It's a fact of life that most things will wear out sooner or later. How we handle the process of replacement can either save us money or end up costing us big.
Let's use a refrigerator as our example. Even though you've grown accustom to the cracked door handle and the broken bin, you've noticed your elderly refrigerator is now beginning to make some odd noises. What do you do?
a. Let's go shopping today and buy, buy, buy!
b. Start checking the sales and buy the first time you see the item on sale.
c. Research the product, start checking sales, talk to folks who are knowledgeable about the item you need, and wait to buy until several promotions are available at the same time on the item.
If you said (c), you've got the processed nailed, and you're already saving a ton of money. If you'd like to learn a little more about how the "ultimate savings strategy" works, read on.
Most Important: DO NOT Wait Until Your Current Refrigerator No Longer Works. Nine times out of ten, you'll start seeing the signs you need to start thinking about buying a new one. The door has been repaired and even the bungee cord is no longer keeping the door closed. The ice tray isn't freezing the way it used to. The unit seems to be running longer than it once did. The time to begin shopping is before a crisis. Once the thing goes completely out, your back's against the wall, and I absolutely promise that you'll spend a ton more than you would have with a little advance planning. Crisis happens, but whenever possible, do your best to plan ahead a bit.
First, Identify Exactly What You Need. In this case you need a basic refrigerator with a freezer. (More on wants later.)
Next, measure the space where the item will be placed. When you've measured, do it again. You need to be absolutely certain you have your dimensions correct.
Plan to Purchase an Energy Efficient Model. To restate the obvious, this action will save you money throughout the life of your appliance, and it's good for the planet. There are also certain rebates that are connected the energy saving capacity of the item. Win-win-win.
Determine Your Price Range Now. Determine how much you are willing and able to invest in your new refrigerator. Having a price range in mind will help ensure you get the highest quality of appliance you are able to afford while also spending an amount that is comfortable to you. How do you determine a price range? The research step will give you a good ballpark idea of what your item normally costs before any reductions.
Time to research! There are a plethora of online sites offering a wealth of information. Just be sure the sites you review offer trustworthy information. Consumer reports, manufacturer sites, even marketplace reviews of an item (think of the reviews found on sites like Amazon.com) will provide you with some product information as well as comments from those who've purchased similar items. Through your research you'll learn it is really, really common for one manufacturer to produce several different brands. For example, Whirlpool now owns the Maytag Corporation. Some of the brands made by Whirlpool include Maytag, Kenmore, Admiral, Kitchen Aid, and of course, Whirlpool.
Identify Your Wants. Side-by-side. Top freezer. Bottom freezer. Ice/Water on the outside door. Split shelves. And the list goes on. Your wants should be based on the needs of your family vs just because you think a (insert the cool feature here) is a must have. Remember, the goal here is to save money while ensuring your purchase fully meets the needs of your family for many years to come.
Go and Look at Several Different Models. You'll want to physically look at several of the refrigerators you've identified through your research thus far. What may have looked great on paper may not pass the "touch it/test it" review. How does it feel when you open and close the door? Are the shelves sturdy? What about the bins? Are they well made so as not to break with frequent use? The purpose of the "touch it / test it" review is to identify the highest quality appliance that meets your needs and falls within your established budget.
Be Patient and Wait for the Right Time to Buy. Okay, you've found the perfect refrigerator for your family. Why wait? Because it will end up costing you a boatload more if you don't wait for the best possible buying situation. So, you're asking, what is the ideal situation? Using our refrigerator example, here's a recent strategy. The economic stimulus program was offering a $100 rebate for appliances that met certain energy saver criteria. Individuals were required to apply for the rebate and were sent an email notifying of acceptance. The rebate was good for a set period of time. Our example family, knowing their 20 year old refrigerator was not only failing, but was also no longer energy efficient, had been watching closely for upcoming sales. A holiday noted for excellent appliance sales was just around the corner. Watching the ads online and via the local newspaper, our shoppers saw that the store in which they'd completed their "touch it/test it" was having not only a holiday sale, but also an early bird special in addition to offering an additional 10% off for those who opened a store credit card. (Note: Opening a new credit card of any kind has an impact on your credit score and thusly is not the best strategy for everyone, especially folks trying to qualify for a mortgage loan.) Thinking fast, our example family checked to see if the manufacturer might also be offering any incentives or rebates. Jackpot! The perfect buying situation! They arrive early to the store armed with rebate data and bought their new refrigerator with confidence knowing they'd gotten the best possible deal. They were even able to work out an additional deal to get the delivery charge refunded via a Visa gift card, which they were able to use when grocery shopping a few weeks later! The buying experience was pleasant, and our example family was able to make the most cost effective purchase possible simply by using the above referenced techniques. They were well prepared by the time they finally made their purchase. You, too, can have the same results with a bit of preparation, research, and patience.
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