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Cutting the Costs of Large Purchases

While some things in life cost a lot of money, you do not always need to pay the sticker price in order to get what you want.  Here are some ways to save money on large purchases:

  • Think about it:  Don't buy the first item you see.  Compare a number of different models, think about it, and then make the most informed choice.
  • Make sure it lasts:  The cheapest product is not always the best one to buy, as the cheaper one might wear out or break sooner than its more costly counterparts.  Sometimes, you do get what you pay for. When conducting your product research, read the customer reviews and choose the item that is built to last.
  • Use the warranty:  When comparing items look to see if the manufacturer includes a free warranty in the purchase price.  You may not need it, but it adds value to the purchase if something breaks.
  • Buy the item used if it makes sense:  Some large ticket-items such a cars and computer equipment can be bought used when its former owners decided to upgrade and discard what they had.  For a lower price tag, these items might serve you just as well as a new one.
  • Make the price worth your time:  Divide the cost of the item by your hourly wage.  If a new tablet computer costs $300 and you make $9/hour, is this item worth 34 hours of your time?
  • Look for discounts from your memberships and rewards programs:  If you have a membership at a cultural or civic-minded organization, you might be rewarded with discounts at area retailers.  Likewise, if you are part of a retailer rewards program, you might be eligible for discounts, even on large purchases.  Check your membership benefits, and you might save.
  • Don't compare yourself to the Joneses:  It’s easy to want what family, friends, neighbors, and everyone you are connected with through social media has.  Buying to “keep up with the Joneses” is common when it comes to smart phones, clothing and shoes, jewelry and other accessories, cars, and vacations. Resist the temptation to replace something that is working with something that is new just to get the new thing. And, try to remember you goals.  This can help you stay focused on what is most important to you.