5 Things Frugal People Wait To Buy
There’s a reason frugal people tend to hold on to their money more — they know when to buy and when to keep their money in the bank. As experts say, timing is everything when it comes to saving on certain purchases and even investments, and frugal folks know to use this to their advantage.
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“Think of it like waiting for a massive clearance sale,” said Karina Newman, real estate investor and owner of iBuyers. “Frugal individuals strategically plan their shopping around these sales events, making purchases when prices take a dip.”
She explained that it’s not just about the immediate thrill of getting a good deal; it’s a clever way to save money consistently over the years. “By being patient, they can enjoy the things they want without burning a hole in their wallets,” she said.
Here are five things frugal people wait to buy that makes a world of difference to their finances.
Brand New Stuff in General
“Picture walking into a thrift store and finding a gem,” said Newman, who explained that frugal individuals extend this idea to various items in their lives. “They buy second-hand not just to save money but to embrace a sustainable lifestyle.”
She added, “It’s a choice that goes beyond finances; it’s about reducing the demand for new products and being mindful of the environment. Over time, these choices lead to substantial savings while making a positive impact.”
At the same time, frugal people will often opt for repairing things before buying new. Newman said frugal champions are all about that. They don’t rush to replace things. Instead, they learn basic repair skills. “It’s not just about saving money in the moment; it’s a long-term strategy.”
By becoming adept at fixing things, she noted they reduce the frequency of replacements, saving money over the years. “Plus, there’s a sense of accomplishment and independence that comes with it.”
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Gadgets and Electronics
“Imagine you’re into gadgets, and there’s a new model every year,” Newman explained. “Frugal folks don’t feel the need to always have the latest version.”
She noted that they’re practical instead. They choose slightly older models that still do the job but come at a much friendlier price. “It’s not just about the initial savings; it’s a deliberate decision to get value from their purchases over a longer period,” she said.
Another area where you can save a lot of money by waiting is electronics, said Ann Martin, director of operations at CreditDonkey. Devices like phones, computers, and video game consoles tend to get cheaper over time, usually starting right before a newer, faster version comes out.
“If you can live with good-but-not-great performance from your devices, you can save a lot of money in the long run by getting second-generation tech,” Martin explained. “It’s usually smart not to go older than that if you can afford it, though.”
She also noted that second-generation devices usually still have a good amount of life left in them. “If you get the cheapest phone you can find, on the other hand, you may end up needing a new one every six months.”
Janita Grift, frugal living expert and owner of Frugal Fun Finance, agrees with this approach when it comes to electronics.
“You don’t need the latest iPhone! By simply buying last year’s model, you can save hundreds of dollars,” she explained. “Personally, I always buy a laptop or computer that’s a couple years old. It not only saves me money — nearly $3,000 over the last several years — but buying an older product means that there are more reviews on it which help me decide if it’s a good long-term investment.”
Appliances and Furniture
“One of the main things I have noticed frugal people waiting to buy are larger appliances,” said David Kemmerer, CEO of CoinLedger. “Really, I have seen this — and would recommend this — for any larger household purchase, including furniture.”
He pointed out that oftentimes, waiting to buy large appliances or furniture gives you a chance to buy more strategically — by shopping sales, buying old models when the new models are released, or by shopping during times of the year when these things tend to be discounted.
Online Courses
“In this day and age, courses are available online at very good rates on platforms such as Udemy and Teachable,” said Grift. “Many courses are offered at discounts during certain times of the year. When I’m not in a rush, I wait until the course goes on sale. This trick has saved me nearly $500.”
A New Home
According to Martin Orefice, CEO of Rent To Own Labs, homeownership is an essential financial step for most middle-class Americans.
“It provides a level of financial security in the form of a long-term asset that’s hard to find elsewhere. That being said, buying one before you’re financially ready can definitely be a mistake,” he explained. “For starters, the current interest rate environment is the highest it’s been in a long time. Waiting to buy will pay off when interest rates go down in a couple of years.”
He noted that waiting to buy a home also gives you the chance to build up more money for a down payment. “The bigger your down payment, the lower your overall borrowing costs.”
He added that not only will you get to avoid interest payments, but you’ll also reduce the amount of private mortgage insurance you’ll have to pay for. “This insurance is designed to protect the lender if you default with less than 20% equity. If you can get up to that 20% number, you’ll be in a great financial position.”
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