Episode 122: Save More, Pay Cash, Rinse & Repeat: The Formula to Saving for Big Purchases

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My Guest on the Show…

There’s no guest this week. It’s just me, myself, and I!

Well, are you about to freak out yet?

Why?

Because we are about a week away from Christmas and the spending is in full force right about now. In fact, did you know the average American family will spend over $845 in 2018 and closer to $1,000 in 2019?!

I am not saying you shouldn’t spend that much this Christmas. I say if you have the money and want to spend it – by all means, go right ahead!

But what if you don’t have the money? What if the holiday season sneaks up on you and the only option is to put it all on a credit card? If you remember from last year, this means you’ll be making credit card payments for Christmas in July.

The Solution: This week I am sharing with you our little SAVINGS HACK for the big expenses in life. Christmas, vacations, emergencies, new cars or any other big expense you can anticipate.

If you start what we are talking about this month, you’re going to really enjoy spending money this time next year because you’ll have the money set aside.

And when the vacation comes up you want to go on, you’ll have the money set aside.

Or when the hot water heater goes out, you’ll have the money set aside.

Whatever large expenses you have, you’ll have the money set aside.

Are you enjoying the podcast?

If you do, would you be willing to leave a review for the show here? The more reviews the podcast receives, the more people will learn about it!


The Money Peach Podcast is brought to you by my #1 online program for showing you how to budget, how much to save, how to manage your debt payoff, when to save for retirement, what to teach your kids about money, and how to build a legacy to last beyond your lifetime.

If you find yourself continuing to live paycheck-to-paycheck and wondering where all the money went at the end of the month, it’s time to finally make a positive change. Welcome to the class they forgot to teach you about money – Awesome Money Course.

 

Mentioned in this Episode


Awesome Money Course

Best Online Banks:

CIT Savings Builder – 2.55% APY when you save $100/month OR have a balance of $25,000

CIT High Yield Savings – 1.55% APY when you open an account with $100 minimum balance

**The links above are affiliate links. This means Money Peach is a partner with CIT Bank and they can send a commission for using one of the above links. It doesn’t cost anything more or less for you but allows Money Peach to fund this podcast. Thank-you for your support!

Show Notes


Earning interest instead of paying interest [1:36]

Chris’ savings hack [3:25]

Earning 40X interest on your savings [4:36]

Chris’ 8 sinking funds [5:56]

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Create the Perfect MONTHLY BUDGET with The Cash Flow Formula

Does it feel like there isn’t enough money at the end of the month? The Cash Flow Formula allows you to SAVE money, SAVE time and PAY OFF DEBT!
 



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