Want an iPad? Start Saving Now

Source: Informa Research Services
(01-28-2010)

Yesterday, Apple CEO Steve Jobs announced the debut of the iPad, a thin, portable tablet computer equipped with a large multi-touch screen.  The iPad is scheduled to ship in approximately 90 days, which gives you just enough time to save up money to purchase this new device without breaking the bank.  Using these simple steps, you can quickly allocate enough funds to purchase your very own iPad.

Step 1:  Set a goal.  Decide which model fits you best.
The iPad is available with different memory capacities and optional 3G cellular access.  The most basic iPad, with a 16GB flash drive and Wi-Fi, is available for as low as $499.  On the other hand, a fully loaded 64GB iPad with 3G modem is currently priced at $829 (Source: Apple).  Choose a model based on your anticipated usage and personal preference.

Step 2:  Open a savings account.
If you don’t already have a savings account, find the highest yielding savings product that fits your needs using online rate tables.  After saving your money for an iPad, you can use this savings account to start an emergency fund or to save for another large purchase.

Step 3:  Schedule automated transfers.
These transfers can be from your paycheck or checking account to your savings.  Either way, automatic transfers ensure funds are contributed to your savings account regularly and without interruption.  Depending on which model you are planning on purchasing, you should aim to set aside $100-$150 per paycheck (if you are paid biweekly).  This service is usually easy to coordinate with your human resources department or your financial institution.

Over the course of 90 days, this should amount to approximately $600 to $900 (plus interest earnings), which should easily cover the cost of a new Apple iPad.  Continue this habit and over the course of a year, you could save anywhere from $2,400 to $3,600 to contribute to an emergency or retirement fund.

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