Everyone has different ideas when it comes to discretionary spending. Maybe you want to take a 10-day cruise, buy a vacation home, or get a motorcycle. Maybe you’re thinking of using your credit card to finance that big purchase. But before you do, consider this: according to The Motley Fool, the average American household with debt owes over $132,000 and the average household with credit card debt owes more than $16,000. Do you really want to join the ranks?Blog Image
So, if you decide not to use a credit card, what are some other options? Here are a few creative ways to save up for any large purchase:
SmartyPig is a free online piggy bank with rates up to 1.12% APY. Kattien Rosario, a project manager for a tech company, uses SmartyPig and likes several of its features:
“The best thing is that you can create as many goals as you want and have it automatically transferred, which simplifies having to have a real savings account for every purchase,” she says.
Maybe you have a massage membership, or you take singing lessons. If you have nonessential expenses, you could stop paying for them for a short period of time. Depending on how much you want any particular large purchase, you might benefit from suspending those other accounts for a few months.
If you’re saving up for an Apple product, like a laptop or desktop computer, save in increments and buy Apple gift cards. One benefit of this is that it will prevent you from using that money on other impulse buys. You can find several gift card sites online at discounted prices, which means you pay less in exchange for more money.
If you use this method, you can easily find great deals for that specific item. In the Apple laptop example, you can even find deals on refurbished electronics for unused products, which of course helps you reach your savings goal even faster without spending as much as anticipated.
Maybe you’re facing an emergency and need to come into a large sum of money immediately. Whether you have an ill loved one, a totaled car, or you're dealing with a stack of unpaid bills, an installment loan could be the right choice for you. There are several benefits to going this route:
To start the process, fill out an online request form. Shortly after, a trained store representative will reach out to you. Before arriving to the store to complete the approval process, you will need to bring the following items with you:
From the time you arrive onsite, the process should take about 30 minutes, and you could walk away with fast cash the same day.
It’s very important to put quality time into researching your options. Here are a few to take into consideration if you are thinking about getting an installment loan.
No matter how much or how little you like your job, you undoubtedly like to use your money to either take a nice vacation or buy something you know you will enjoy. That is why it is so important to find smart ways to save for any large purchase you have in mind rather than go into debt to acquire it. Get started today to make your well-deserved goal happen!