than picking up a few things from Target. You should also look for leasing or finance options. This should be available for most cars as companies like Hire-Brid offer leasing. However it may not be possible for some computers. But just because there are a few more zeros tacked onto that dollar sign, doesn’t mean you have to contribute your whole savings to your purchase. Just use these tips and you may even have a few extra spending dollars on your hands!

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