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5 ways to avoid a financial hit with a large purchase

16th March 2018

Do you ever get those months where there seems to be more of the month left than money?  Those months are few and far between, thankfully, but when they do happen it’s a nightmare.  Particularly with small children.

Lately, we have been lucky, but my poor best matey, Sim, had a bit of a disaster when her fridge-freezer packed in two days ago… Not content with just giving up the ghost, it decided to do it right before she went to bed.  That’s yet another thing that needs to be sorted.  However, it did get me thinking, how do we manage when an unexpected expense means we’re left short?

I have wracked my brain and come up with 5 ideas to help you decide what to do if you have to make a large purchase and know it will be a financial hit.

Think ‘Do I really need it?”

Can you live without a microwave or a dishwasher for a few weeks?  Do you need a new tumble dryer immediately?  If the answer is that your life will be manageable for a few weeks without it then wait.  It’s not going to do you any harm and you might actually find that you don’t need that appliance in your life.  (Although, if you have small children, do not think twice about a television! You NEED the television.)

Have a look on recycling sites before making your purchase

There are plenty of kind people in the world and very often they choose to give away unwanted items from their home.  Check out Freecycle in your area and see if anyone has what you need.  We picked up a cotbed from there a few years ago.  It was in excellent condition.

Sell unwanted items

It may not be instant cash but with Facebook selling groups, Facebook Marketplace, eBay and Gumtree there’s plenty of places to sell anything you don’t want lying around the house.  In my experience, good quality clothes and shoes sell quite well and let’s face it, everyone has at least one item of clothing they don’t want anymore.  Just make sure you post your items for sale in relevant groups or categories.

Withdraw any payable earnings from your cashback accounts

If you use TopCashBack or similar sites and have some payable earnings in there, why not withdraw it?  It’s certainly not helping you in TCB’s bank account but will certainly help you to survive until your next payday.

Short term loans

We’ve all heard of short term loans and the potential dangers of using short term loan companies but used correctly and they are a valuable asset.  They aren’t designed to be paid off over a long term… they are purely there to get you through to payday.  The tip is to only borrow the MINIMUM amount you think you will need and then pay it off as soon as you get paid.  If you need to make that big purchase and know you’re going to be short, sites like Cash Lady can, very often, save your bacon.

Do you have any other tips to help with a big purchase?

12 Comments

  • Reply
    Stephanie
    23rd March 2018 at 8:57 pm

    Good points, we will use a zero percent credit card for things like this or interest free offers from the stores

  • Reply
    Katie
    23rd March 2018 at 5:28 pm

    Ack, my fridge freezer broke down a few month ago. I have an open plan house so a pretty fridge is quite important to me (So daft) so I was gutted when I thought I’d have to fork out almost £1000 to replace it. Instead we got it on interest free finance from Currys to pay over 10 month. Its so much better than putting it on a credit card as there’s an end in sight. It’s how i’ll deal with any more replacements in the future.

    Katie xoxo

  • Reply
    Emma
    23rd March 2018 at 7:59 am

    I think the best way to avoid a financial hit is to have a stock of savings, but obviously that isn’t always possible. We have a no interest credit card for unexpected costs and pay it off as soon as payday comes around if we really need to.

  • Reply
    Cardiff Mummy Says - Cathryn
    21st March 2018 at 10:19 pm

    I think the big thing for me is doing a lot of research to firstly get a good price but also to check out all the reviews so you can be sure the product is going to do what you need it to do. Also remember that sometimes it’s worth paying out a bit more to get good quality – as the old saying goes ‘buy cheap; pay twice’.

  • Reply
    Ger (It's Me & Ethan)
    21st March 2018 at 9:23 pm

    Brilliant tips lady ! I love the Facebook marketplace ,I tend to use it and I didn’t think I would when it first started up ! X

  • Reply
    Sim @ Travel Guide Blog
    21st March 2018 at 2:04 pm

    Some great tips! It’s always super annoying when an appliance breaks when you least expect it! Sim x

  • Reply
    Cath - BattleMum
    21st March 2018 at 2:43 pm

    We once had to replace all our white goods within the space of 3 months. The washer/drier went first, then the oven and then the fridge freezer, all things we really needed. It was an expensive few months!

  • Reply
    Starlight and Stories
    21st March 2018 at 9:02 am

    All great ideas, we use Freecycle a lot and have had some fantastic things from there.

  • Reply
    Amy - All about a Mummy
    21st March 2018 at 7:35 am

    Great ideas! Our washing machine and tumble dryers have a habit of breaking at the most unoppertune moments!

  • Reply
    Winston
    21st March 2018 at 6:19 am

    These are all very good tips Beth. Especially the Facebook marketplace, which I’m often using for one thing or another.

  • Reply
    Sim @ Sim's Life
    16th March 2018 at 1:32 pm

    All very good suggestions and it is one of those things we do not think about until it happens. Fortunately I had a spare fridge but if not I would have been looking to buy a new one… very quickly! Thank you for the mention xx Sim

    • Reply
      Beth
      17th March 2018 at 3:45 pm

      No problem chicken! I’m glad you had a spare one. I never think about appliances breaking down. If anything, I actually tend to replace mine too soon.

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