Saving up for a car can take time and determination. Many people save for a big deposit to then pay for the car in instalments. Whether you’re buying a new or used car, you may still have to save. But that can be hard, especially if you’ve got many other things in your life you need to spend money on. There are lots of easy ways to save cash and we’ve collected the best tips on how to put money aside for a car. Start saving and get behind the wheel with our saving suggestions!
Know Your Budget
Before you begin to save know your goal and how much money the car you want will cost you. Chevy dealership Utah has a range of cars at different prices. Ask the dealers how much a deposit will cost you and the price the monthly instalments will be for the car. You’ll feel more motivated with a budget in mind, as you’ll already know what car you want before you invest in one.
Create a Savings Account
Set up a savings account for your car. You can create a standing order to your savings account so that every month you’re putting money towards your car. It’s hard to save as a student, as there are lots of social events to attend which you might want to splash the cash on. But a car is a future investment that will provide you with more freedom to travel. You will be driven by seeing the money build up in your savers.
Set a Date to Save Towards
Have a targeted date insight so you have a goal to aim towards. The benefit of setting a goal is that it will keep you focused so you won’t end up spending money elsewhere. If you have a certain car in mind, then you’ll want to buy it before it comes off the market. Work out the time it’ll take to save, as you’ll need to know how much you can put aside each month.
Start Straight Away
If you’re thinking about buying a car then it’s good to start saving now. The more you save for the deposit the more it’ll lower the overall cost. This will also help you consider cutting down costs on other activities. Wind down from a study day by enjoying free, outdoor activities rather than going for expensive drinks or food. The sooner you start saving the quicker you’ll get your dream car.
Why Do You Want a Car?
It can be frustrating saving for a car, especially if it means missing out on expensive holidays or social events. There are loads of benefits to owning a car, as it creates more adventures and opens up opportunities. Having freedom as a student is amazing, and you’ll be able to control where and when you want to travel. Keep this all-in mind when you’re saving, as it’ll motivate you to keep going. Your dream car is so close!