Unless you’re earning six or seven figures monthly, saving money is likely high on your list of priorities these days. Everything is getting more expensive, after all, so it really makes sense to give your budget a little extra room to breathe. But let’s face it; cutting off spending is one of the most difficult things to do because it is inevitable and saving doesn’t come naturally to anyone too.
At some point, you will need to spend on something—from a new car to a house—and you have to be extra smart when making these major purchases to make sure you’re still saving a few bucks without settling for less or sacrificing the quality of your purchase. Here are five tricks to help you do just that:
1. Take the time to do your research before shopping.
If you really want to save money on a new car, house or even on appliances, and furniture, it’s best to take that extra time to do your research before you start shopping. A lot of people go straight to a store or visit a website with purchasing in mind, and this usually ends with the wrong decisions. Know what’s out there first and pick up little tricks along the way such as those offered by Car Buying Strategies to help you become smarter as you purchase your car.
2. Be on the hunt for coupons and promotions.
A lot of people, especially the younger ones are too shy to take advantage of coupons or promotions thinking that it’s not cool. But these offers can actually do wonders for your budget without you knowing it.
If you’re too shy to clip coupons on a Sunday, let them come to you through newsletters from stores where you mostly make purchases. Most companies now offer discounts, coupon codes and exclusive offers for just about anything these days, so take advantage of them to save a few bucks.
3. Don’t be afraid to buy second hand or older models.
Of course, a new furniture, car or house will always have their charm, but remember that you’re also paying for their newness. If it’s possible, look for second hand options that will cost a lot lower than brand new ones. For instance, a house that someone has already lived in for a few months or years will be cheaper than one that’s newly built, but they’ll probably have the same features that you’re looking for in a house. When it comes to cars, appliances or even gadgets, you can opt for older models that will cost a lot cheaper than newly released models. Most of these products have almost the same functionalities anyway, so you’re still investing in something that’s of good value.
4. Compare prices to know where you can get the best value.
Investing in something as big as a house or car means taking your research to the next level with price comparisons. The good thing is that, you can easily compare prices these days by just logging on to price match websites that give you different price ranges on specific products.
This way, you’ll have a better idea on what prices will fit your budget best and take advantage of the savings that you can get from them. Some stores also offer price match guarantees on certain items where you only need to show proof that the product you want is priced lower in other stores, and they’ll match that price for you.
5. Grab those rebates and cash back opportunities.
The great thing with shopping these days is that almost every business will offer something to help shoppers save money, so they’ll purchase on their store. With this competition comes the abundance of rebates and cash back opportunities that let you earn money back when you make purchases. Once you reach a certain amount, you’ll be able to redeem your cash back and use it towards anything, which is a great way to make room in your budget.
In reality, there is so much that you can do to save money without letting go of your spending completely. Whenever you need to invest in the big things like your house, car or home furnishings, you just have to follow these tricks, take that extra step to plan everything out and make informed buying decisions every time.
You can even apply this strategy to almost every purchase you make and you’ll be surprised at how much money you will save while still enjoying some shopping.