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Tips on How to Save on Big Purchases

by Alice C. Woodhouse
May 15, 2009
There are times that we need some new equipment for gardening, a much-needed appliance for our kitchen, get a second car, purchase a motorcycle, get a new home entertainment system or just generally want to have huge stash of cash to save up ahead for a big purchase. How can we get saving for that when we have all these bills we need to pay?

First of all, is to think and have a clear plan on what and how you want to achieve your big purchase. Look at the price up front and scrutinize the amount and how will you able to afford it in a given time span. Research about that item, look into getting it in bargain price so be ready to look for alternatives and lower prices. Then look at your savings and think about getting some money from there to start your funds. How much more will you be able to put away regularly for that specific saving? How many months will it take you until you meet the goal? Will you need a loan for that? Is it prudent to use a credit card?

You can open an online savings account. It's very much recommended that you choose an online account because not only does it keeps your money fairly liquid and accessible, and it which helps you grow your money with its high interest rate. It requires a tighter budget than usual, and requires discipline to ensure that you meet the goal on time.

The lesser the time you have to save, you're going to put away a higher amount. The more you throw in your saving the lesser time you have to for your big purchase. So to try and fix your budget, try to earn more and spend less. You can sell or auction some items lying around your house that you don't need anymore. Take the profits from that and put it in your online account. Try to earn more through part-time jobs to have a supplementary income, or try to ask if you can put in more overtime hours in your place of work. Do cut back on your variable expenses, including the budget for entertainment and dining out on weekends. Make a supreme effort in lowering your grocery items the next time you go grocery shopping and try to lower your utilities bills as well.

The usual method would be to loan some money to fund this purchase or use a credit card to charge it. With the recent downturn in our financial industry, this can't be considered as a prudent choice. Loans will just hit you where it hurts and will burden you in the long run, and you will end up paying interest upon interests and possibly incur late fees as well. In these times, it's crucial that you stay away from any debt or stop making decisions that lead you to sink deeper into debt. Save, wait, and stick to prudent choices when saving money!

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Tips on How to Save on Big Purchases




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