From vacations to new living room furniture, a big screen TV and more, there are many expensive purchases that you may plan to make in the near future. You could turn to credit cards and enjoy the immediate satisfaction of making a purchase. However, using debt to purchase big ticket items often results in buyer’s remorse as well as the burden of monthly payments on your budget for months to come. Because you are tying interest charges to the expense of the purchase, you would actually pay more for the item with debt than you would with cash. If you are ready to start saving for a big upcoming purchase, you can follow these tips for better results.
Work More
The most obvious
way to save more money for that item you have your eye on is to work more. This may include picking up overtime hours at your current job or taking on a second job for a period of time. There are many part-time jobs that may be well-suited for you. This includes babysitting or lawn mowing around the neighborhood, working part-time at a retail store or even using your car for ridesharing services. When you spend more time working at your primary or secondary jobs, you may spend much less money on frivolous entertainment as an additional financial benefit.
Sell Items You No Longer Need
Another great way to raise funds for your big purchase is to sell items around the house that you no longer need. Search the back corners of your garage, closets, attic and basement. Dig deep into your drawers and cabinets. Pull out everything that has value and is in good condition that is no longer needed or wanted. You can host a garage sale or sell these items individually online to raise a substantial amount of money in a short period of time. A great way to make the most money for your items is to find online marketplaces specific to your items. For example, a site like
Booksrun would be a great place to sell your old textbooks.
Take Advantage of Credit Card Rewards
If you have
a rewards credit card that gives you cash back on purchases or transfer balances, you can use this credit card account strategically. For example, you can use your credit card to purchase groceries and gas for your car regularly. After each purchase, immediately pay the outstanding balance so that you do not accrue debt. You will be able to earn cash back on your purchases without having to worry about making monthly credit card payments or losing money through interest charges.
Save Bonuses and Refunds
Many people receive numerous bonuses and refunds throughout the year. This may be from holiday and birthday gifts, tax refunds, quarterly bonuses at work and more. You could spend your bonuses and refunds immediately when you receive them, but a better idea is to sock them away in a savings account. These large deposits will help you to reach your savings goal more quickly.
Save Money When Dining Out
Many people love to dine out regularly. While it may be much more affordable to dine at home, there are times when you still must dine out for convenience or simply for a change of pace. Before you dine at restaurants, review online menus to look for
the best deals on entrees, appetizers and desserts. This gives you the ability to comparison shop for financial savings.
Cancel Your Cable TV Service
Many people spend $100 to $200 per month or more on cable TV. At one time, cable TV was a veritable necessity for comfortable, enjoyable TV viewing at home. However, the Internet has changed this, and you can now view movies, TV shows, sporting events and more through Internet-based TV for a much more affordable price. In fact, you may be able to lower your monthly TV expense to less than $30 when you switch to Internet-based TV. This can provide you with a substantial chunk of money that can be saved each month.
There are many ways for individuals to save more money each month. In fact, when you combine each of these ideas together, you will notice your monthly savings account balance grow at a considerable pace. Soon, you can reach your goal, and you can enjoy making your large purchase with cash.