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Saving for Big Ticket Items

I am currently trying to save for a new sofa. I'm in no hurry for one, so it may take me a year or two to save up. I feel that by waiting, I'll appreciate it that much more. I decided that I want to spend no more than $700. So I divided $700 by 26 which is how many pay days are in a year for me since I get paid every other Friday. I then put that amount ($26) in an envelope.

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If something more important comes up, such as a car repair bill or whatever, then I dip into that envelope and use that money and just keep saving till I have the amount I need. That way I don't have to dip into my savings account which is for big emergencies. This is only for "wants" that I do this, not for "needs." I feel it's very important to distinguish between the two.

Source: My mom and dad when I was very young.

By Kathy from Sylvania, OH

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