Making a major purchase

Quick answer: Ever buy something big and then regret it later? Make sure to:

  • Check your budget
  • Do your research
  • Consider value in addition to price

Saving for a big item may seem impossible when you have so many other things you have to pay for.

Check your budget

Decide how much you can spend on this purchase and still cover your other expenses. Can you lower your spending on things like groceries or gas? Also, make sure you’re tracking your spending so that fixed expenses, like rent, don’t lose to saving for your big purchase.

Do your research

Once you’ve decided on the amount you’ll budget towards saving for this item, start doing research to ensure you get the best overall value. Check product ratings and reviews online or in magazines to make sure you’re buying a quality product.

If possible, try before you buy and trust your opinion over the seller’s.

Look for sales, coupons, and rebate offers to save money on the price – and, when you can, negotiate for a better deal.

Make sure you understand the warranty and return policy of the vendor you’re purchasing from, and if there’s a problem with the product be sure to make use of them.

Shop for value

Remember: your goal is best overall value, not just the lowest price. Look for the features and quality you want, good customer service, a fair price, and a flexible return policy.