Smart Dollar: Tricks for Saving Up For Your First Car
Thursday, July 23, 2015, 6:00 AM | Leave Comment
Saving up for your first car is not easy, and especially true if you are living on a tight budget. Owning a vehicle is important for travel, jobs, school, and even building credit, but getting your first can be difficult if you don’t know where to start saving.
Fortunately, there are many tricks you can use to help you save money on your new car and stay within your budget.
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Determine How Much You Can Afford
Before you start saving up for your first car, you will need to determine how much money you can afford to spend. Once you determine how much you can realistically afford each month, you can start looking for cars in your price range.
You will also need to determine whether you want a new or used vehicle. Used vehicles are typically a lot cheaper than new ones if you’re looking to buy, but leasing a new one may also be a good option.
You may want to make a trip to a local auto dealer or an Expressway Dodge dealer so you can find a car that fits your preferences, needs, and price range.
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Find A Way To Increase Your Income
If you have more income coming in, then it will be a lot easier for you to save up for your car. You may want to consider taking a part-time job if you need a bit more in savings, or ask your employer if you can work longer hours.
If you have a talent or hobby, then you can make extra money by offering your services to others and starting up your own business.
For example, if you love to learn or teaching you could help children with their homework by offering tutoring services.
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Create a Savings Account Just for the Car
Even if you already have a savings account, it is a good idea to create a separate one just for your first car.
Get into the habit of depositing some money into this savings account every time you get paid. You will be surprised how quickly you will be able to save up money once you get into the habit of putting aside a part of your paycheck every month.
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Curb Your Spending
One of the best things you can do to save up for anything is to curb your spending. You will need to analyze your budget and find places where you can curb expenses.
For example, you may have to eat out less often or take the bus to work. You may also want to cut back on weekend activities, such as trips to the mall or movies.
The sacrifices you make will be well worth it when you can afford your car.
It can be challenging to save up for your first car, but there are many things you can do to save up money so you can get your first vehicle.
First, find out how much you can afford and then adjust your budget, paychecks and saving habits to make room for your new car.
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