5 Ways to Save for a Major Purchase

It always seems like the money goes out just as fast as it comes into the bank account, sometimes faster. So what do you do when the family wants to get something a little outside the normal budget? With some adjustments to the budget, careful spending, creative ideas and time, it is possible to save up the money to get those extra things the family wants.

1. One way to save toward a special purchase is to change the budget. Start by looking for things that you can give up, even if for just a short period of time to put toward the purchase. Keep track of all the small purchases that don’t need to be made, like fast food. If you put that money aside in a separate account, it will add up quicker than you might think.
2. Start a loose change jar. Anytime someone buys something with cash, put the change in the jar. When the jar is full, roll the coins and add that to your savings for your goal. It’s amazing how quickly coins add up. If family members give up some of their splurges, such as a candy bar, can of soda or other small items, adding that amount to the jar each week will also help the saving go faster.
3. Another good idea for saving toward the purchase is to set up a special bank account just for the funds for special things. Set aside a little each week toward it. Sometimes you can set up an account similar to a Christmas club that can’t be withdrawn from until a certain date to help enforce savings.
4. Another idea is to go to the store where you plan to buy the item from and occasionally purchase a gift card. Many times the gift cards have no expiration date, and some can have funds added to it. Simply take the card with you each time you go shopping, and have them add a little extra to the card. Before you know it, you have enough to pick up the item. Just be sure to check the store’s policy concerning gift cards before using this method.
5. Some stores still offer a layaway plan. This is a great way to take advantage of special sales. You can purchase it at the lower price, paying it off a little at time. Having a deadline forces you to get your payments in, instead of using the money for other things.

If you find yourself short of your goal, despite your best efforts, it might be time to have a yard sale. By everyone pitching in and donating items they no longer want or need, the entire family can help earn the money. Even the youngest child can pick a few toys they’ve outgrown to add to the sale to help achieve your goal.

Chele Neisler is your host for Moms Love Shopping. As a mother of three boys, Chele is happy to have Moms Love Shopping as an outlet and a connection to other women. Spending every moment with all males isn’t easy! Hosting the show also allows her the chance to return to her two first loves, shopping and chatting.