Whether it’s your first car, a dream vacation, or a down payment on a home, saving for a major purchase can feel overwhelming. But with a little planning and discipline, you can reach your financial goals faster than you think. Here’s a step-by-step guide to help you save for your first big purchase.

1. Set a Clear Goal

The first step in saving for a big purchase is knowing exactly what you’re saving for. Define your goal by determining:

• The total cost of the item or experience
• Your target purchase date
• How much you need to save each month to reach your goal

 2. Create a Budget

A well-planned budget helps you allocate funds toward your goal. Start by tracking your income and expenses to see where you can cut back. Consider these strategies:

• Reduce discretionary spending (eating out, entertainment, subscriptions)
• Shop smarter and take advantage of discounts
• Avoid impulse purchases

 3. Open a Dedicated Savings Account

Keeping your savings separate from your everyday spending money can help prevent unnecessary withdrawals. A high-yield savings account or a certificate of deposit (CD) with Family First Credit Union can help grow your funds while keeping them safe.

 4. Automate Your Savings

Set up automatic transfers from your checking account to your savings account each payday. This “set-it-and-forget-it” approach ensures you consistently build your savings without the temptation to spend first.

 5. Find Ways to Boost Your Savings

If you want to reach your goal sooner, consider additional ways to increase your savings:

• Take on a side gig or freelance work
• Sell unused items
• Use tax refunds, bonuses, or cash gifts to add to your savings

 6. Stay Motivated

Saving takes time and commitment, so keep your goal in mind. Track your progress regularly and celebrate small milestones along the way. You can also use a savings tracker or app to visually see how close you are to achieving your dream.

 7. Make Smart Financial Decisions

While saving, be mindful of your overall financial health. Avoid unnecessary debt, pay bills on time, and build an emergency fund to protect your savings from unexpected expenses.

Start Saving Today! No matter what your big purchase is, Family First Credit Union is here to help. Explore our savings accounts and financial planning resources to make your goals a reality. Visit our website or stop by a branch to learn more!