How Your Family Can Set Aside Money Every Month for a New Vehicle

Saturday, October 21, 2017, 6:00 PM | Leave Comment

Setting aside money for a new vehicle may seem daunting or even impossible, but it doesn’t have to be. A few changes to a family’s monthly routine can make a big difference with little sacrifice.

Here are some ways to set aside money each month to work toward that down payment for a new car.

How Your Family Can Set Aside Money Every Month for a New Vehicle

  • Cook at Home

    One of the biggest budget busters can be eating meals out. In fact, Americans spend more money at restaurants and bars than grocery stores. Groceries can go a lot further for less money than a restaurant meal. A few months of choosing a home-cooked meal over the restaurant version can add up quickly.

  • Adjust the Thermostat

    Depending on the weather, gas and electric bills can take up a big part of the monthly budget. If possible, setting the thermostat to adjust during the day when nobody’s home will help keep that bill down.

    In fact, the U.S. Department of Energy says households can save up to 10% a year by adjusting the thermostat for eight hours during the day. Even when people are home, keeping the thermostat set a few degrees higher in the summer or lower in the winter can make a difference.

  • Carpool

    Gas money can add up, especially for people who commute to work. A St. George car dealership, and many others know that carpooling can be an easy way to cut down on gas.

    Even if you don’t live near a co-worker, meeting at a commuter lot can help shave off a bit of that gas bill. Don’t live far from work? Walking or biking to work can help trim the budget and waistline.

  • Sell Something

    Chances are, most families have a few things lying around the house they no longer use. Buy/sell/trade sites are becoming more popular than ever, and there are even apps for selling your stuff.

    One popular app, Letgo, lets you sell everything from electronics to vehicle parts to those old unneeded baby toys.

    There are also websites specifically for selling clothes, like Poshmark and Thredup. If you don’t want to go the online route, try selling your items at a nearby consignment shop.

    There are always people looking to turn your trash into their treasure.

  • Reduce Daily Expenses

    Those daily morning coffee runs might not seem like much, but they can really add up. Brewing coffee at home can save $10- $70 a week depending on the level of coffee consumption. Put that extra change in a jar and soon you’ll have extra money toward a down payment.

  • Cut Cable

    Many cable packages require subscribers to pay for things they don’t watch. It may be more sensible and cost-effective to cut cable and instead subscribe to streaming services like Netflix or Hulu for access to your favorite TV shows and movies. This will reduce the monthly bill and leave money to set aside.

  • Shop on Deal Days

    Many grocery stores offer deals on certain days of the week. Pay attention to mail inserts advertising these sales, and if possible, shop at multiple stores to get the best deals. One-stop-shopping may be more convenient, but taking smaller trips throughout the week based on sales and promotions may lead to more savings.

Saving up for a new vehicle doesn’t have to require major sacrifices and can be done relatively easily. A good goal would be to save for 10% of the vehicle cost as a down-payment, lowering the monthly payment.

Just a few changes to daily routines can allow families to set aside money and save up quickly for that new vehicle.

Author BIO

Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on twitter and Facebook.

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