No matter how careful you are with your money, you will experience the need to make large purchases from time to time. Things break, and that’s part of life. However, when you’re already struggling to make ends meet, the idea of paying out for a new stove, or getting the repairs made on your car might be daunting. You need a stove in your home and your car might be the most costly way of getting to work. So what’s the solution here? Luckily, we’ve compiled some tips and tricks on how to deal with large purchases when you’re strapped for cash.
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Consider repairing rather than replacing
A mistake that many people make when an appliance breaks down is getting rid of it and buying completely new. While sometimes, repairs aren’t worth the amount of money you’ll pay, it also occasionally pays to get a quote on your repairs before deciding to replace it. Perhaps your stove has an element that’s broken and it’s a simple fix? Whatever the appliance is, look for repairmen that will do cheap or free quotes. See if you can save yourself a pretty penny or two by having your appliances repaired rather than replaced. Many people often pick up home warranty coverage to help offset costs in the event their appliances need repairs.
Some of the repairs you may even be able to make yourself. For example, if your tablet screen has stopped working, rather than replacing it, instead why not check out some ‘how to’ videos on how to repair it yourself? More often than not it’s a very simple fix, so it’s definitely worth a try!
Look into lending options
If you’ve looked into the repairing option and it’s simply not worth your money, then now is the time to think about how you’re going to go about affording a large purchase at this point in time. An idea would be to look into short-term lending options so that you can pay for what you need, and pay back your loan at a later date. For Leisure Freak Spanish readers look here for more information on short-term lending and also any other important things that you need to know. For English readers check out sites like Lending Tree. Remember that with any kind of loan, it’s important to make sure that you’re able to afford the repayments on your agreed dates. If you miss repayment deadlines, you could land yourself with a late fee. Sometimes that late fee will include a black mark on your credit report.
Choose a buy now, pay later option
A great way of getting what you need quickly without having to spend a dime is by choosing buy now, pay later options within stores (both online and in store). This will allow you to have your new stove/washing machine/tumble dryer without having to worry about the cost straight away. The length of time before you have to pay depends on the supplier. It’s usually around six to twelve months before you have to make any payments. In some cases it could even be up to a year for large purchases like home replacement windows.
Bare in mind that you will have extra interest added on top of your purchase, so make sure that you may have enough money to make payments when the time comes. Be fully aware of your buy now, pay later terms. If there is an interest free period that you can take advantage of then be sure to factor in repayment before its expiration.
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Go for finance or lease
If you’ve recently discovered that your car isn’t worth the repair bill, then you’re left stuck wondering what to do for transportation. Especially if it works out cheaper to drive everywhere rather than use public transportation. Consider going for finance or lease options so that you’re able to drive away with a car and pay back monthly the amounts that you owe. Here’s a few things to remember about finance and lease vehicles:
- At the end of your contract with finance, you get to keep the car.
- Leasing is generally cheaper, and often requires no or at least smaller deposit than a purchase down payment.
- Repairs are usually made by the dealer under warranty, so you won’t have to worry with either finance or lease about affording repairs
- Newer cars are generally cheaper to run as they are more environmentally friendly.
- At the end of a lease term contract, you can simply choose a new car to lease out if you wish.
Speak to a family member or friend
A lot of people often avoid the option of asking a family member or friend for help due to embarrassment. But if you’re struggling then it might be time to swallow your pride and speak to someone close that can help short-term. Offer to write a repayment contract up so that they’ve got piece of mind on getting their money back. Remember that failing to repay someone close can lead to feuds between yourselves. Make sure it’s the right choice before doing so.
Don’t rule out second hand
You can often find second-hand appliances and cars for sale on the internet. Whether you’re looking on eBay, or even Marketplace on Facebook, there will always be someone willing to sell you their second-hand items. The good news gets better, quite often, there’s nothing wrong with them! Keep an eye out for second-hand things before buying new. That way you’re giving yourself the chance of saving some money!
The same goes with clothing and other smaller purchases made in everyday life! Consider second-hand to save yourself a substantial amount of money over time!
Ask for an advancement on your wages
Finally, some bosses are willing and able to offer advancements on wages, so why not speak to your boss and see if they are able to help your situation help? If you feel like explaining your situation to them would help, then do so!
Take these tips on board and the next time you have to make a large purchase, you won’t be left worrying about how you’re going to afford it!