Are you in the market for a new vehicle? Maybe you have had your old car so long that it’s time for an upgrade. If this is you, learn how you can start saving for that new car and not have to cry about it.
Saving is hard for most people without a strategy in place. It is easy to say that you want to save money each month, but hard to do. When it comes to big ticket items like cars, the challenge can seem like an overwhelming task you can’t pull off.
If you want a new car in your life, read on. Here are savings secrets that anyone can take advantage of rather painlessly.
* Create a separate bank account – This is a first step even before the first penny has hit the bottom of the account. Now you have some place to put monies that are specifically for buying your new car.
* Bank your bonuses and raises – Many places of work pay their employees a bonus around the holidays or throughout the year for performance appraisals. Instead of adding that money to your current income, place it in a separate account so that it can grow for you.
* Pay yourself – Research how much it will cost to buy your dream car. Figure out a likely monthly payment and send that to yourself. You are the bank, so any money comes to you. Place it in a separate interest bearing account to accumulate.
* Automatic debit – Set up a draft each month around pay day. Instead of using every last dime, have it automatically deducted from your account before you have a chance to spend it. Talk to your human resources representative. They can help you to sign up for direct deposit and explain how to transfer some money to a separate a checking or savings account. Since you don’t see it each month, you are less likely to miss it, especially when you have a goal in mind.
* Keep your car in mint condition – Your existing car can be used for a trade-in, but no dealership will want to buy it if the tires are balled or the upholstery is torn. Getting regular maintenance will not only help to ensure that your car runs properly, but you can get a good trade-in offer on it to help supplement the money you already have towards your car.
* Bag your lunch – Instead of spending five dollars here or ten dollars there on food at work, bring your lunch and lower your food budget while increasing your car fund.
* Save your change – Place any loose change that you have in your pockets in a jar at night. Before you know it you will have a jar full of coins that you can put towards your car fund.
Do you want a new car? Give yourself time, do some research, and use these simple ways to begin paying for it now.