Saving Money for a Purchase
As much as we like to save money, it would not be very fun if we didn’t get to spend some money once and a while and live a bit, right?
Well why not put your savings knowledge to use by budgeting and saving for a purchase you really want. It will save you putting any money on your credit card which in turn will save you on interest payments, while you still get to buy something special for yourself.
Recently I bought myself a rather large television, a purchase that was a lot of money and required me to snap out of ’savings mode’ and into the mind frame that I rarely buy myself anything, so this one gift to myself was OK.
It made me realise that you have to be careful you don’t use that excuse to often, but instead as a way to honestly treat yourself for some of the hard work you have puyt into your savings over the year.
Here are some steps that I undertook in order to save for my TV and make sure that I was truley informed about the best price and deal I could get for my money.
Finding the purchase
I looked in all the main Australian electrical retailers and identified the product I wanted, the brand I wanted and what other accessories I needed.
Estimating the cost
After looking through all the different shops and prices, I was able to get a feel for what was the best price to be searching for. This also allowed me to have an understanding of how I could haggle for a better price with one retailer of the other.
Deciding on the purchase date
Set a date for your purchase, eg; you want to buy your new TV within 3months and set an actual day.
Budgeting the cost
Determine how much you will need to save from each pay cheque for your purchase. The best way to do it is find out how many times you will get paid before the date, and divide the purchase price by the amount of times you get paid. That will show you roughly how much you need to save.
Sticking with your budget
Be committed. Save the money you need, don’t touch it and watch it grow in your high interest savings account. Remind yourself just how good it will be when you withdraw the cash and go straight to the shop and buy your purchase!
Your say on saving for a purchase
We would love to hear what you saved up for and how long it took? Share your story with us!
Related Posts
