Figure Out How Long You Have to Save
The best way to think about this step is to figure out when you’ll need to make your purchase, then divide that time period into months or weeks.
For example: If you tend to spend about $1,000 on a new phone every two years. If you do the math, you’ll find that to save $1,000 in two years; you’ll need to save approximately $41 per month.
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Learn more about moneyandinvestments with this collection
The impact of opportunity cost on personal and professional life
Evaluating the benefits and drawbacks of different choices
Understanding the concept of opportunity cost
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