Focus on Family: How to Budget for a New Car Together

Monday, September 19, 2016, 6:00 AM | Leave Comment

It has probably been a few years since you and your spouse purchased a new car. In fact, the old one you drive around day to day is probably starting to show its age.

You think about how it might be nice to get into one of this year’s new car models.

As with any large purchase, you know you will have to tighten the belt and make some sacrifices as a family to make this new car a reality.

The following are some ways you and your family can begin to budget and how to make this new car dream happen.

    Focus on Family: How to Budget for a New Car Together

  • Cut Back on Cable

    With so many free viewing options and low-priced streaming video sites online, it is truly amazing people even waste money on paying for cable anymore.

    Fortunately, cutting back on TV can potentially put an additional $50 or more in your new car savings fund each month.

    Sure, this is going to be a little bit of a sacrifice, but it will certainly be a good way to build the capital you need for your new car purchase.

  • Stop Eating Out

    A lot of money is wasted by families that eat out more than once or twice a week.

    By learning to spend less on food, what is left over can also be redirected to your family’s new car fund.

    This means spending more time at the grocery store and picking out meal options that will stretch further to conserve more of your income as well.

    In addition to having more money to put towards your new car, eating at home more often will help your waistline grow smaller.

  • Consolidating or Paying off Small Debts

    If you have accumulated numerous small debts, this can be a huge budget killer.

    Each month the minimum payments will be eating up most of the money you are earning.

    By allocating extra money towards picking off some of these smaller debts, you open the door to redirecting those minimum payment values towards your new car fund instead.

    If you have a credit card, this can absorb some of those debts by consolidating them and reducing everything down to a single payment each month. This can help make the process go quicker and free up even more money for that new car purchase.

  • Focus on Family: How to Budget for a New Car Together2

  • Shop Smart

    When looking at cars to buy, check out different ways to make it more affordable. This could be with used car options, or fixer upper models that require a little more repair investment.

    Dealers like Woody Sander Ford also help by making the new models more affordable.

    Check out all your options before deciding where to spend.

With clever budgeting and a willingness to make meaningful sacrifices, your family will be able to budget for a new car in no time at all.

Along the way, you will learn to live more cheaply. Hopefully your family will also see that they are resourceful and can control spending to obtain what the family both wants and needs if they put their mind towards reaching their budgetary goals.

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