When your old car is on its last legs, and you can feel it about to break down at any moment, the need to buy a new one becomes more and more urgent. But you can’t buy a new car unless you have the money to do it. That’s why you should think ahead and start saving up for your dream car today.
Saving up for your dream car is easier said than done though. When you’re living from one day to the next, it’s hard to imagine where you could possibly save money. There probably are ways in which you can cut down on your expenditure and get saving. This guide will tell you how you can do it; your dream car will be within reach in no time!
Set Your Target
Before you start saving money, you should sit down, examine your finances and the car you want, and set a saving target. This way you’ll know how close or far away you are. I always find that a specific target is much easier to aim for than a vague one.
This target can also act as your budget when it finally comes to buying your car. So, stick to it once it’s set, and make sure you set a realistic target.
Open a Savings Account
It’s incredibly hard to save away money each week. If it’s there in front of you, staring at you, the temptation is always to spend it. For this reason, I’d recommend opening a savings account as soon as you start saving.
Putting all your money in one safe place also makes it easier for you to tell how close you are to reaching your target. Make sure you shop around for the right account before opening one though. You want to get the best interest rate possible.
Plan Your Spending
Drawing up weekly or monthly spending plans is a great way of making sure you don’t splash the cash on any unnecessary extravagances. Be harsh on yourself when you’re planning your spending. Make sure your plans allow you to save a significant portion of your income away for the new car.
Don’t cheat on your weekly budgets either. If you spend more than the amount you allocated yourself, you’re only cheating yourself. There will be emergencies that require spending but don’t throw your cash away on unimportant things.
Review Your Regular Outgoings
We all spend a lot of money each month without even deciding to. Yes, I’m talking about your internet, television and phone bills. We all pay out huge amounts of money on these things, and we don’t even think about it. But should we be spending as much as we do on them?
If you decide that you don’t need to be paying all that money for the top television package, you could save a lot of money by downgrading. The same goes for your mobile phone. If you’re not getting good value for money from your phone contract, maybe pay as you go would be a better option. The savings you make could be huge.
Work Extra Hours
A lot of us get offered extra hours at work or the chance to work weekends. Most of us just dismiss the possibility without even thinking about it though. And that’s understandable; you probably work hard enough as it is!
But taking on a few more hours a week every so often can give your finances a real boost. So, next time your boss offers you the chance to work longer hours, think about that dream car you’re saving up for! You might be more open to the idea of extra hours then.
Buy Cheaper Foods
We can all do without televisions, phones and gadgets if we tried hard enough. But food is essential, and it can be one of your biggest weekly expenditures. For me, it’s vital to look at where you can save money on your food bills if you’re trying to save up for a new car.
Every supermarket in the country has the same items offered at different prices. So, if you usually head for the most expensive sausages on the shelf, ask yourself if you can survive on the cheap ones. More often than not, the difference in taste is minor. But the difference in price is huge!
Reduce Your Energy Bills
Energy bills are a huge drain on our finances. For most of us, it’s easier to ignore how much we spend on our energy bills rather than trying to do something to change it. Burying your head in the sand will get you nowhere though.
The first thing you can do is make sure you’re not wasting money on energy around the house. That means turning off lights and not leaving appliances on standby when they’re not in use. Secondly, you should check your energy tariff and see if you can get a cheaper deal elsewhere.
Visualise Your Goal
While you’re following all these tips, you’re probably going to need some motivation. When you’re saving up for your dream car, the obvious motivation is the car itself. Keep browsing through car ads and magazines and read up on the car you want. This’ll keep your eyes on the prize.
You could even put a picture of your dream car somewhere in the house, so you are constantly reminded of what you’re working towards.
Search Around for Your Car
So, you’ve finally got your money saved, and you’re about to buy the car. Wait a second though. All that waiting has probably made you eager to get behind the wheel of your dream car, but there’s no sense in rushing things. Take the time to find the right deal.
Search dealers like Inchcape Lexus and look at the various finance options that are available to you. If you can find that car for cheaper than you thought, the extra money you’ve saved can be spent on something else.
Saving up for your dream car might seem like a difficult task, but if you plan carefully and don’t waste your cash, you can get to where you need to be.