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Now Is The Best Time To Start Saving For Big Purchases

By Mark Riddix

There is no time like the present to start on things that you have been putting off. Getting a jump on your to-do list will reduce your stress levels and give you a sense of accomplishment. In addition, there is no better time than now to start saving for some big future purchases. By saving ahead of time, you will be more financially prepared to make some of these big purchases without having to take on massive amounts of debt. So, without further adieu, here are some ideas for purchases you should get started on now as well as tips on beginning to save for some future big-time purchases:

1. Start saving for next year’s summer vacation.

You may have just come off of this year’s summer vacation which makes it the perfect time to start saving for next year’s vacation. Starting early will help you get a jump on planning your dream vacation for 2011. You could start small with a savings goal of $25 a week. Place this money in a high yielding savings account like ING Direct. By next year, you would have saved $1,300 plus the interest earned. It’s an easy way to save without really trying.

2. Start your holiday shopping.

The holiday season is fast approaching. It’s time to start thinking about Christmas, Hanukkah, or whatever holiday you celebrate. One of the advantages of shopping now is that you may get a better deal than waiting until the last minute to start Christmas shopping. Another plus is that you have ample time to locate the must-have toy or video game for the holiday season. The closer it gets to Christmas, the more likely a product is to be sold out. So, start now and get your shopping over with. You can avoid pushing your way through packed malls on December 24th trying to locate that game for little Bobby. Imagine all the stress you can save by getting this shopping out of the way ahead of time.

3. Buy a car.

Don’t rush out and buy a car if you don’t need one. But, if your car is smoking when you pull up to your house, this might be a sign that you need a new automobile. This is a great time to buy a new car. The 2011 models are out and dealers have to get rid of old inventory. Dealers have no choice but to heavily discount older models. You can buy a used car and get a great deal since dealer lots will be loaded with 2010′s and 2011′s. If you are in the market for a new car, buy a 2010.  You will get a brand new car with no miles on it for substantially cheaper than other buyers paid.

4. Upgrade your technology

Technology is constantly changing. By the time you receive one product, it may already be outdated. So, why pay top dollar for any tech product? You can wait and save some dough. The end of the year is a great time to save on any technological gadget that you want. Laptops, cell phones, and software programs are all discounted heavily the closer that you get to 2011. For example, programs like QuickBooks are already discounting their 2010 products by 20%. Products like these will go for 50% off before the year is over. Who knew that you could upgrade and save money too?

Have you begun the process of looking into any of these purchases? Have you started to prepare for some future, large purchases by beginning to save now? As always, any other great tips you have to add would be great appreciated!

(Photo credit: epsos.de)

Mark Riddix
Mark Riddix is the founder and president of an independent investment advisory firm that provides personalized investing and asset management consulting. Mark has written financial columns for Baltimore and Washington, D.C. area newspapers and is the author of the book, Your Financial Playbook.

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Comments

  • Patrick

    I just sat down and divided out the per check savings amount to reach a goal I have in May 2011. It feels good to lay out the plan and watch that balance grow.

    • Mark Riddix

      Good luck on you plan!

  • http://www.moneymakingsense.com Ken

    Those that fail to plan, plan to fail.

    • http://buylikebuffett.com/ Mark Riddix

      Very true.

  • http://www.gainmoneycontrol.com KP

    This post has perfect timing with the holidays just around the corner. Saving helps you avoid the debt trap. Whether it’s a spring break trip or a new computer, planning and saving for it ahead of time makes all the difference.

    • Mark Riddix

      Thanks KP!

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