Wednesday, March 8, 2017

How To Invest In A New Car While Staying Frugal

While some buyers look at the purchase of a new vehicle as exciting, many consider it a necessity. The investment that's made on the purchase of a new car, from places like Bay Ridge Nissan, can be taxing on nearly any middle-class or lower income. 

As frugal as we may be already, the extra hundreds of dollars makes the need to be even more frugal a crucial step in maintaining financial independence. 

Here are some ways to invest in a new car while staying frugal.

Eat Out Less Often

As you pull out of your driveway towards your local fast food or dine-in restaurant, remember that eating out can cost 300% or more of what you would spend cooking at home. 

Preparing your daily meals at home can easily save you $200 or more on a monthly basis. It may seem like a lot more work to cook at home, but it can definitely save you a lot of money.

Choose Netflix or Streaming TV

The average household cable or satellite bill is around $100. You can cut that cost by nearly 90% with a simple Netflix subscription for $10/month. 

Additionally, many cable channels provide free access to their TV shows, so you don't always have to miss out on your favorites just to save a few dollars every month.

Use Less Water

Water consumption can easily eat into your monthly income. Getting out of your comfort zone is crucial to becoming frugal for your new car investment. Here are a few ways to lighten the load on your water ball.

  • Shorten your daily shower by 2 minutes
  • Trim one minute from each session of your lawn sprinklers
  • Run a few loads of lots of laundry, rather than several smaller loads

Get Outside and Get Rid of Gym Memberships

While it's nice to be able to go to the gym before or after work, you can still get a great workout on your own. 

There are plenty of workout routines available on video streaming sites that require no equipment. If you're one for running machines, you'll appreciate the fresh air and scenery around you if you simply run a few miles around your neighborhood.

Lose the Bad Habits

If you're a smoker, gambler or consume your free-time with other unhealthy habits, you could be draining your bank account faster than you think. 

While challenging, cutting out these bad habits will make it exponentially easier to see to your new car payments every month. Making small everyday changes can really add up to making a huge difference.

Each of these frugal ideas alone may not do much, but as you work to cut spending, you'll be pleased with the results. 

Take the time to review your banking activity, and look to see just how much you can save for your new car by cutting these monthly expenses.

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