How to Save Money Fast for Large Purchases
PATIENCE & PLANNING CAN YIELD BIG SAVINGS
We’d all like to buy whatever we want with cash, without giving it a second thought. Of course, for most people, that’s not possible. But that doesn’t mean you can’t have the things you want and need! All it takes to save money fast is a little planning and creativity.
Let’s say you want to make a major purchase, like a new living room furniture set, all new appliances for your kitchen or a home theater system upgrade from Conn’s HomePlus®. If you don’t have the money right now and you want to make a major purchase with cash, you need to know how to save money fast. Your first step is to come up with a savings plan.
If you need to save $1,000, resolve to set aside $100 a month for 10 months (only $25 a week!), $200 for 5 months, or whatever works with your budget and plans. It might help you focus on the goal to post a chart on the wall to track your progress, somewhere you’ll see it every day.
Now that you’ve outlined a savings goal, it’s time to create a concrete plan. The best ways to save money fast are to earn more, spend less and save more, ideally all at the same time.
Saving for large purchases fast facts:
- Good planning and patience can help you save for a major purchase quickly
- A fast way to save money is to earn extra income with a side job
- Create a budget and stick to it to cut your monthly expenses significantly
- Set up a dedicated savings account and watch it grow each month, building toward that big purchase
Earn more – Do a little extra work for a few months
One of the fastest ways to save up cash is to earn it. Put in for some overtime, get a temporary part-time job or offer your services in the neighborhood as a babysitter, gardener or handyman. Can you earn an extra $100, $200 or more each month? The extra work won’t seem so bad when you know there’s a big payoff at the end!
Spend less – Make a plan and stick to it
Learn how to make a budget. If you create a budget and stick to it, you can potentially cut a lot of unnecessary spending and save up for a major purchase in a reasonable period of time.
Figure out what you can do without or cut back on that will add up to savings. Skip that grab-and-go breakfast every day on your way to work and you could save $100 a month. Cut coupons and shop smarter at the grocery store, and you might be able to save $50 a month or more. Take advantage of bulk deals on household supplies like paper products, detergent and cleaning supplies, and you could save at least $25 a month.
Save more – Channel your savings and watch the amount grow
Set up a dedicated savings account to put money toward your big purchase. At the end of every month, take whatever amount you saved and put it into your savings account toward that new Ultra HD TV, bedroom furniture set or mattress. It’s very satisfying to see the number climb toward your savings goal!