Showing posts with label Shopping research. Show all posts
Showing posts with label Shopping research. Show all posts

Sunday, January 17, 2016

Smart Finance: 6 Things to Consider Before Making a Major Purchase


It isn't every day that you spend $30,000 for a new car or $300,000 on a new home. Even spending $500 on a new water heater or a new television isn't something that you do regularly. If you are going to spend that amount in the near future, what are some things that you can do to ensure that you are spending your money wisely?


Get Quotes From Multiple Retailers


The first thing that you want to do is get quotes from a variety of retailers. You may find that buying online is cheaper than buying at a big box retailer. You may also find that buying from a local store is more expensive than the big box retailer but that you get better service from the local store. 


Consider Extra Fees


There may be a variety of fees that you have to pay on top of the retail price. These fees may include paying for delivery, paying for installation or paying for the retailer to haul away the product that you are replacing. 


Consider the Cost of Insurance


When you purchase a car, boat or house, you may need to purchase an insurance policy to protect yourself or the lender financing the purchase. Liability is just one of the reasons to get boat and yacht insurance now. It may be a good idea to comparison shop ahead of time or buy a policy that can take effect immediately after you make the purchase. You don’t want to be caught without insurance on these types of things. 


The Product Should Have a Warranty


The product that you purchase should have a warranty that lasts for at least a year. If it doesn't you may want to look into buying an extended warranty or service plan. These policies can be affordable depending on the level of coverage and service you want or need. 


Determine How to Finance the Purchase


Many stores offer 0 percent financing if you open a store credit card to finance the purchase. Assuming that you can pay the balance off in a timely manner, this may be better than depleting your savings account on one item. 


Figure Out If Sales May Lower the Price In the Near Future


If Black Friday is around the corner, it may be best to wait until the price goes down on the item that you want. In some cases, online retailers may have special sales or specials to drive traffic to their website throughout the year.

Careful research, considering additional fees and insurance and smart financing of the purchase can help you get the most for your dollar. It’s important to consider all of the extras of making a big purchase so you don’t have financial trouble after you buy it. These tips can help make sure you are making smart financial choices and enjoy your purchases, rather than regret them.




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