Money Management /

5 things to buy second hand and save

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Creating a beautiful home that is our cocoon from the world or enjoying our favourite leisure activities need not break the bank. Here are 5 things that you should consider buying second hand.

Furniture

Be a little retro cool when decking out your house or apartment. Often older furniture is well made and can outlast new, flat packed furniture and won’t empty out your hip pocket. Often a lick of paint or paying for some upholstery can give the piece an update, saving you not just money but giving you a unique stand out item that you’ll love.

Hot Tip: Head to garage sales or op shops for furniture. Often furniture that ends up on eBay can become overpriced with everyone trying to snag an authentic vintage Eames chair or teak Parker dining table.

Sports Equipment

This one is a no-brainer. If you are going to try out skiing or stand up paddle boarding (SUP) this year it makes sense not to go and splurge on the latest and greatest gear until you know that your new sporting activity is going to become a regular feature in your life. There are many people out there who have done just that and now — you just have to find them and give them that space in their garage back. The other benefit is that if you buy the second-hand skis, the money you save can take you on a few more ski trips to actually use them.

Hot Tip: Set up eBay alerts so when the perfect item is listed you can jump on it and save a packet. Join your local Buy, Swap, Sell groups on Facebook. Often goods will go far cheaper in these groups than they will on eBay.

Kitchen Wares

Setting up a kitchen can be a killer expense but you would be surprised how quickly you can deck your kitchen out with just a few trips to op shops. You would be surprised how much lovely old crockery and cutlery is available for just spare change. Once you have given the silver a bit of a polish and the pyrex a good wash, you will have a collection that will be the envy of every food stylist in town. Don’t forget to keep an eye out for Tupperware whilst you are on the hunt.

Hot Tip: Pop into your local op shop a few times a week whilst you are setting up your kitchen. You will find the good things tend to walk out the door quickly and you will up your chances of bagging a bargain if you walk through more often.

Baby clothes and accessories

When you are pregnant and in full flight nesting mode, it can be all too tempting to splurge on brand new baby clothes. Department stores and baby shops filled with delicious smells,  nappy pants with frills and too cute to bar teddies are like chocolate to a chocoholic. But when you start thinking about the time that you are going to want to spend with your new baby and without your regular income, saving the pennies on baby clothes becomes more appealing. Ask anyone with kids and they will tell you, possibly with tears in their eyes, about the beautiful baby clothes (and shoes) that they bought bub only to be worn once because, well, those babies just grow way too fast.

Hot Tip: Pop into your local op shop a few times a week whilst you are setting up your kitchen. You will find the good things tend to walk out the door quickly and you will up your chances of bagging a bargain if you walk through more often.

Diamonds

Now before you turn your nose up in horror at the thought of a second-hand diamond, just consider for a moment that diamonds are bought and resold all the time. Diamonds were formed millions of years ago and the diamond in that engagement ring you have had your eye on in the jewellery store may well have been bought and sold many times before being set into its current form. Diamonds don’t chip or scratch so you actually would never know if the diamond had a previous life. Jewellery stores can place around 300% markup on jewellery (Source: World Economy 2015) if you are planning on spending around $10 000 on a ring if you buy a second-hand diamond and have it reset you could find yourself with a $40 000 rock on your finger.

Hot Tip: Do your homework and buy your diamond from a reputable dealer. Have the stone reset to give it the personal touch.

In summary

We all like to splurge on new things now and then but when you are looking at buying things for your home and for your lifestyle do consider secondhand. It can free up your finances a little with the added benefit of not worrying so much when the dog jumps on the couch or your baby pukes pumpkin down their front!

Enquire about a competitive IMB Bank Personal Loan to help with furnishing

This is not intended to be investment advice.  The information presented is of a general nature, does not take into account your objectives, financial situation or needs and is not intended to be relied upon as a substitute for financial advice. Please consider the PDS available from IMB branches or by calling 133 462 before deciding if these products are right for you.

Why choose IMB Bank?

Established in 1880, IMB has been helping people achieve their financial goals for 139 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking, financial planning and can arrange a wide range of insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

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