A new car is an exciting prospect. With a little clever saving, and some planning and discipline, you could find yourself turning your dream of a new car into reality. There are numerous experts you can speak to about financing your way into a new car, of which Dream Loans is just one such example. Below are a few tips to help you get the funds for your new vehicle together sooner.
DIY Your Lunch
Believe it or not, buying lunch every day really adds up. Packing your own lunch for work is estimated to save you around $4000 a year – and money like that will bring your dream of owning a new car much closer to reality. You could also look into buying less takeaway coffee – an estimated saving of $1000 a year. Avoiding buying bottled water can add between $500 and $800 to your savings account as well. These amounts can make a big difference to how quickly you accumulate the funds required to get you behind the wheel of a new car
Great Nights In
Instead of spending a lot of money on dinner with friends at restaurants, consider inviting everyone round to your place. If everyone brings a course or a drink, the night can work out far less expensive than eating out.
Another way to save money is to keep an eye out for vouchers or freebies. Borrow movies from your local library instead of the DVD store – it’s completely free to do this. You can also get your hands on CDs and Xbox games at most libraries these days. Also check out your credit card reward scheme. Many of these programs offer gift cards as an option, and if you select a grocery gift card, you can save yourself the cost of a few months’ essential foodstuffs – and put the money you save towards your new car.
Pay Yourself First
You may have heard this tip before. It basically means that once you have set yourself a savings goal, you should direct a portion of your income into a separate account for that goal – before you do anything else with your money, including paying the bills. You can call the new account your ‘car account’ or whatever you like. The important thing is to focus on setting some cash aside into it every pay cycle. One of the best ways to do this is to set up an automatic funds transfer that will put the money in every time (before you have a chance to spend it on anything else).
Declutter – and Save
Create some space – and some funds – by having a clear out. You can put anything you make via eBay or garage sales into your car fund, or even use the proceeds of your effort as a starting point for this special savings account.
Saving for a new car is like any other savings goal – to achieve it you need a plan, and a little self discipline. With both of these in place, you’ll soon find yourself in the driver’s seat.
What are your top avings tips for people dreaming of owning a new car? Share your insights in the comments box below.