By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

a2zedsolution.tech

Notification Show More
Latest News
How to Give (and Recieve) Better Oral Sex
Sex
5 Good Credit Card Habits To Make a Part of Your Routine
Finance
20 Lunches You Can Meal Prep on Sunday
Lifestyle
How to Have Good Sex, According to a Sex Therapist
Sex
How to Create (and Maintain) a Workout Routine You’ll Love
Sport
Aa
  • Lifestyle
    LifestyleShow More
    20 Lunches You Can Meal Prep on Sunday
    19/03/2023
    All of The Starbucks Fall Drinks, Ranked
    18/03/2023
    11 Life-Changing Trips to Take At Least Once
    17/03/2023
    Solo Travel Tips I’ve Learned From Years of Traveling Alone
    16/03/2023
    Rules for a successful casino game
    16/03/2023
  • Finance
    FinanceShow More
    5 Good Credit Card Habits To Make a Part of Your Routine
    19/03/2023
    How My Husband and I Reconciled Our Different Spending Habits
    17/03/2023
    How Manifesting Helped Me Land My Dream Job
    17/03/2023
    The Productivity Hacks I Swear By As Someone Who Is Self-Employed
    17/03/2023
    How to Approach Your Boss If You Want a Raise
    16/03/2023
  • Sex
    SexShow More
    How to Give (and Recieve) Better Oral Sex
    19/03/2023
    How to Have Good Sex, According to a Sex Therapist
    19/03/2023
    Do Aphrodisiacs Work? We Asked Experts
    18/03/2023
    Is It Normal To Bleed After Sex? We Asked Experts
    17/03/2023
    How Much Sex is Normal in a Relationship?
    17/03/2023
  • Sport
    SportShow More
    How to Create (and Maintain) a Workout Routine You’ll Love
    19/03/2023
    Weight Training for Women: How to Start a Lifting Routine
    16/03/2023
    The Only Yoga Positions You Need for a Strong Core
    15/03/2023
    Stretching: The Crucial Thing Missing Your Workout
    14/03/2023
    The Sculpt Society’s Megan Roup Shares 2022’s Fitness Trends
    13/03/2023
  • Tech
    TechShow More
    Realme Pad Mini review
    19/03/2023
    Samsung Galaxy Book 2 360 review
    18/03/2023
    Samsung Galaxy S22+ review
    18/03/2023
    How to build a successful marketplace from scratch: basic guidelines
    16/03/2023
    Nvidia GeForce Now review: Is the RTX 3080 tier worth it?
    13/03/2023
  • Contact
  • English
    • Русский
    • Українська
    • Polski
    • Deutsch
Reading: How To Make Large Purchases Without Going Into Debt
Share
Aa

a2zedsolution.tech

  • Lifestyle
  • Finance
  • Sex
  • Sport
  • Tech
  • Contact
  • English
Search
  • Lifestyle
  • Finance
  • Sex
  • Sport
  • Tech
  • Contact
  • English
    • Русский
    • Українська
    • Polski
    • Deutsch
a2zedsolution.tech > Finance > How To Make Large Purchases Without Going Into Debt
Finance

How To Make Large Purchases Without Going Into Debt

Halle Bryan
Last updated: 2022/09/19 at 12:51 PM
Halle Bryan Published 16/03/2023
Share
SHARE

POV: You have received a save the date for your BFFs wedding. While estimating just how much that’s going to cost, you’ve also been thinking about updating your apartment or taking a much-deserved vacation. Not to mention, you’ve been meaning to upgrade your wardrobe. Unfortunately, doing all of these things at the same time is not possible, so where do you even begin? Old you might have just charged it all to your credit card and hoped for the best—but not this time. There’s a way to make all of these large purchases work without racking up credit card debt, and we’re telling you exactly how. We’re not going to lie, it’s going to take time, dedication, and a whole lot of self-control, but the result will be so worth it.

Contents
Determine How Much It’s Really Going to CostCreate a TimelineMake Room In Your BudgetPut Your Identified Savings into a Separate AccountCongratulate Yourself!Turn This Practice Into a Habit

Determine How Much It’s Really Going to Cost

This first step requires research—lame, yes, but essential. Once you confirm the event date or approximate purchase date for an item, schedule it on your calendar like you would for a real meeting. During this time, write out everything you need to consider for the purchase.

Here’s an example for your BFFs wedding:

  • Transportation to and from the wedding venue
  • Accommodations (Airbnb, hotel, etc.)
  • Attire (is there more than one fashion moment to budget for?)
  • Gift (check out the registry to get a sense of price point)
  • Extras: Engagement party events, bachelorette, etc.

Here’s an example if you’re buying a new phone:

  • Transfer costs
  • Insurance
  • Tax
  • Protection plans
  • Monthly bill
  • Phone case
  • Screen Protector

Pro Tip: Microsoft Excel is your best friend. Once you have your itemized list of expenses, research approximate costs. This will vary based on where you live and what you’re buying, but it’ll give you an approximate number. From there, you can begin to map out how long it will take you to save and how you’ll set money aside.

Create a Timeline

Time to practice our elementary math skills. Luckily, Excel and well, the internet, make it very easy to create a savings timeline. Here’s an example: If you have a $500 purchase coming up in six months, plan to put away $84 per month, or break it down weekly as long as you can afford it. Microsoft makes it easy to find out how much you need to save with this savings estimator.

Make Room In Your Budget

This isn’t the easiest step as it requires us to be really honest with how we’re spending. Ask yourself, “where can I fit in savings for this purchase?”. Longer timelines allow you to put away less money each month. If you have less time, make sure you’re not interfering with unavoidable expenses like rent, utilities, or credit card payments. On the other hand, your monthly restaurant or shopping allowance can be trimmed to make room for extra savings. Budget planners like YNAB and Mint are free and easy to use if you’re just getting started.

large-purchases-no-debt-the-everygirl-5

Source: Color Joy Stock

Put Your Identified Savings into a Separate Account

We’ve made it here, so let’s make sure we don’t spend our savings accidentally. An easy way to avoid this is by setting up an auto-transfer into a high-yield saving account immediately after getting paid or just setting up an automatic transaction to a different account on a schedule. PNC Virtual Wallet makes this easy to do, and Fidelity and Charles Schwab both offer high-yield saving account options with free transfers to other banks. 

Congratulate Yourself!

Proactive saving is a strategy worth celebrating. Make time to congratulate yourself— without spending, of course! Journal the experience, or put on your favorite song and bust out some dance moves. Do whatever makes you feel happy and proud of yourself. And remember, making time for your money is self-care. 

Turn This Practice Into a Habit

If you make it to this step, why not continue the practice? You’ve found a place in your budget for savings, so now you can apply the same amount toward your emergency fund or the next big purchase on your list.

Halle Bryan 16/03/2023
Share this Article
Facebook Twitter Email Print
Share

Editor's Pick

8 Sex Positions to Try This Weekend
4th of July Recipes You Can Whip Up in 30 Minutes or Less
11 Life-Changing Trips to Take At Least Once
5 In-Demand Career Skills to Grow Your Career This Year
The Productivity Hacks I Swear By As Someone Who Is Self-Employed

You Might Also Like

Finance

5 Good Credit Card Habits To Make a Part of Your Routine

Halle Bryan Halle Bryan 19/03/2023
Finance

How My Husband and I Reconciled Our Different Spending Habits

Halle Bryan Halle Bryan 17/03/2023
Finance

How Manifesting Helped Me Land My Dream Job

Halle Bryan Halle Bryan 17/03/2023

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?