As the cost of living is getting higher in the UK, we are all looking for ways to minimize our expenses. From reducing non-essential purchases to taking steps to lower our energy use at home, recent data tracking consumer purchases proves that reducing monthly expenses is a concern for many – a trend that will likely continue throughout 2023 as the majority of wages fail to keep pace. interest rate increase.
However, try as much as possible to be as frugal as possible with your paycheck, there are some major purchases that are unavoidable. Whether it’s replacing a broken washing machine or moving to a larger property to accommodate a growing family, this type of purchase is often urgent and unexpected. Help reduce the impact this big purchase is on your finances by using these secrets to reduce spending on your significant purchase.
Do your research
This may sound obvious, but a surprising number of people don’t shop when they make a significant purchase – especially when they have a specific product in mind. Make sure you compare all the brands that offer what you’re looking for, take advantage of the wealth of information and customer reviews that can be found online. You should also look in a physical store if you live nearby as there are often special discounts available in-store.
Second hand shopping
Especially for big purchases that will play an important role in our daily lives, we usually want to buy something new that really feels our own. However, used, almost new products are often just as good for less money. For example, buying a high-quality used car from a local dealer guarantees a well-running vehicle that is more cost-effective and environmentally friendly than the latest models. Second-hand shopping is also very helpful for saving money when you’re renovating your home, or if you need to buy custom clothing.
Be careful with sales
If you can afford the wait, keep an eye out for year-round sales so you can find what you’re looking for at the best price. These sales often occur around major holiday dates, such as on Boxing Day immediately after Christmas or during the Easter bank holiday weekend. The UK is also having a sale on Black Friday, the day after Thanksgiving in the US. The biggest discounts tend to be on home appliances like televisions or home furnishings, and you can usually save as much as half the price.
Make an off-peak purchase
There are certain times of the year when there are consumer buying trends. For example, after a family discussion during the festive season, many people start planning their next vacation abroad between Christmas and the new year. Similarly, spring is the most popular season to buy engagement rings. Recognizing – and avoiding – this peak buying pattern means you are less likely to be trapped by inflated prices due to limited availability.
