Tuesday, February 7, 2017

Sizeable Spending: 4 Tips For Saving Up For A New Car

Getting a new car can be extremely expensive, but sometimes it is absolutely necessary. However, knowing how you are going to pay for it isn’t always easy. 

Luckily, if you look at enough dealers, such as those with Young Automotive Group, you can generally find a new car that fits within your budget. Also, if you need too loans are always an option. 

However, though you can get a loan to buy a used or new car, dealers typically want you to put at least some money down on a car. Saving up money for a down payment also will help to make your car payments more affordable. 

Here are four tips for saving up for a new car.

Cut spending

One of the best ways to save extra money for a car is to cut spending. Most people have things in their budget that they could reduce spending on or cut out altogether. 

For example, are you eating out a lot or getting coffee every day. Pack yourself a lunch and make your own coffee, and you can easily save $10 or $20 extra a week. 

If you are paying for a gym membership you aren't using, consider dropping it. You can make lots of little spending cuts that can add up to extra money for a car.

Make Savings Automatic

You will tend to spend more money if you make your savings automatic. Have money directly deposited from your check into your savings account every month. 

You also can see if you can set up a regular transfer from your checking account to your savings account each month. By making savings automatic, you are more likely to stick to it and build up money for a car.

Bring In More Money

You will have more money to save if you are earning more money. There are a number of ways to do this. 

If your job offers overtime, see if you can pick up a few extra shifts. You also can see about getting a second part-time job or doing some sort of contract work. Another way you can earn more money for savings is to sell items you no longer need.

Consolidate debt

If you have credit card balances, consolidating them onto one card with a lower interest rate could free up money to save. 

Other ways to consolidate debt include refinancing your house. Lowering your interest rate on debt should lead to lower monthly payments, which will create more money in your budget that you can dedicate to saving for a car.

Saving money for a car or other large purchase is easier than it sounds. Being disciplined and making a few smart financial changes can lead to a considerable amount of extra money, which will make your car purchase more financially feasible.

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