Think about the life events you're likely to experience and the large purchases you might need to make. For most people, saving and starting early can make it easier. If you, like some people, end up borrowing money to make a big purchase, you can save in interest and fees if you have savings to cover some of the costs. You can also think about creative ways to save money.
What to do
- Brainstorm a list of expenses and categorize each expense using this list as a guide:
- Car purchase
- Birth or adoption
- Work tools
- Birthdays or special events
- House purchase
- College or training
- Consider when you're likely to experience various life events or when you experience to make large purchases
- Research and estimate costs by adding any associated expenses, like the interest you might pay on a car loan. If the life event or purchase is likely to happen more than five years from now, remember the cost of almost everything increases over time, so add some extra money to the cost to cover this
- Identify how much to borrow or save. Many large purchases require a combination of borrowing and paying a portion up front
- Identify ways to keep costs down. For example, for a large party, you could save by asking family and friends to help you prepare food rather than hiring a catering company. You can also research when items are most likely to go on sale or ask for discounts. It may only be 5 or 10% off, but these can add up!
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This material is provided for educational and information purposes only. It is not a replacement for the guidance or advice of an accountant, certified advisor or otherwise qualified professional.