Are you known to be “tight” with your money? Do your friends and family ever make jokes about your thrifty ways? Consider this a compliment! But what do you do when it comes time to replace a big ticket item or something beyond your spending limit catches your eye? You save! Here are some great ways to save on big purchases!
1. Know The Actual Costs
Have you ever made a large purchase, only to find out that you also need to spend extra money on accessories, hidden fees and installation costs? Before you can plan out your savings, be sure to do all of your research. For example, if you would like to buy a large TV, be sure you calculate the cost of the cords, additional streaming services or media players you want to use. All of this should be factored into your budget before you swipe the plastic.
2. Know Your Deadline
When would you like for this item to be yours? Maybe you’re saving for a refrigerator, as your current one is going bad. Do you have an estimate of how long it will last? Make your deadline a little earlier than this so you’re prepared. Divide how many weeks until the deadline by the total cost of the item. Does this amount seem doable? If not, see if there are any other areas in your budget you can carve out in the short term to make this happen.
3. Know Your Expenses
Cars breakdown and life happens. Before you spend money on that big-ticket item, be sure to have an emergency savings account in place. If you don’t have a budget, start one. Be sure that all of your basic needs are well covered before buying.
4. Know Your Worth
If you want to speed the process along, know your worth. What we mean, is that you can look into making some extra money on the side by selling your skills! If you’re a talented writer, look into freelance work. If you have a knack for fixing cars, sell your services. These are simple and don’t have to be time-consuming money earners. Get paid well for your hobby work!
When you start saving on your big purchases, open a savings account with us today so you can safely store that cash!