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

Updated Jun 02, 2020 | Chris Petrie

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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!

Smart Money Academy

The Money Peach Podcast is brought to you by my live coaching program, Smart Money Academy.

Smart Money Academy is not an online course, but rather a live coaching program showing you how to budget, how much to save, how to manage your debt payoff, when to save for retirement, and how to build a legacy to last beyond your lifetime.

Mentioned in this Episode

Best Online Banks:

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

**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 20X interest on your savings [4:36]

Chris’ 8 sinking funds [5:56]

Chris Peach Author 150x150

Chris Petrie

Chris (Peach) Petrie is a personal finance expert, money coach, speaker and podcaster.

In 2011, Chris and his family were exhausted from living paycheck-to-paycheck and facing a mountain of debt. They started going against the society standards of misbehaving with money and made the decision to take back control of their lives and money. Within seven months they paid off $52,000, started saving like crazy and began building real wealth.

The word spread fast and Chris started showing friends how to create a budget over dinner. Soon after he started showing their friends how to do the same and eventually Chris started teaching personal finance classes around the community. As the need for the classes grew, Chris launched Money Peach in 2015.

Money Peach was created to help everyday people remove the stress and fear of money by showing them how to save more, make more, and keep more of their money.

Chris Peach has been featured in places like Business Insider, The Huffington Post, Elite Daily, and CheddarTV.

When Chris isn’t at “work” he can be found at the Crossfit gym or riding on the fire truck — Chris is also a full-time firefighter in Phoenix, Arizona.

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