Misc Other Savings Accounts
What Do You Want To Save For
Saving for a large purchase... Start a misc other savings account... Thinking of buying a new vehicle in the future, what about a new home? Maybe you want to replace that old couch or bedroom set. Why not start a special savings account to help with the down payment or purchase of any of these items. Wouldn't it be nice to buy that new couch outright, without a loan or finance charges. You betcha! Once you have enough saved up and have purchased that couch (or whatever you were saving for), don't quit saving. Keep putting that amount into the savings, your next big purchase may be that special
vacation
you want to take.... What about a new computer, wouldn't it be great to buy the computer you want instead of a cheaper one. One with enough memory and a great graphics card and sound to play those
online games
or to put pictures on. Start a savings account just for this. Your misc other savings account would also be a great way to make sure you can afford that new vehicle or house payment. If your future plans include buying a home or new vehicle, you could put the difference of what you pay out now for either rent or car payment and what you anticipate the new payment to be in a special savings account. Not only will this help you know for sure you can afford what the new payments will be, it will also help you start saving for a nice down payment on the new home or vehicle. If you currently have no payments for a vehicle or rent (perhaps you still live with your parents) use the same principle by putting what you anticipate the payments would be into a savings account this will help to make sure you can afford the payments. The worst that could happen if you realize you can't afford regular monthly payment on a new vehicle, is you'll use what you have saved up to either fix up your current vehicle or purchase a used vehicle. If you are able to put the money into a savings account on a regular basis the bonus would be using the savings as a down payment, also reducing the monthly payments of the new vehicle or home. Many people don't realize until too late that they really couldn't afford the payments of these large purchases. So plan ahead, put the anticipated monthly payment into a misc savings account for at least 6 months to be sure you can afford it.... Don't forget to include this savings in your
budget....
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