There is no doubt that there is more choice in the automotive market then there was a decade ago. However, as much choice as is now available, one thing has remained – new cars are expensive.
To help get you the keys to a new car sooner, below are some great and easy tips which can help you save for your new car.
The largest expense on your list is likely to be rent. If you are living alone, moving in with friends or back in with your family for a short period of time can be a great way to give your savings a boost and help you get those keys earlier.
Of course, if you have a spare room, consider renting out the space to help boost your savings even further and get you that car quicker
Use a Budget
It doesn’t matter how good you think you are at mentally keeping track of your finances, you just can’t do the job as good as a detailed budget. Sit down and input all of your income streams against your expenses and get an idea of your current financial position.
Having all of these expenses laid out in front of you can help you to see where the majority of your money is going and how you can reel it in. When creating a budget, it’s important that you allow yourself expenses like entertainment. For example, if you enjoy shopping, be sure to allow enough money to buy a new item each month. Similarly, if you are interested in fitness, allow enough funds each money for you to take advantage of sites like the Groupon Coupons page for Ace Fitness.
Whatever it is that you enjoy doing for fun, entertainment, or relaxation, be sure to include a small amount of money in your budget for the allowance. If you don’t include this amount, you are likely to simply blow your budget each time that you want to buy something new, leaving you with no additional savings.
Consolidate Your Credit
If you have a personal loan, two credit cards, and a store card, then it’s time to consider a consolidation loan. These loans work by closing all of your existing lines of credit and moving the debt to their own service. This is often done with a promotion low-interest rate to entice you to switch.
While these loans can be a great way to take control of your monthly expenses, it’s important that you read the fine print. Often, these loans only include a lower rate for a certain period. Once the period has finished, the rate will increase. Be sure that you can still afford to make your repayments once this happens. Or, even better, do everything you can to clear the debt before this even happens.
Buying a new car doesn’t have to stay a dream if you stay focused and keep these tips above in mind when managing your expenses.