We know that having your own vehicle might make life a lot easier – perhaps you could drive yourself and your friends to the movies, and you don’t have to spend that extra hour on the bus in the morning, maybe it’s for the convenience because it’s difficult to get a taxi where you stay, or you frequently carry a large amount of items around town.
But finding money for a new vehicle might not be so easy. Let Smarter Finance share with you some tips for saving up to finance a car and hopefully that dream of having your own vehicle will come true sooner than you expect!
Set aside Money Regularly
The first step in building that savings fund for financing your car, is to make a conscientious effort to put aside money! Perhaps squirreling your spare change, or putting a few dollars aside every week, to setting up a standing instruction with your bank to funnel a set amount of money to a separate savings account… Whatever you choose to do, stick with it and before long, you’ll see your pile of money grow to a sizeable amount that you can use towards the down payment of your very own vehicle!
Besides helping you to grow your savings, setting aside money is also the most effective way of ensuring that you’ll also be able to afford the expenses of your car once you get it too!
Cut down on your Expenditure
If you’ve got a savings plan in place, then perhaps it’s time to look at your lifestyle. Cutting down on things that make you spend money unnecessarily is a great way to ensure that you have more money in your bank account at the end of the month that can go into your savings. Going out to eat less and preparing meals at home more, saving electricity and water by turning off lights and turning the taps off tightly, perhaps even choosing cheaper detergents or toilet paper can shave cents off monthly expenditure so that it can go to financing your car!
Spend money wisely
This goes without saying, but it’s such a hard tip to follow, that we really just have to put it in there one more time to remind us that it needs to be done! Sure there are times when you see the latest gadget on a sale, or perhaps that dress that’s out in the shop window would really look good on you, but did you really need it? What we found was a good thing to do before taking out your wallet to pay for something that you might not need, is deciding to walk around the block first. If you’re still thinking about that item by the time you walk back, then perhaps it was meant to be! Otherwise, thank you lucky stars that you didn’t make a rash decision and your money remains safely intact in your wallet and not in the cash register of the shop!
The Smarter Finance Company knows that buying a new or used car is not something that is cheap to do, but with some smart budgeting and financing, it can be very possible for people from all walks of life! And if you don’t have money all upfront, don’t worry that you’ll never be able to save up for a car either.
We are the foremost experts in helping people examine and look at car finance rates and car finance deals so that they can afford a car once a car financing plan has been put in place. If you’re considering a car in the near future, why not let us help you do that? Call us today!