How to Save Money for a Major Purchase

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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.

Things You'll Need

  • Calculators
  • Piggy Banks
  • Credit Cards
  • Savings Accounts
  • Personal Financial Software
  • 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.

Tips & Warnings

  • 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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