Getting ready for a big-ticket purchase takes time

Getting ready for a big-ticket purchase takes time

RICHMOND, Va. (WWBT) - If you want to buy a new house or car, chances are, you don’t have cash on hand; you have to safe for a big-ticket purchase.

Maybe you’re trying to save up money for a down payment on an apartment or a down payment for a house.

Michael Joyce with the Richmond financial firm Agili says saving for big goals takes time.

“It’s not necessarily where you’re going to have some money that’s always set aside. You have to build that money up. You have to be disciplined and make sure you are putting aside as much money as you need to reach that goal,” said Joyce.

He says to figure out an estimate of how much you’ll need and how long you’ll need to save up. If you need that money in a year, divide up the total by 12 months and see how much you need to save each month.

The bottom line: don’t blindly try to reach your goal. Be diligent about saving and figure out how much you’ll need to make your dream a reality.

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