Making major purchases often feels like an impossible feat. Even thinking about affording a home or big vacation seems impossible at times. If you’ve ever felt this way, I can relate. These major purchases – cars, vacations, a home – can feel out of reach for a lot of us who are facing significant debt mixed with high costs of living.
Although at times it may seem like we’ll never get into a house of our own, there are small things you can do every day to work toward your goals. Number one: figure out your goals.
Whether you need a new car, or you need to get out of town for a week-long vacation, you have to write this goal down. Trust me, it helps tremendously to see your goal on paper.
Once you know your goals, the rest of the process is much easier.
Number two: figure out how much to save. If you want to purchase a car, you might save for a downpayment of $1,000. If you’re buying a home, you might need a downpayment of 10% or more. Or, maybe you just want to build up a savings account. You could set a goal of $2,000.
Number three: set aside money each week. The best way to do this is to set up automatic transfer payments into your savings account. That way, your money gets put aside before you have the chance to see it or spend it!
At Casco FCU, you can give us a call and we’ll help you do this. Plus, cutting out extra expenses, like eating out or monthly subscriptions, could save you an extra $20 or more dollars per week.
Number four: stick to your plan! I know it gets hard, and other responsibilities get in the way. But, learning to make saving a priority will help you be able to afford ANYTHING!
(P.s. It helps when you can find a great deal! For instance, Casco FCU is offering rates as low as 3.0% on auto loans! Take advantage of the deals!!)
Thanks for reading,