A major purchase such as a house, car or household appliance can be a distressing hit to your checkbook. Budgeting and saving for the purchase can often ease the pain.
- Identify the purchase you want to make.
- Estimate what it may cost by looking at similar products.
- Determine when you want to make the purchase.
- Determine how much money you want to pay at the time of the purchase and how much you want to finance, either on your credit card or through the seller.
- Commit yourself to saving a set amount of money each month, either in a savings account or some other safe account, so that you will have enough money to make the purchase at the predetermined time.
- Be diligent and patient – your savings will accumulate.
- Enlist the support of friends and family members.
- It is safer to save more than you need rather than less.
- Avoid putting your savings into risky investments – you could make a lot of money, but you could lose a lot as well.
- Watch the price of the item you wish to purchase. If it changes, you’ll have to readjust your savings rate.
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