It all begins with an idea — that new car you’ve been eyeing, a house with a backyard for the kids (or dogs), an all-inclusive resort vacation, or a new laptop for work. There’s nothing more exciting than when you’ve done the research and you’re ready to make that big purchase.
But of course, that initial excitement can give way to disappointment when you see the final price tag. Yes, saving for a big purchase can be intimidating, but thankfully, we have a few tricks up our sleeves to make saving for a big purchase easier. In fact, saving can be as simple as downloading an app!
Taking the first step
It’s important to realize that raising a large sum of money won’t happen overnight. Break your savings goal into small, more manageable numbers and set deadlines for each milestone. For instance, if your goal is to save $10,000 in the next year, you can aim to save $2,500 every three months, or even set a weekly savings goal of approximately $200 each week. That added structure can help keep you on track and give you easier numbers to hit along the way.
Here are some tips to make saving more manageable:
#1. Track your spending
Before setting a budget, make it a goal to track your spending habits for a week or a month.
#2. Set a budget
Once you’ve taken stock of your spending habits, it’s time to reevaluate. Take note of how much money you’ll need to set aside for monthly bills and essential purchases, then give yourself a realistic number to stick to for purchases like dining out, clothing and more. Don’t forget to give yourself a little fun money — we never said saving had to be boring.
#3. Set small amounts of money aside
Agree to a set amount of money to put into a separate account every week. Whether that’s $10 or $200, you’ll realize that those small sums will add up over time when you stick to a routine.
#4. Download Ibotta’s cash back app
Amplify your savings by using Ibotta’s cash back app and browser extension, which will put real money into your pocket every time you make a purchase.
How can apps like Ibotta help?
Add more money to your savings account when you shop for things you need by downloading the Ibotta cash back app and browser extension. Ibotta is partnered with more than 300 retailers nationwide, giving Ibotta users exclusive deals and cash back when they shop at their favorite grocery stores, clothing retailers and more. The average Ibotta user saves $10-$20 every month, but more active users can save hundreds.
Once you get into the habit of using the Ibotta cash back app or browser extension on your everyday purchases, you’ll see those small sums grow into large amounts over time — which makes saving for your big purchase much easier!
Saving for a big purchase is as easy as sticking to a budget and earning cash back on essential purchases. Download the Ibotta cash back app and browser extension today and watch your savings add up!