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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
  • Set a savings timeline
  • Create a schedule that matches your cash flow
  • Establish a separate savings account
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Watch
Find out about little changes—and a few bigger ones—that can put some cash back in your wallet.
Video: Easy ways to save on everyday expenses
Video: Tips for saving for a large purchase
If you're planning to buy a big-ticket item, it's a good money habit to have a plan to pay for it.
Video: How to set a budget & stick to it
Whether it's something you need or something you want, creating a budget can help you keep your spending in line to help you pursue your goals.
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Calculator
See how long it could take to save for things you want in life.
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What is the true cost of an installment loan? This calculator will help you estimate your payments and total overall cost.
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Preferred Rewards
Saving for something special? You may qualify for real benefits and rewards on your Merrill investment and Bank of America banking account.
Merrill Guided Investing with an advisor
All the benefits of Merrill Guided Investing with an advisor who will discuss your priorities and provide advice and guidance to help you pursue your goals
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Important disclosures

Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
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