Saving for a Large Purchase

Last Updated on 18 March 2024 by Colette

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Yesterday I wrote about our need for a new, bigger family car.  I also wrote about how we might fund that through a loan or car finance.  Of course the ideal situation would be not to have to borrow money at all for a new car but to have managed to save up enough to buy it outright. 

Saving has never been my strong point.  I never seem to have any money left at the end of the month (or in fact in the middle of the month!).  The erratic nature of my employment doesn’t help with this of course.  However if we want a new car any time in the near future we’re going to have to pull in some extra money from somewhere! 

1. Open a savings account

I know it seems obvious but having a savings account really does make life much easier – trying to save money in your normal current account is never going to work, it’s far too easy for it to just slip through your fingers.  Moving your money to a savings account means that you are much less likely to dip into it and seeing that balance grow towards your goal will be so satisfying.

2. Set up a standing order

Decide on an amount and set it to leave your current account for your savings account on the same day as your wages so you don’t even notice it has gone. 

Photo Credit: John O’Shea via Compfight cc

3. Coin Jar

Whether it’s one of those money boxes that you have to smash to get your cash out of or just a jar which you put your change into it can all add up quicker than you would think.  You won’t really feel a few coins here or there but they will soon become a substantial amount of money to be deposited into that savings account!

4. Keep a track of it

It’s easy to spend money without really thinking about it; a coffee on the way to work, a newspaper – If you write down exactly where your money goes you can pinpoint areas which you might be able to cut back on and put that same couple of pounds into your coin jar!  A spending diary might seem like a faff but it could be really helpful!

Photo Credit: vvvracer via Compfight cc

5. Keep focussed 

Remind yourself of what you’re saving for – how lovely that sunny beach holiday or big family car will be.  It will keep you going when you’re tempted to splurge on that bargain pair of shoes which you don’t really need . . . 

Have you got any tips for saving for a big purchase?  I’d love to hear them! 

Click through here for tips on being able to afford Christmas or check out this list of savings challenges. You’ll find plenty of money saving tips for families here.

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