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How can I pay for a car, holiday or other high-value item?

Curriculum for Life editorial team
Curriculum for Life editorial team
See how to make big buys a reality with our quick guide.


First up, look at your budget. Do you have any money left over after you’ve paid for essentials and basics? Consider if there’s anything you can reduce or do without – small buys such as coffees or soft drinks can soon add up.

Next, work out what’s realistic. It can help to have a target in mind or weekly or monthly saving goals but it’s easier to stick to changes which aren’t too difficult. Never going out or having that takeaway – just because you’re saving – can be miserable, so budget for some treats too. Find out more about budgeting by clicking here to see MoneyHelper’s information on their website.

Where to put your savings

Open a savings account

A savings account separates the money you’ve saved from your everyday spending in your current account. Your money can also earn interest, a payment from your bank for holding your money.

There are different kinds of savings accounts. Look at the interest rate and consider how often you want to pay money in or take money out to choose the best account for you.

Some banks offer a round-up option on your current account – you can choose to round up any card spending to the nearest pound and for the difference to go straight into your savings account.

The government protects your savings to a limit, so if your bank fails, you will get your money back.

Find out more about choosing a savings account at Money Saving Expert.

Premium Bonds

Premium Bonds are run by the government and offer a different way to save. Your money doesn’t earn interest but you get the chance to win tax-free prizes every month. Each investment must be at least £25 and you can take your money out at any time.

a hand putting a coin into a piggy bank

Francesca Webster, Talent & Early Careers Partner, Aldermore Bank

“When taking out a loan or other finance agreement, you should carefully consider if you can afford the repayments, both now and in the future if your income was to change”

Boost your income

If you want to earn more money, you could consider:

    • Selling clothes or items you no longer need
    • Earning money from a hobby – could you make anything to sell? Do you have any skills you could share?
    • Doing casual jobs – could you earn some extra money from babysitting, gardening or online surveys?
    • Looking for a new, better paid job
    • Taking on a second job (check your contract with your main employer first), or part-time or holiday work if you’re studying
    • Working extra shifts or overtime

Earning extra income can affect the amount of tax you need to pay. Find out more about paying tax on additional income.


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