Saving up for a big purchase

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Savings has usually one of the hardest habits to start and stick to, but it has also been one of the best ways to help out during times of need. Often, parents like me are faced with expensive times of the year  such as children’s birthdays, going out to beautiful and amazing places such as play centers, museums, and Christmas at the end of the year. All this can require precision planning so that the events can be a memorable one. But how about being memorable on the purse strings (in the right way?). Below are some tips that could help with planning a big purchase.

How much do you need?
This is a question you need to know in order to sensibly plan ahead. Preparing for major purchases can sometimes be difficult to estimate.  For instance: a flight to Europe. The overall cost depends on where you are staying, how much you spend on the plane tickets and other travel costs. You could ask friends or family who may have done a similar trip in order to set a realistic budget. Or you could simply decide on your budget and make the purchase work around you.

Create a plan to save money
Having gotten an idea of how much you will need for the purchase; you have to make it happen by having confidence in yourself that you can do it. Pen the target amount down somewhere you can see it daily- as it would be driving force to keep you going even when you seem to want to give up. Also, have a positive feeling that you can achieve your goal because a negative feeling has a way of affecting the mind.

Cut down excess expenses
This is one of the more challenging aspects of saving! For instance, if you are the type who buys a new pair of shoes weekly, you need to reduce this cost and save-up to achieve your goal.

Open a special account
Consider making sure the account is created solely for the purpose of achieving the intended purchase; the money deposited is not used for other things. Always make sure you deposit at least every week, nothing is too small! After successfully saving and purchasing the desired item, the savings account can then be used for the next big ticket item.

You can do it!

4 thoughts on “Saving up for a big purchase”

  1. I find that having a standing order set up so that so much goes out of my wages and into a savings account every month works for me.

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