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

vermoxonline

  • Lifestyle
    LifestyleShow More
    The Best Trader Joe’s Products That Aren’t Food
    4 days ago
    Easy Dinner Recipes For When You Don’t Want To Cook
    5 days ago
    Why Canva Is My Go-To Hack for Decorating My Home
    1 week ago
    8 Moving Hacks That Make Packing Up So Much Easier
    2 weeks ago
    20 Lunches You Can Meal Prep on Sunday
    2 weeks ago
  • Finance
    FinanceShow More
    Tax Tips You Need if You Messed Up Your Taxes This Year
    1 day ago
    Expert Financial Advice Everyone Should Follow
    2 days ago
    Should You Try The Pomodoro Technique?
    2 days ago
    How To Handle the Salary Expectations Question
    6 days ago
    7 Tech Hacks to Help You Find Work-Life Balance
    1 week ago
  • Sex
    SexShow More
    8 Sex Positions to Try This Weekend
    1 day ago
    How to Have Good Sex, According to a Sex Therapist
    2 days ago
    Is Being a Pillow Princess That Bad?
    4 days ago
    Why Are Milenials Having Less Sex?
    5 days ago
    How To Deal With Sexual Shame, According to Experts
    1 week ago
  • Sport
    SportShow More
    Easy Ways To Move More During the Holidays
    2 days ago
    Fitness Tips To Follow if You Hate Working Out
    2 days ago
    How to Work Out on Vacation to Keep Up Your Routine
    1 week ago
    Stretching: The Crucial Thing Missing Your Workout
    2 weeks ago
    Why You Need To Change Your Workout Routine
    4 weeks ago
  • Tech
    TechShow More
    Oral-B Vitality review
    3 hours ago
    Samsung Bespoke tall fridge review
    3 days ago
    Privado VPN review
    6 days ago
    Creality Sermoon V1 Pro review
    1 week ago
    Breville Barista Max review
    1 week ago
  • Contact
  • English
    • Русский
    • Українська
    • Polski
    • Deutsch
Reading: How To Make Large Purchases Without Going Into Debt
Share
Notification
Latest News
Oral-B Vitality review
Tech
Tax Tips You Need if You Messed Up Your Taxes This Year
Finance
8 Sex Positions to Try This Weekend
Sex
Easy Ways To Move More During the Holidays
Sport
Expert Financial Advice Everyone Should Follow
Finance
Aa

vermoxonline

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

How To Make Large Purchases Without Going Into Debt

Patterson Jennifer
Last updated: 2023/05/21 at 1:36 PM
By Patterson Jennifer 7 months ago
Share
5 Min Read
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.

Patterson Jennifer 17/11/2022
Share this Article
Facebook Twitter Email Print
Share
Previous Article How To Slow Down Sex To Make It Just Like the Movies
Next Article Is It Normal To Bleed After Sex? We Asked Experts
How to Work Out on Vacation to Keep Up Your Routine
How Meditation Can Help You at Work
How To Handle the Salary Expectations Question
I Got Ghosted After Sex—Does That Mean I’m Bad in Bed?
What to Do When You Have Bad Sex With Your Partner

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?