Whether you’re eyeing a new phone, a car, or even a home, a big-ticket purchase requires more than just a quick swipe of your card.

It also demands a smart financial strategy to help ensure that you can afford it without derailing your long-term money goals. From minor splurges to major milestones, here’s how to prepare your funds for a significant buy.

Define your goal and timeline

Start by getting specific. What exactly are you planning to buy, and how much will it cost? Do you need a new laptop for $1,500 or a down payment for a $300,000 house? This is your starting point, so it’s important to do your research and compare different options. You can also reach out to a professional in the appropriate field (e.g., a real estate agent) for an accurate estimate.

Next, determine your timeline. Are you planning to buy in six months or five years? A longer timeframe gives you more flexibility to save and research financing options, while a shorter one may require a more aggressive savings plan.

Create a savings strategy

Once your goal and timeline are in place, it’s time to supercharge your savings. Instead of relying on any funds left over at the end of the month, open a dedicated high-yield savings account specifically for this purchase. Then, automate regular transfers from your checking account to this savings account each payday. This “pay yourself first” approach can help make it easier for you to stash funds consistently without having to think about it. Whether you need to save $100 per paycheck for a high-end camera or more for a larger purchase like a home down payment, the principle remains the same: consistency is key.

Review your debts and credit score

Before taking on a new loan—especially for a car or home—it’s crucial to evaluate your existing debt and credit score. A higher credit score could help you qualify for better interest rates, potentially saving you thousands of dollars over time. Focus on paying down high-interest debts, such as credit card balances, and continue making all payments on time. A strong credit history shows lenders you are a responsible borrower and makes you a more attractive candidate for financing.

Budget for all related costs

A sticker price is rarely the full picture of the total impending costs. For instance, a new car also comes with ongoing insurance, maintenance, and fuel costs, while a home has property taxes, utilities, and unexpected repairs. Even a new piece of technology may require subscriptions or accessories. Make sure to factor in these associated expenses when you’re budgeting so you have a comprehensive idea of how much you’ll need. For a major purchase, it’s also smart to have an emergency fund in place to help cover any unexpected costs that may arise.

Consider trade-offs and alternatives

Finally, be honest with yourself about the trade-offs and what you’re willing to give up to make this purchase. Could you cut back on dining out, delay a vacation, or hold off on another goal? Exploring alternatives can also be a smart move. Instead of a new car, a reliable used one could get the job done. Likewise, instead of the latest flagship phone, last year’s model might meet your needs for less.

Preparing to make a big purchase is about more than just saving money. It’s about crafting a deliberate plan that aligns with your overall fiscal health. For assistance with laying out such a plan, consider reaching out to a financial professional, who can help you to not only save up for a purchase but also incorporate it into your ongoing strategies.