Saving for a
large purchase

Life Events > Saving for a Large Purchase
Buying a big-ticket item on credit can add up to be significantly more expensive than paying cash: Saving the money beforehand is usually a more efficient strategy.
Keep in mind:
Determine how much money you'll need: Although prices may vary over time, you should be able to make an informed estimate based on comparable items.
Set a savings timeline. One year? Five years? The more time you give yourself, the easier each step will seem.
Create a schedule. Match your savings to your cash flow.
Establish a separate savings account. This will help you keep the funds for your goal separate and clearly see how quickly you are approaching it.
 
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