Saving for your car can seem like a daunting task, especially if a car is your first big purchase. Fortunately there are a few ways that you can make saving money easier—it’s all in the planning!
How can I save up to buy a car?
So you’re getting ready to buy a car. Congratulations! Saving can seem like an impossible amount of work, but the payoff of getting a new vehicle is so exciting it’s worth it. Once you know what kind of car you want to get and whether or not you’ll be taking out a loan, you can start tucking money away so that you can drive that car off the lot with your name on the title.
- If you’re taking out a loan, start getting ready to make those monthly payments. If your monthly payment is $300, for example, try to save at least $300 a month to build up your savings and get you in the habit of putting that money aside—to save for now, later to pay off your loan.
- See where you can cut down. Do you have a Starbucks habit? Buy new shoes more often than you’d like, or go out to eat a few times a week? You don’t need to lock yourself in the house to save money, but cutting back can save a surprising amount. And you never know, you might have to come up with more creative ways to have fun (or get your caffeine).
- Be realistic. If you’re saving for your first car, chances are you won’t be buying a brand-new, high-end model. That doesn’t mean you can’t look for something that fits your needs and has a little bit of flair, but knowing what you’re going for—and how long it will take to get you there—will help you plan ahead.
Of course, you can always come to Poulin Auto Sales for some financial help. We can help you calculate payments and calculate fuel savings, and we also offer online credit approval. We’re here to help you get behind the wheel.