How to Create Your Own Layaway Program
- 1). Calculate how much you will need saved for the large purchase. Research the price of the item and take the average of the prices you find.
- 2). Calculate how long you have to save the money before you need to purchase the item. Some items are time sensitive. For example, if you are saving for a new car and your current car has very high mileage and is having mechanical problems, you will have less time to save for a new one than if your car has under 100,000 miles and is in good working order.
- 3). Divide the amount you need saved by the number of months you have to save the money. If you would prefer to put a certain amount of money every week instead of every month multiply the number of months by four and divide the amount you need saved by the result. The result of your calculations will be the amount you must put aside every month or every week to reach your savings goal.
- 4). Decide on a safe place. Some people will spend money if it is easily accessible. To avoid being tempted to spend the money, open up a separate savings account with your bank, not linked to a debit card. You can also get a bank security box and every week or month put cash into the box where it will be safe.
- 5). Start saving. Whether you open a new savings account for the purpose or get a bank security, do not remove any of the money until you have all the money saved for the purchase. Think of the amount of money you are putting away like a payment on a loan or bill that you cannot get back.