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How to Save for Large Purchases

Video Transcript

Hey, I'm Chris with Money Burst. So, you've got a big purchase in mind, but your wallet is saying no, not today. No worries. I got you covered. Today we're going to talk about how to start saving for those big-ticket items you’ve been eyeing. So, let's get started.

First off, make a savings plan. Find out how much your big purchase will cost and set a goal. Let's say you're saving for something like a new laptop that cost $1,000. Break it down. If you can put away $100 a month, you have enough in just 10 months. Remember, every little bit counts towards your goal.

Next, make your money work for you. Consider opening up a certificate of deposit, or CD. These accounts often offer higher interest rates than your regular savings accounts which helps your money grow over time. You'll be surprised at how much extra you can earn just by making this one small, little move.

My last tip for you is to consider a small side gig. There are tons of online platforms out there where you can use your skills to earn some extra cash. I delivered food on the weekends and after work for a few months to help me reach a few financial goals faster. Remember, you don't have to do this forever. But even if it is for a month, it could make a big dent in your progress towards your goals.

I want you to remember that saving for big purchases is all about planning, making smart money decisions and staying disciplined.