How to Save for Major Purchases

Next, determine how much you can realistically save each month. If you can set aside $500, you'll reach your $7,500 goal in 15 months.

But what if $500 isn't realistic? That's okay. Perhaps you start with $100 or $200 a month and look for opportunities to increase that amount over time.

You might redirect money from another spending category, put part of a bonus or tax refund toward your goal, or deposit the savings from a canceled subscription.

The important thing is to begin. Each deposit represents progress toward greater financial freedom. Instead of wondering how you'll pay for a major expense when it arrives, you're gradually preparing for it.

That can reduce financial stress and give you more flexibility when the time comes to make the purchase.

Keep Your Savings Separate and Automate the Process

Once you've set your goal, consider opening a dedicated savings account instead of mixing the money with your everyday checking, emergency savings, or other financial goals. When dollars have a clear purpose, you're less likely to spend them elsewhere.

Then, automate the process whenever possible. You might schedule a transfer every payday or once a month. This turns saving from something you have to remember into part of your normal financial routine.

Remember, your emergency fund and retirement accounts have different purposes.

Using retirement money for a purchase today can trigger taxes and, depending on your age and circumstances, may also incur penalties. You'll also sacrifice the future growth those funds could have earned.

Your retirement savings are meant to support a future season of life. Whenever possible, let them keep serving that purpose.

Make Your Savings Goal SMART

Another helpful approach is to make your savings goal S.M.A.R.T.: Specific, Measurable, Attainable, Relevant, and Time-bound.

• Specific: Identify exactly what you're saving for and how much you'll need.
• Measurable: Track your progress so you can see how close you're getting to your goal.
• Attainable: Choose a monthly savings amount that fits your financial situation without creating unnecessary strain.
• Relevant: Make sure the purchase aligns with your financial priorities and responsibilities.
• Time-bound: Establish a reasonable target date for reaching your goal.

And remember, if you miss your target date, that doesn't mean you've failed. Adjust your plan and keep going. The goal isn't perfection. It's developing a consistent habit of preparing for future needs.

Faithful Stewardship Begins Before the Purchase

We often evaluate financial decisions at the moment of purchase. We ask whether we can afford something, whether it's a good deal, or whether it's worth the expense.

Those are worthwhile questions. But good stewardship often begins long before the purchase itself. It happens when we patiently prepare, exercise self-control, and make intentional decisions with what God has entrusted to us.

And there's nothing wrong with enjoying the good things God provides. Scripture reminds us in 1 Timothy 6:17 that God "richly provides us with everything to enjoy."

The question isn't simply whether we should make a purchase, but how we can approach it wisely. Saving in advance allows us to enjoy those purchases without unnecessarily taking on debt or jeopardizing other financial priorities.

Ultimately, preparing for major expenses is about more than accumulating money. It's about cultivating wisdom, patience, and contentment as we manage God's resources.

On Today’s Program, Rob Answers Listener Questions:

• My wife’s parents live in Texas and no longer have driver’s licenses. We’re having trouble registering their car despite setting up a transfer-on-death designation. What options do we have?
• My husband and I have had a whole-life policy for about 10 years with a $150,000 death benefit and roughly $19,000 in cash value. If we cancel, we’d receive about $16,000. Should we keep it or replace it with another type of life insurance?
• My mother passed away, and her vehicle is still titled in her name. Probate is already closed, but I’ve been told I may need to reopen it to transfer the title. Is there another option?
• My wife and I are turning 62 and still working in our business. Would it make sense for one of us to claim Social Security early and invest the benefits while the other delays?

Resources Mentioned:

• Become a FaithFi Partner
• AdelFi Christian Banking
• Faithful Steward: FaithFi’s Quarterly Magazine
• FaithFi Field Guide: How Much Money is Enough? 
• Our Ultimate Treasure: A 21-Day Journey to Faithful Stewardship by Rob West
• Wisdom Over Wealth: 12 Lessons from Ecclesiastes on Money
• Look At The Sparrows: A 21-Day Devotional on Financial Fear and Anxiety
• Rich Toward God: A Study on the Parable of the Rich Fool
• Find a Certified Kingdom Advisor® (CKA)
• FaithFi App