How to Save for Your Swimming Pool

 So, you want to buy a swimming pool. As you probably already know, a pool is a major investment. In fact, the average person is not going to be able to pay for it out of pocket. If you fit into this “average” category, don’t despair. Chances are that your dream pool is not out of reach. Instead, you just have to start saving for it or finding ways to finance it using some or several of these smart strategies. 

Open a Dedicated Account  

One of the best ways to start seriously saving for a pool is to open a new savings account, one that is dedicated specifically toward funding your pool purchase. Ideally, you would do this via your bank so that your account can earn interest. But, if you think you can save quickly or don’t want to open another account, you can always opt to just save at home. As a family, make an effort to cut back when and where you can, such as on dining out or taking lavish trips. Put the money you would have spent on these things in savings. Not only will this help you to get closer and closer to your pool goal, a little at a time, but it will also go a long way towards teaching your children the value of saving money. Plus, when you finally do get your pool, it will mean that much more to everyone who contributed to it. 

Plan As You Go  

Ideally, you would start socking away your savings long before you actually plan on buying a pool. The sooner you start saving, the better. In fact, enact a “save as you go” strategy.  

Vow to save a certain amount, such as $5000, before you even look at pools. Then, adjust your goals accordingly. Later on, you can plan on size, features, and more to help you adjust and plan for your goal even further and more accurately.  

Build Your Credit  

Finally, if you know that savings alone won't be enough to help you finance your pool, start working toward borrowing now. If your credit isn’t great, work on building it up. You can do this by paying bills on time, paying down debt, and, if necessary, opening up new credit cards and paying off more than the monthly due amount each month.  

You can also use the time as you’re saving to look into lending options that might just work for you. The more you prepare to borrow, the more likely it is that you will be successfully able to do so. 

At the end of the day, a pool is an expensive purchase. But, if you properly prepare for it, it becomes more and more possible until, one day, before you know it, you’re swimming in your own backyard!