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Summary: The best way to save money for a major purchase is to find a high-interest investment vehicle and consistently deposit funds into the account to save money and earn interest at the same time. Save up and earn interest simultaneously with money advice from a registered financial consultant in this free video on personal finance.
Patrick Munro's affinity for investing and financial matters began more than 20 years ago with business education and service throughout the ranks of the banking, insurance and...read more
"This is financial adviser Patrick Munro talking about how to save money for a major purchase. If you're going to save money for a major purchase, you should find an investment vehicle to put the savings in that earns interest. So then of course, you take your money that you're saving, put it in to that investment vehicle and you'll earn interest. On a regular basis, you should add more and more money to that particular account and track it's progress. Once you see the account has reached the value that you have set for it, don't stop there; continue to save even more money in that account. Then go back and renegotiate the very best purchase price you can on the major purchase so that will result in even more savings for you going forward. This is an important factor to consider as a consumer. Many people don't do this procedure, rather they put the major purchase on a credit card and end up paying more for the purchase over time because of the interest and late charges. This is Patrick Munro talking about how to pay for a major purchase."
eHow Article: How to Save Money for a Major Purchase
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.