Are you a college football superfan who wants to roll up to the game in style? Maybe you’re ready to have the extra room and comfort amenities that an RV provides. There are times when you want to make a major purchase, and buying an RV to make your game day road trips more comfortable could be one of them.
Major purchases can be costly and affect your household budget, so it’s important to go about it the smart way. Read on for things to consider before making a large purchase like an RV.
Before you make a major purchase, do your research. Search online for a range of vehicle sizes, features and year models. This will give you a chance to get a range of price points. Once you know this range, you can decide where you'd like your new road vehicle to fit on this scale.
Maybe you hope to avoid using credit for your pricey purchase. You also do not want to dip into an emergency fund. The best approach is to save steadily for the item.
A smart way to do this is to automate your savings. Determine how much money you want to allocate to your major purchase each month and set up an account with your bank. Automate your savings, so that the financial institution will automatically transfer money from your checking account to your savings account. It is best to create a separate account for these dollars so you will be less tempted to dip into the savings for other purchases.
If automated savings isn’t the right solution, you could look to your home for help. There might be hidden value in your equity and you could tap into it with a home equity loan. Or perhaps you’ve been considering downsizing your house. Freeing the value locked within your property could provide the cash you need for a rolling home away from home.
If you’ve decided that an RV is the right fit for your lifestyle, BancorpSouth is ready to help with financial solutions to get your motor running and guide you step-by-step through the process. Contact a branch to learn more.