We all get those times in our lives when we suddenly have to find extra money for a certain occasion that really eats into what little money we already have, if any. It can be done though, with time, planning and the odd sacrifice. We looked at how to plan for an expensive event.
Plan Well Ahead
Perhaps stating the obvious, but it needs mentioning, as it is key to managing an expensive event on a tight budget. You need a run up at paying for something expensive, rather than have it sprung on you at short notice. For example, a dream holiday a year away at least gives you chance to source funds, and to save for it. And to plan. So sit down, work out a weekly budget and decide how you can put aside the money needed. You may wish to use a traditional method – pen and paper. I still prefer to do this, even with an expensive laptop sat in front of me! Or you may use apps and spreadsheets to organise the figures.
Another Advantage Of Time
Another advantage in having the time to pay and arrange something is that you are more likely to benefit from a good offer, rather than paying top dollar. If booking a holiday, you can time it for when flight sales start or simply bide your time, monitor prices and pounce at the right moment.
How To Plan For An Expensive Event – Sacrifices
The fact is that often you need to accept that your earnings do not cover your normal lifestyle plus a one-off expensive event such as a wedding or holiday. So that money will have to be found somewhere. You may have to make sacrifices. That weekly meal out? Scrap it for a few months, and put the money towards your big expense. Hard to stomach, but if there is a goal at the end, such as a dream holiday, then it is worth it.
Loans
As a loan provider, we do not push our products onto customers. We ask that they explore all options before committing to extra debt. So with that in mind, you must decide if a loan is right for you. If you have no way of obtaining the necessary funds elsewhere, then it is an option. But you must be comfortable that you have the funds over time to pay it back, and are prepared for the interest charges to ensure you money for your expensive event.
Big Purchases May Come With Rewards
If you are spending big on something, you should get something back. And by that i mean cashback or a reward. So think about how you will make the purchase, and if you can be rewarded for it. This may be through a cashback site, or by rewards on a credit card that is set up for purchasing. I recently got £160 through topcashback.co.uk when purchasing a laptop from Currys.
How To Plan For An Expensive Event – Savings Plan
This comes back to planning. Do the maths and work out how much you need to save, and when. Then work out weekly totals, and think about how you can go about finding the funds. More sacrifices may be needed, such as that coffee on the go, and by making your own packed lunches and more.
