Living a frugal lifestyle does have its benefits. Being able to purchase those big ticket items is just one of them. It’s not easy to save up for a big ticket item but with our help we can give you some advice to get you on your way.
There are a lot of expenditures in life, especially if you have a family. Some expenditures are small; others are large. Some are planned/expected and others come as a surprise. This page is all about helping you to afford those big, planned expenditures. Whether it is something you need or something that you simply want, without turning your back on the extreme frugality techniques that you have adopted.
Let’s get started on some tips to help you afford those large purchases without breaking the piggy bank.
Set Up a Savings Account
Starting a saving account can help you really save up for those big ticket items that you would love to purchase over time. Take some time and determine if you can set aside some money every week out of your check or even a percentage. Have that amount deposited into a saving account.
If banks really aren’t your thing, then you should think about starting a saving chart. A savings chart will allow you to make these same savings decisions without having to place your money into a bank account. To learn more about a savings chart take a peek at our savings chart page.
Use Your Tax refund
Using your tax refund (if you are lucky enough to get one) to purchase big ticket items can be a great benefit. Consider utilizing this money to fund your big-ticket purchase. Decide whether you will use your entire refund to purchase your big ticket item or if you will use a certain amount from your refund to go towards your purchase.
Reassess Spending Habits
Another thing that you can do in order to afford a big ticket item is to simply reassess where your money is currently going. Take some time, sit down and track your expenses for every day. Every single dime that you spend should be accounted for. Then look for patterns in your spending. Which expenses are necessary (rent, car payment, insurance, utilities, groceries, etc)? Now which ones are not so necessary? Do you find yourself spending money on things that you could do without (at least for a while)? What are you willing to sacrifice to afford that big-ticket item you have your eyes on?
Generate Extra Income
Another way to help afford those big ticket items is to generate some extra income. There are so many different options that are available. You could start a part-time job or look into other ways to make money like direct sales or even becoming a mystery shopper. You never know, starting a new adventure while making extra money could turn out to be just what you’re looking for.
Sell Old to Buy New
Take a look around your house, are there items laying around that you never use anymore? Why not take those items and turn them into cash? Selling old items that you no longer need or use can make you a great deal of money and help to clear out some space in your home or garage. You can use the money that you make from selling your old items to purchase that big ticket item you have your eye on.
Consider Layaway Options
I am sure you have heard of layaway, but have you considered utilizing it? If there is a big-ticket item that you want (let's say a new living-room set) and the company that sells it offers a layaway or payment plan, consider utilizing that plan.
Layaway plans typically work like this: You pick out the item that you want and let the layaway department know that you would like to buy it. You make a down payment (typically 10% or 15% down of the purchase price) and pay a minimal, (usually) flat-rate layaway fee. You will determine the length of your layaway plan and your payments will be made weekly, biweekly, or monthly (usually for up to a month). You make your scheduled payments and once your balance is $0, you can take your big-ticket item home and enjoy.
What are some big ticket purchases that you have planned?
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