Saving Money: Advice for Saving for Big Purchases

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Life can just get expensive. With a busy and growing family, it can get even more expensive. So a lot of us might find it hard to save any money at all. It is important to try to put something aside each month, though. There are big purchases that come up and having some extra cash will be most useful. Here are my tips for saving money, so that you have something for those big, unexpected purchases.

 

 

 

Work Out How Much You Can Save

 

The first thing to do is to work out how much money you can afford to put aside each month. So sit down and work through your budget. Work out the amount of income and then what your outgoings are. Then set a realistic amount to put aside.

 

Keep it Separate

 

When you have worked this out, you need to keep that money separate. The best piece of advice is to set up a new account where that money will go straight into. If you don’t see the money, you don’t miss it. So having a separate account is a must. Look for an account that gives a high rate of return. You will have money in there for quite a while. So you need to make sure that you can earn some money while it’s in there. There is more about creating a separate account at moneycrashers.com.

 

Think About Rentals

 

If you find that something like your refrigerator breaks, it can make life super tricky. If you haven’t set enough aside, you could consider a rental. There are a lot of household goods that you can rent these days. The good thing about rentals is that repairs tend to be covered. So it is much like renting a home in that way. So if the new fridge was to break down, you don’t necessarily need to cover the cost of it. Other things that you might need to rent are things like TVs, boilers or furnaces. All of those things can cost a lot of money up front. So if you need to, look into hiring from furnacerental.com or a similar store.

 

 

 

Cut Back on Expenses

 

If you are serious about saving money, then make sure that you are committed to it. Make changes so that you can save for a big purchase. If you need a new family car, maybe you could sacrifice family vacations for a year or so. The money you would have spent on a vacation can be put towards your savings. It will depend on your family situation, of course.

 

Shop Around

 

For everything you do, it is a good idea to shop around. Staying loyal to a retailer or business gets you nowhere. Vary where you do the grocery shop, as well as things like insurance brokers. Don’t always just auto renew for things like insurance. Save money in all of the small ways that you can. You will have saved plenty of money in no time!