Tips for Making an Aspirational Purchase a Reality

We all have aspirational purchases - something we dream about owning one day. Whether it's a luxury car, designer handbag or dream home, making that aspirational purchase a reality takes planning and discipline. Follow these tips to turn your aspirational purchase into a reality.

Research Thoroughly

Do your research before making any big aspirational purchase. Read reviews, look at pricing and compare different models or versions. For example, if you're interested in buying a used luxury car like an Audi, Mercedes or Jaguar, research pricing and availability for different years and models. Check reviews to see which cars are most reliable. When you find a site that has luxury cars for sale in Stoke on Trent or wherever is closest to you, look at fuel economy, repair costs and insurance rates. Make sure you have a full picture of what owning that vehicle will entail.

Set a Budget

Determine exactly how much you can realistically afford to spend on your aspirational purchase. Include associated costs like insurance, maintenance and repairs in your budget. Be conservative with your estimates for ongoing costs. Also, factor in how making this purchase will impact your regular monthly expenses and financial goals. Don't drain your emergency fund. Setting a realistic budget will keep your aspirations in check.

Improve Your Finances

Align your finances to support your savings goal. Reduce your expenses where possible by cutting back on dining out, entertainment and other discretionary purchases. Find ways to increase your income like asking for a pay rise, freelancing or starting a side business. The more money you can set aside each month, the faster you can make your aspirational purchase. Improving your overall financial picture will also help you better afford owning and maintaining that purchase long-term.

Save Aggressively

Saving is essential for making any large aspirational purchase. Set up automatic transfers to move money from your salary into your aspirational purchase savings account before you spend it. Make hitting your savings goal a priority each month. Consistent, aggressive saving is key to making your aspirations a reality sooner.

Use Cash Windfalls Wisely

Put any unexpected money you receive towards your aspirational purchase. This could be a tax refund, inheritance, bonus at work or cash gift for your birthday or a holiday. Don't be tempted to splurge with the windfall. Use it to grow your aspirational purchase fund. Cash windfalls can help you reach your goal much faster if used wisely.

Track Your Progress

Stay motivated by tracking your progress each month. Calculate how much you still need to save and your new monthly savings target to reach your goal on time. Seeing your aspirational purchase fund grow will keep you energized. Track your progress in a spreadsheet or on your phone. Celebrate milestones along the way. Before you know it, you’ll have enough saved to finally make that aspirational purchase!

Following these tips takes diligence, patience and sacrifice. But staying focused and intentional with your money makes it possible to turn almost any aspirational purchase into a reality.