Saving Up for a Big Purchase
By Srabon Nath
Everyone has plans for something that interferes with their budget plans. This might be
something like buying a new car or house, going on an expensive vacation, organizing a large
event such as a wedding, or starting up a business. How do you save for these without affecting
your lifestyle too much? Obviously, you need to definitely make some changes to how you
spend money but these don’t need to be drastic changes.
One good way to take control of your money is to first figure out how much money you
spend and what you spend it for. This way you can figure out how much money you can save and
where you can save it from. Set up a practical plan for cutting back on how much you spend for a
certain expense. There are many popular saving plans such as the “50,20,30” plan. However,
while these plans might work for some situations, buying a car and buying a house are different
situations. Therefore making a plan is completely up to you and how it fits into your situation.
The next step is committing to the plan. You have to hold yourself accountable. One way
to do this is to deposit the amount you want to save from your income as soon as you get it.
Don’t spend any money before you put a certain amount in your savings account. This way you
are forced to spend less and you won’t end up not saving up what you planned to. Also, if you
somehow do end up finding an extra source of income or somehow got a large amount of money,
make sure to save it and not spend it.
There are also other options to add to your savings. For example, you can try finding an
alternative source of money. This can include a family member taking more work on the side and
contributing to the savings. Another option is to invest your savings. This isn’t recommended for
everyone. But if you are good with investing and know different ways to do it such as
cryptocurrency or the stock market.