💰 Saving for a big-ticket item is a smart strategy. Here are our top 5 tips on how to save for a big purchase without the stress.
How to save for a big purchase
Whether you’ve got your eyes on a motorbike, an engagement ring or an original 911 Porche, it makes sense to avoid going into debt. You’ll save money on interest, and a bonus, you might even earn a bit back while you’re saving.
Make it easy for yourself with these tips and you’ll be picking up your new (or old) car, smart TV or on dream holiday in no time.
We’ve got five easy steps to help you with your big goal saving.
1. Know what you’re saving for.
It’s easier to save when you’re aiming for something tangible. You might be saving for a car, planning an overseas trip, or even thinking about saving for a first home. Whatever the case, set a goal that inspires you and you’ll be more likely to achieve it. Knowing when you’ve reached your goal means you can start working towards the next one
2. Set a achievable time frame.
Just like knowing what you’re saving for, having a date to work towards will make you more likely to succeed. Set a deadline (with our handy savings calculator for example), then work backwards. If you want to save $3,000 by Christmas, how much will you need to put away every pay cycle? Or flip it – if you can afford to save $150 a fortnight, how long will it take you to reach your goal? Fix the date. Put it in your phone and set it in the saving section – try using the ‘Frollo’ app.
3. Keep your savings separate.
Look for a savings account paying a healthy ongoing rate of interest. Accounts that have strings attached can make it hard to earn a consistently high rate.
It’s so new, so full of promise. Nothing makes your goal seem more real than opening a savings account dedicated to your big-ticket purchase.
Putting money into it feels like looking directly into your bright future. Keeping these funds separate makes it easier to see how close you are to your goal. The interest you earn will help grow your savings, and by keeping your savings separate from daily finances you won’t be tempted to dip into your nest egg.
How to save for a big purchase cont
4. Make automatic transfers to your savings.
Don’t just plan to save whatever is left over after you’ve paid regular expenses. Aim to give your savings top priority.
Setting up electronic transfers from your everyday account makes it so easy. You don’t need to think about it – the money is gone before you have a chance to spend it.
5. Share your goal with others.
Don’t keep your savings goal to yourself. Let family and friends know about it. They can hold you accountable, help you stay motivated, and might even chip in with a cash injection h on special occasions like birthdays, etc.
*(only people who support your goals!)
6. Think about using stickers.
Just like little kids respond to cute stickers and stamps, marking small milestones can be a great motivator. Don’t spend all your dosh buying the rewards, though; sometimes a simple gold star on the fridge door or the bathroom mirror can be enough to keep your savings balance climbing.
💰 Saving for something major is a great goal.
You get the satisfaction of achieving it and whatever amazing thing you’ve decided to save for. Plus, paying in cash will give you more room to negotiate and keep you out of expensive debt.
Make it easy for yourself with these tips and you’ll be picking up your new car / TV / dream holiday tickets in no time.
💪 Getting started with budget goals isn’t easy, but we’re here to help.
For more fast ideas on budgeting, contact us here. And if you need help to develop good money habits and growing investments, we ‘design your path’ to help you get ahead financially.
Action is your power! 💥
You are only as good as your last action, and your actions will be revealed to you by the results you see in your life. Make your actions count in both how to save for a big purchase and ultimately building your wealth.
Your commitment is your responsibility, and your success in life depends on your actions and your commitment. So, enjoy the journey, embrace your challenges, live your dreams.
If you need help and this article has inspired you to take action, contact us and allow us to assist you on your wealth building journey.
Call us on 08 7111 0022 or book a chat here.
Make the rest of your life the best of your life.
Arthur Panagis
Author, Founder, Wealth Coach and Financial Strategist
B.Bus (Accountant)
Grad Dip (Financial Planning)
Professional Certificate in Self Managed Super Funds
ASX Listed Equities Accreditation
Tax (financial) Advisor
REMEMBER, action is power!
💪 We want to make the rest of your life the best of your life.
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Disclaimer: This article is prepared based on general information. It does not take into account individual financial objectives or needs and is not financial product advice.
