Top Tips to Saving Money on Large Purchases

Do you make financial resolutions every year but find yourself unable to meet your goals?

Are you planning to buy a car? Or a new home? Are you planning on going for a vacation? Or travel the world?

No matter what important purchase you are looking at, you would want to save some money. Yes, the best way to achieve for such big purchases is by saving. However, how do you do that?

 

The Top Tips to Help You Save Big on Your Next Purchase

 

The following are some tips that can help you carry out your big goals.

  • Plan Ahead

If you are looking to buy that new car it is best to plan ahead. Sometimes it is best to have financial goals every month.

Allowing yourself enough time to prepare will give you less stress and burden as the D-day for the big purchase arrives. You can start saving a certain amount of money in a fixed or separate account which you are sure there is no way of accessing the money until you need it.

Honestly, a lot of people who make big purchases do not earn more, they just have good savings plans.

Avoid coming up with silly excuses why you cannot save monthly.

 

  • Look out for the best deals

Always ensure you do your homework before making a big purchase. There are a lot of sweet deals out there that can work within your budget.

For instance, if you are planning to purchase a car, there are different models out there with different prices and lots of options are available.  At this point it is probably a good idea to check out a product specific website that can help you with purchase strategies like Car-Buying-Strategies.com, Ensure you look for the best deal that can let you save an extra coin.

 

  • Be creative during savings

Most folks have a few bank accounts that are assigned to different sorts of emergencies. As said earlier having one account specifically for your big purchase is crucial.

Fortunately, there are a few creative ways which you can use if you are looking to save effectively. For instance, you can have some amount of money deducted every time you receive your paycheck.  This will be a sure way for you to save automatically without stress.

 

  • Use your credit card responsibly

Using a credit card effectively means you have to develop wise habits. Credit cards are like fire that is they are very dangerous but can be a powerful tool if you are responsible.

If you use your credit card responsibly, you can earn rewards or even cash. This will help in saving for your big purchase.

Unfortunately for those in debt, the consequences of not paying their credit in time can even result in bankruptcy. It’s important that you stay on top of your credit, to be able to make some smart financial choices.

 

  • Find a second job

Adulting is difficult. You’ve got no choice but face it head on. If you feel that your job isn’t paying you too well, find a second job to support your savings. It can be as simple as babysitting some kids in your neighborhood for a couple hours before you leave for work or afterwards or working at a local restaurant.

You can also tutor students online or become a part-time freelance writer. You’ve got limited time, so make sure you make the most out of it.

 

  • Stick to a shopping list

Impulsive buying is a big no-no when it comes to saving for a large purchase. Get your refrigerator, pantry, and storage areas for food and supplies and make a shopping list. Look for discounts and clearance sections, where you can find a loaf of bread, which usually costs $5 at only $1.

You can buy bread in bulk and store it in the freezer. It doesn’t run stable and retains moisture well. You will usually find foods that are near to their expiry date at the clearance section, so check the date before you buy.

 

  • Put yourself on a tight budget

By this, we don’t mean you have to cut your daily four meals into two. We meant that instead of taking an Uber, you go walking or cycle to your destination. If you have an extra room or space for bed in your house, put it on AirBnB and find a roommate to split the cost.

Instead of eating out, buying groceries and cook in bulk, so that you are set for at least a week. Rather than paying gym fees and not being regular, go for a run or exercise at home. Cut the TV cable connection and save a few dollars there. You can also sell away that you aren’t using anymore, including clothes, antique watches, sofa, or anything random. Directly put the money in your savings around.

TYT Newsroom



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