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This is a money saving tip for the 50/50 Challenge.

Making a big purchase can be stressful – it's not often you drop a huge chunk of your money for some item. You want to get the best deal and have some protection in case something comes up. I have a few tips that can help you do just that.

Shop Around, Check Around

We're no longer limited to the local stores when it comes for hunting for a great deal. Check with online shopping sites like Amazon to see if you can find it on sale. If you decide to pick up your big purchase online make sure it's with a reputable seller. If the price is  too goo to be true and you're not 100% confident with the seller, then pass.

You can also check with local stores to see if they price match. If you can find a great sale online, but get a local competitor to match, you can get the best of both worlds – local customer service and a fantastic price.

Be Willing to Hunt and Negotiate

Don't be afraid to ask and check before you put down some money. You may be able to get an even better than you expected.

Check for Affiliation Discounts

Ask to see if the store offers discounts for AAA members, military, AARP,  teachers, or other members.

Buy a Floor Model

If you're buying a large appliance you may get some big savings just by getting the floor model. Check to make sure it's in good condition and you can make out like a bandit.

Mail-in Rebate

If your purchase has a mail in rebate, like some smartphones, you can save 20% by just completing and sending the form. Many people don't take the time to do that and they lose money. Do yourself a favor and complete it as soon as you get home.

Think Twice About Extended Warranties

With most big purchases, you'll be offered an extended warranty for a ‘low price'. The question, though, is it really needed? How do you figure out if it's the right move for you?

First off check with the manufacturer to exactly what they cover. When purchasing video game consoles, you may be surprised to find that many of them offer a 1 year warranty for defective hardware.

If you buy from a warehouse store such as Costco, you may be entitled to an extended warranty through them. Finally many credit cards offer an extension on warranties for purchases made with them. As an added bonus, check with your credit card company to see if you get price protection as a bonus.

Thoughts on Saving on Big Purchases

What big purchases are you planning on making in the near future? How have you saved when you have made purchases?

Photo Credit: Jesse757

About Elle Martinez

Elle Martinez helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..

5 comments add your comment

  1. Great tips!

    On the warranty: a warranty is an insurance policy, so I like to compare the price of the insurance with the actual item. A five dollar insurance price on a $50 purchase is a 10 percent insurance cost….extremely high cost.

    I know, I’m a math whiz. Thank you.

    On the other hand, five dollars on $500 might be worth it if the person follows your tips above.

    Luckily, the biggest purchase I have coming up is pet food for our house protecting attack-cat, Cooper. I’m not sure if the store will negotiate at all on Whiskas.