It's important to make sure that you're financially ready to make a large purchase--and that it fits in your budget. Everyone hass a different ideda of what qualifies as a big purchase and it depends on several factors from your household income, to the amount of debt you have, or even how much you have in your retirement savings.

When considering making a large purchase, ask yourself these questions before making a committment or signing any paperwork.

Obviously we are not talking about buying a home or even an automobile, but for all other items then you should abide by the rule of trying to pay cash. If you can afford to pay cash for all or most of the item—while still maintaining a balance in your emergency fund— then you should be okay purchasing the item. Not needing to pull emergency fund money means that the purchase should not adversely affect your current monthly budget. If you do not have the cash on-hand, or you will be emptying out your emergency reserve funds, then consider holding off on buying, at least until you have a high percentage (more than 50%) saved up to make the purchase. For a home or auto then shoot for at least 25% of the purchase price as a downpayment.

Take a step away for a moment, relax, deep breath, and ask yourself the question. By asking if you need the item helps you think about whether you really need it, or if it is something that you simply want to have—a luxury purchase. If it is a luxury purchase, be sure that you can afford it and that you can pay cash for it. If it is a true need, then you need to determine why you need it and when. For example, you may need to buy a car, since yours needs frequent repairs (Need). But buying a top-of-the-line flat-screen TV (Want) just to have it, is a purchase that can be delayed. Determining if the purchase is a want or a need can help you to prioritize it in your budget.

If you do need the item, but you do not currently have the cash for it, is there any way you can do without the item for a short time? For example, ​if your dryer has stopped working and you need to purchase a new one, can you hang your clothes out to dry, or use your local laundromat while you save up for a new dryer? You may also be able to borrow the item from a friend or family member while you are saving up to purchase one of your own. You can also set up a sinking fund to help you save up the costs. 

Looking for used items is a great way to save money on a big purchase. You can buy lawnmowers, refrigerators, freezers, and almost any other item used for a fraction of the cost of a new item. Often you can buy professional-grade appliances and tools this way and end up with a better quality item at a lower price. Take time to research your items to determine if it's a good purchase.

It may be worth the money to spend extra to get the top of the line product that will hold up to wear and tear and last longer. For example, you can purchase an average vacuum cleaner at a store for anywhere from $50-$80, but these vacuums often break after a year or two. If you purchase a more expensive vacuum for $500 with a five-year warranty, you may end up saving more money than if you bought a cheaper vacuum and had to replace it a year or two later. This quality issue is especially real if you can purchase the expensive vacuum on sale.

There are cycles of sales in retail. If you can wait a month for two, you might save a bundle by waiting for the sale. For example, the best time to buy a lawnmower is in October when stores are discounting them to make room for winter items. Specific holidays can bring sales as well, often retail stores will have Memorial Day and Labor Day sales. And there is always Black Friday and the holiday season. Normally just before the Super Bowl is a time when large screen televisions go on sale.

When you purchase a big-ticket item, you should take the time to research the reviews and issues related to the product thoroughly. You should find a product that has the features you want at the best value. It is always important to go in with a spending cap or budget in mind as well. 

The ARIES Foundation for FInancial Education, Inc is a nonprofit dedicated to the mission of trying to help everyone have a better relationship with their money. Visit www.ariesfoundation.org to learn more.