How to Budget for Big Purchases

calculating budget for big purchases

Budgeting is one of the largest issues people have when they’re trying to correct their financial situations.  Not only can this skill be incredibly helpful when perfected: it can lead to more fun purchases in the future.

These are some of the best apps and tips for getting better at budgeting: and why doing this matters.

Behavioral Changes

One of the first things you’ll need to do is assess what you need from your budget and what’s holding you back.  Most of the time, the largest item stopping us from saving enough money is behavioral tendencies.  This might mean that you have a habit of ordering food delivery to your home multiple times a week, or it could mean that you’re easily convinced into buying things you don’t need by advertisements or websites.

Instead of allowing these to rule how you save money in the future, you can look for ways to change your behavior.  This includes apps and tools that can shift how you interact with money.


Whether you’re looking for solutions like buy now pay later cell phones, or you’re trying to save up to get an apartment: Mint has you covered.  Mint has high ratings because it’s free, syncs a large array of accounts from checking to loans and bills, and automatically puts your spending into categories.

You can personalize these categories however you want, ranging from food to entertainment, and Mint will let you know if you’re spending too much on any of them.  This allows you to be more aware of your finances than you would be otherwise.


Goodbudget is a system to help you build towards your goals instead of just being aware of where your finances are right now.  This doesn’t connect to your bank accounts; you have to manually add your account balances, as well as any cash, debts, or income you might have.

This allows you to clearly set a budget for yourself and layout guidelines for the future.


Possibly the best app on this list, YNAB allows you to plan ahead and also connects accounts so that you don’t have to enter any information on your own.  This is best for users who want to get hands-on while working with their money, and it’s not free.  The base price is $15 a month, or nearly $100 per year if you do annual subscriptions.

Trading and Earning

Another option is to allow your money to grow instead of just letting it sit in a bank account while you’re not using it.  Learning the ins and outs of trading, taking the time to figure out the stock market, and getting good at it can be overwhelming.  Consider using an app like Acorn that works with you to start trading with risks no larger than a couple of dollars.

For a hassle-free approach to growing your savings, best no deposit savings accounts present an excellent alternative to intricate stock trading. Discover secure options that don’t demand initial deposits, allowing your money to work for you seamlessly.

Budgeting Is Vital

Whether you’re budgeting so you can afford a downpayment on a home or you want to get a brand new phone: it’s vital to get a handle on your financial situation.  Consider some of these tips to make your relationship with money work better.