Before we even dive into this post, I’d like it to note something. I believe anything that costs over $1,000 is considered a large purchase. You may disagree and believe something has to cost over $10,000. Or maybe some other even more outrageously high number. But I personally am not big on spending money these days.With that being said, this post is simply my thinking. The type that comes with any costly purchase I’m considering. If you struggle with making decisions involving money like I do, then keep reading! This post is for us overthinkers who also want to save money. Let’s get into it!
How to Save Money on Large Purchases
Disclaimer: This post may contain affiliate links, but all opinions are my own. This means if you make a purchase using these links, I make a small comission at no additional cost to you. For more information, please read my disclosure policy.
My hubby is big into hobbies. Especially those that are expensive. It’s almost like the more expensive something is, the more likely he’ll absolutely need it. For example: his truck, his motorcycle, his guns, his video games, his tools… I could seriously go on and on. Just like he does when I don’t immediately jump on board with his next great idea.
That is how we got to the current conversation on if my hubby can live without a pool table. Now, I’m not the kind of person to immediately agree to or reject any idea without consideration. So that is exactly what I have been doing for the last eleven and a half days. Naturally, I did some research. And I compiled a list of five questions that are essential to ask yourself. Particularly before making a large purchase such as this one. If you have found yourself stuck on whether to buy something or not, then answer these questions to make your decision!
Saving Money Tip 1: Do You Have Enough Money
I think this question is kind of common sense. But I’m going to include it anyway. Just in case. You need to ask yourself if you have enough money to pay for the item you want. And without having to borrow cash or charge it to a credit card. Otherwise, you are only putting yourself into debt. You also need to ensure that you will have enough money left over after the purchase. That way, you can pay your regular bills as well. It probably isn’t a good idea to buy something that costs $1,000 if you have $1,001 in your checking account. Because there won’t be anything left for your other expenses.
Tip to Save Money Number 2: Is This Something You Will Use
It goes without saying that you need to deeply consider an item that costs a large sum of money. It should be an item you know you are going to use. You shouldn’t buy anything simply because it’s trending right now. Or because it looks appealing and fun. Then, it may not be worth it to purchase the item. Do some research first. Know exactly how much it is. And how much use you can get out of it. Overall, you could decide to save your money for a future purchase. Or you could consider buying something different that could be more useful to you.
Saving Money Tip 3: Do You Have The Space For It
This is a literal and metaphorical question. Literally, this goes towards large items. But it should also be considered for smaller items as well! If you find that you don’t have space for your item, you may need to consider getting rid of other items so that it will fit. If you can’t bring yourself to part with the other items, then you may not want to purchase your new item. Metaphorically, this could relate to anything you’re considering purchasing. No matter how big or small. Does this item fit into your life? Or do you have enough items that serve the same purpose? This pool table is an item that my husband wants for enjoyment. But as I mentioned before, he has plenty of others. Maybe you should consider revisiting a hobby or other relatable item that you’ve already purchased. If you don’t find enjoyment out of the old one, you could sell it to make room for the new item.
Tip 4 to Save Money: Is There Something Else You Need More
By this, I mean is there something you truly need? Even more so than this want you are considering right now? For example, imagine you’ve been having car trouble. Could it be more beneficial to use this money to have the repairs it needs done? Maybe you could even purchase a newer car. Or is there a debt that you need to pay off. It could be one that you’ve only been making the minimum payment on each month. You could potentially save yourself more money in the future by using this money on something you need. As opposed to spending it on something you want.
Saving Money Tip 5: Will This Require Upkeep
I think this is one of the biggest considerations that people forget to consider. So I wanted to save the best for last. Will this item require extra accessories, upkeep, and upgrades? Or anything in the future that will cost extra money? For example, think about the pool table. We must consider that one day it could need to be refelted, recushioned, or leveled. And we would need someone to move it any time we move in the future. Thankfully for us, I found a company called Absolute Billiard Services located in Atlanta, Georgia. It specializes in master-quality work that is both affordable and professional. Some of their services include disassembling, moving, assembling, repairing, recovering, and calibrating any type of pool table you may have. They also sell new and used pool tables. As well as a multitude of pool table supplies in Atlanta.
After going over this list of questions, my hubby and I came to the agreement that we will not be purchasing a new pool table – right now. He still wants one! But our biggest issue was that we simply do not have the space for it. Thankfully for Austin, we will be moving soon. So if we find a place with enough room for one, he just might be getting a really nice Christmas present!
Did you go through this list to help you decide whether or not to purchase an item? What is the item and what is your decision? Comment below!
3 thoughts on “How to Save Money on Large Purchases”
How did you get so smart Sierra? Very good insight before making a purchase!😘😘
Thank you! It must’ve come from having such an amazing teacher! 😉
Pingback: Top Five Moving Tips to Know Before You Move - Sierra Rae Koon