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Over the course of a lifetime we make some big purchases. From cars to holidays, we spend too much. Here are some money saving tips you can use for saving on three of the biggest ticket items.
Car
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Buying a car is exciting but it can be expensive. The problem most of us face is that we want a car that will last, but for a good price. It can be hard to get the quality and price right when buying a car. Then there’s the upkeep. Car’s need MOT’s and fuel. Before you know it you’ve spent a huge amount of money. But there are ways to keep costs down.
The first thing to consider is what car you buy. The chances are you won’t need a brand new car. New cars will lose you money very quickly. It’s estimated that a new car loses roughly half its value in the first three years alone. This means you’re effectively pouring money down the drain. Make sure, new or old, you buy a model which hold its value. Small engines can be cheaper, as can cars which run on petrol rather than diesel. But diesel is more economical in the long run. Manual cars are also cheaper than automatics. Finally, smaller cars are cheaper to insure. So keep all of this in mind when you select a new car.
Holidays
Holidays are another big expense that most of us will pay many times in a lifetime. Cutting the cost of holidays is doable, but this requires thought. Sit down and think about what you want out of the holiday. If it’s a relaxing break then spending more money on a quality hotel makes sense. If you want to explore the culture and cuisine of a country then opt for cheaper accommodation.
Booking holidays well in advance is another good idea. You’ll have time to compare the best rates with travel websites and choose what’s right for you. At the other end of the spectrum, and if you have the nerve, waiting for last minute deals works. While this is a risk, booking hotels and flights can really pay off. Airlines and hotels don’t want empty seats and beds. Similarly, try looking out of season.
Home
Buying a home is the single most expensive all do. There are so many costs involved and saving a deposit can seem insurmountable for many.
Use a real estate calculator. These tools will help you break down what you can afford to pay, how much your mortgage repayments to be, and deliver your borrowing power. This is a good option in terms of saving money, because you’ll get your finances in order anyway. Opting for a deal that covers some of the legal costs is also a worth. In terms of moving in, use the help of friends and family rather than a moving company. Be savvy with any new furniture purchases. These are big ticket items too. Buy secondhand and save even more.
