Top Tips to Help You Save for Dream Purchases
We all have those dream purchases we have at the back of our minds. For some, it might be a vintage guitar. For others, it is an incredible Ferrari V8. Just as with the right planning, credit building, and financing many of us can save up for a house, the same is true for these dream big ticket items.
It doesn’t matter how long it takes you, it is very possible to have your dream. It will take a lot of sacrifices and hard work both in your personal life and your career, but when you’re chasing a dream it’s all worth it.
These top tips will help you, so get started today:
Improve Your Credit Score
There are two components to a healthy credit score. The score itself, but more than that the history behind it is what counts the most. If either are lacking then you won’t be able to take advantage of financing deals or be able to spread out the cost at all. It’s better to start sooner rather than later, so start today and apply to a credit card or two if you haven’t already and remember to pay them off promptly to build a healthy credit score.
Make Saving Goals
You know what you want, and though you can often get away with a big-ticket purchase with just a 10% deposit there is no reason not to try to save for the full amount. You may never reach it, but saving more and being able to pay a higher down deposit often means you can negotiate better financing solutions.
No matter what, however, your savings need to be proportional to what you make. Put the money away at the start of the month in a savings account so that you can benefit from interest rates and make clear strides towards your goal.
Take Advantage of Financing
If you have always wanted a Ferrari of your own, and have had your eye on the available Ferraris in Southern California, then you should stop dreaming and start looking at their financing options.
Financing is very similar to leasing, so have a look at what the options are, what it would cost, and what you can afford. If you cannot buy, then try to save up enough to offset the lease cost. There are ways for you to get into your very own Ferrari, so don’t give up and get in touch with a dealership to learn about your options.
Find a Slightly Used Model
Another option is to look for a used model. You won’t want to get too used, but a lightly used option is a great way to save big on the upfront cost. To avoid scams or poor quality items, try to shop for refurbished pieces. This applies from televisions all the way to luxury cars. When you shop used from an official source you can save and take advantage of financing.
In every instance, remember to negotiate. The final price for big cost items is rarely set in stone, and even if it is then the financing rates are often up for negotiation.