Ideally, you’d be able to save for big purchases one at a time in a neat and orderly fashion. Unfortunately, that’s rarely the case. Life often comes at you hard and fast, piling on the expenses as you save for major milestones. Leaving you with oft-frustrating questions like, “Do I put off my wedding to buy a new car?” and “Can these home repairs wait until after I get the nursery set up?” You don’t have to pick and choose if you portion your savings well enough to cover it all. Ready to make that happen? Here’s what to do.
List All Your Upcoming Big Purchases
You need a clear map of all your upcoming purchases to create a savings plan. So, take the time to jot them all down in a big list. Don’t hold back here either. Approach the process like a major brainstorming session and just write down whatever comes to mind.
You can always remove items later if you decide to not go forward with the purchase – even if you already started saving. Your decision will just free up funds for another purchase if you want to go that route.
Arrange Your Purchases by Priority
Not all purchases are made equal, but it’s up to you to decide which ones come first. Reflect on how much you need – or just want – each line item and number them in order of importance.
You can always change things up later on down the road, so don’t let yourself get too overwhelmed by this process. Don’t just do the mundane items either. Make sure that the purchases reward you for all your hard work or you’ll lose motivation fast.
Identify Your Ideal Approach to Saving
Depending on what’s on your list, you’ll also need to decide if you want to tackle things one at a time or save for multiple purchases at once. For a one-by-one approach, decide how much you can save each check. Then, use a visual savings tracker to mark off your progress whenever you add to your savings.
When saving for multiple purchases at once, figure out the percentages. If you’re saving for a wedding, new car, and home repairs, for example, you might want to break up your savings allowance into a 50%-25%-25% spread.
Mentally note which purchase could get pushed back just in case you need to allocate its funds to an emergency purchase. If at all possible, add an emergency fund to your savings goals. That way, you can avoid this issue later on down the road and just keep your other funds earmarked for their exact goals.
If you just cannot seem to save fast enough, consider adding a lucrative gig to your life. You can then save even more money each month, allowing you to achieve your goals at a rewarding rate. Don’t forget to look into Jobble perks, find discounts, and negotiate rates to hit your goals even faster.
About the Author: Marie Abendroth is a skilled content strategist and SEO copywriter who has been a proud part of the gig economy for over 10 years. In her articles, she aims to provide up-to-date info that can help everyone achieve their goals as an independent worker. You can find her on WritersAccess.