How to save money for a car
the best tips and strategy to save up for a car
in this article we are going to talk about how to save money for buying a car using the best tips and money saving strategy , so whats the best way to save for a new car?
when it comes down to a buy a new car is a big decision and it can be pretty scary alright, so when it comes down to it one of the main things you're gonna have to ask yourself is are you going to pay the car completely off right away or are you going to have a car now if you know you want to just paint a car completely off you just want to buy it out right? I mean all this is pretty simple you just need to figure out what car you want and know how much it costs.
but most of you guys out there more than likely are not going to want to just go out and buy the car out you're probably going to finance the car but with that being said it is important to weigh both options so for some folks not having a car note is amazing and for other people it'st not really a big deal so figure out what works best for you you're not going to buy the car outright chances are you're gonna have to finance the vehicle
so let me just kind of break that down for you just really briefly and hopefully you'll make sense.
to you one of the first things you have to figure out is:
how much money do you want to put down ?
so with that being said if you want to go out and purchase a $20,000 car and you have $3,000 put down that means that you're going to borrow $17,000 now that's the most basic way to look at it so another thing to consider is the term of the loan so how long do you have to pay this money back right so your loan can be 24 36 48 60 72 months in terms of how long you have to actually pay it back now one of the things to think about when it comes down to how long you want to stretch this out is going to be the percentage of interest that you have to pay back so typically the longer you have to pay the loan off the more money in the long run you'll spend in interest and whatever you do don't get sucked into purchasing at least because it's not worth it at all definitely don't do that no one's paying me to talk about this but a really good tool to use that you guys can find online is the auto loan calculator on bankrate.com so definitely check that out you can play around with the numbers you can play around with how much money the car is going to be worth the percentage that you might end up paying how long the terms going to be things like that and it'll give you a really solid understanding of how much you're going to pay on a monthly basis.
now when it comes down to actually going after this vehicle right you want to:
set yourself a deadline :
so you need to say okay by this time I'm going to have this money to purchase this car right so for instance if you know that and six months you want to purchase the car of your dreams or the car that you've been eyeing then that's your deadline right six months from today and what you need to do is do everything that you can to save that amount of money that you need to either buy the car outright or the money that you need to put down on the vehicle .
now let's headline that , you set for yourself is going to have a huge impact on how you save and what you do and what your you know what your life is going to look like between now and when you buy the car so make sure you're being realistic about the timeframe that you're giving yourself now the most important phase of all of this right is saving the money ,
now when it comes down to saving money to buy this car that you want there's a ton of different ways that you can go about it
-the first thing is that you can set aside as much money as possible per paycheck in order to save the money :
in many cases you can go ahead and sort of break down your direct deposit and you can put a certain amount of money into a certain savings account or whatever you want to do if you don't want to actually see the money or touch the money or if you don't want to make it feel like you're actually losing out on money on a monthly basis
-the second thing you guys can do is limit your spending:
so just limit your spending it's exactly what it sounds like so if you go out to eat a lot if you go on trips if you go on vacations if you go out with your friends all the time just cut back on that as much as possible until that deadline approaches.
another thing you can do which is rent like amazing is you can sell unused items in your house:
so basically you can just walk around your house and find an old iPod or an old computer or an old weight bench that you're not even using and you can sell it you can sell this stuff from cash money and you can go on like Craigslist or Facebook Marketplace you can get rid of it like that
you can get a part-time job for extra income :
or you can just have like a side hustle right so you can go out and maybe you're really good in Spanish or math you can go tutor some folks or maybe you can cut someone's grass you can rake some leaves you can shovel snow you can do whatever else that you throw your skilled at and that is easy for you to go ahead and knock out to get to that goal that you've set for yourself all right so that's all I have for you guys