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6 Simple Tips to Save for a Large Purchase

Written by Super User · 19 June 2012

June 19, 2012

By Lori Johnson, V.P. Marketing & Business Development, TelComm Credit Union 
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So you have developed a much closer relationship with your auto mechanic that you would prefer, because your vehicle is heading toward a slow, miserable death. Or, maybe your roommate has eaten the last of your Cocoa Puffs and you have finally had enough and gone berserk.  Whatever your motivation may be – a newer vehicle, a home purchase, or a washer and dryer so you don’t have to run to the Laundromat anymore – saving for a large purchase can sometimes feel difficult and overwhelming.

Here are a few tips to help you tame the tiger:

1) Determine how much you need to save for the purchase. Research a vehicle and determine what amount of money you will need to have to put down toward the purchase to have a bi-weekly or monthly car payment and term you can afford.  Without a realistic cost/goal, you cannot reasonably expect to hit the target.

2) Figure out your timeframe before you buy. If a home is what you really want, then is it practical for you to squirrel away your pennies aggressively for one year, 2 years or 5 years so you can buy your dream house?  The timeframe and other extenuating circumstances like your roommate’s career plans or impending marriage should be factored in to your plan for success.

3) Decide on the amount you are going to contribute per paycheck, or a percentage per month – whatever makes sense for your situation. When in doubt, bump it up a little.  If you think you can handle $30 per month, plan on $35 per month.  Challenge yourself and stretch just a little farther than you think you can.

 

Use Social Media to Save More Effectively

Written by Super User · 18 June 2012

By Katie Bryan, America Saves communications manager

June 18, 2012

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Many of us connect with others through social media on a daily basis. 50% of those living in the United States have used Facebook and 8% of Americas use Twitter every day.  Now, a growing number of people are using Pinterest to share with their friends. Pinterest lets you organize and share pictures you find on the web. People use pinboards to create collections of pictures. Not only can you create your own pinboard but you can browse pinboards created by other people.

In this growing environment where we share so much information with our friends via social media, how can we use social media to help motivate us better save for our goals?

Set Your Goal

The first step is to set  a goal and make a plan for what you would like to save for.  Once you have that we often tell people to print out a picture of their goal and hang it in a place you can see it. Now with social media, you can make your goal the profile or timeline picture on your Facebook page or better yet, create a pinboard on Pinterest called “Saving Inspirations.” On this board you can post pictures of the items you are saving for to help keep you motivated.

Share Your Goals

Many times we save more effectively when we share our savings goals with our friends. Social media makes sharing these goals easier than ever. Post a picture of your savings goal on Facebook, send a tweet, or create pinboards to share your goals with others.

What Are You Waiting For? Share Your Goal Today!

We want to make it easier for you to share your savings goal with others to help motivate you to save. Use the Facebook share button at the top of this page to share your savings goal or use the pin buttons below the pictures below to start or add to an inspirational savings pinboard.

Take the Pledge

Savers who make a plan are twice as likely to save successfully. 

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Tip of the Day

  • Written by Katie Bryan | November 27, 2013

    Take control of #saving & #spending during the #holidays - create a holiday budget! http://ow.ly/CP1lO

Saver Tips and Stories View all »

Taking Steps Toward Financial Fitness

Written by Tammy G. Bruzon | November 7, 2014

Nicky Vasquez learned about Virginia Saves when she attended her first class with Bank On Virginia Beach. The instructor shared how important it was to have a written savings goal, and the entire class joined Virginia Saves as the first step toward financial fitness.

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Developing a Savings "Game Plan"

Written by Katie Bryan | October 28, 2013

Eunice Diaz, a teacher in Colorado Springs, had been noticing a pattern. Despite the fact that she and her husband were “making good money,” they were spending their entire earnings and “were still struggling at the end of the month.”

Read more...

Another Dream Realized

Written by Tammy G. Bruzon | November 7, 2014

Mary Brown was already a disciplined individual when she came to Wisconsin Saves coordinator Wisconsin Women’s Business Initiative Corporation (WWBIC) in last summer. She had successfully completed her bachelor’s degree with the assistance of her husband and son, and was now ready to tackle her next big dream – homeownership.

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