The car of your dreams is sitting in your local dealer's lot, taunting you every time you drive by. You keep promising yourself that someday it will be yours. But you know the only way that will really happen is if you work hard and save your money. Knowing is half the battle, but you also have to make a plan to save the money for your new car. Here are 7 tips on budgeting for your new dream car.
7. Set Up Your Budget
The first step you need to take is to set up the budget. Determine how much money you can afford to set aside each month for your new car fund. Once you have this amount in mind, you''ll know approximately how long it will be until you can afford your new car.
6. Direct Deposit
If you have direct deposit, stop by Human Resources and update how your paycheck is allotted. You can automatically deposit a certain amount or percentage from each paycheck directly into a savings account, setting it aside for your new car. Use your budget, and make sure you aren''t setting aside too much money. After all, you still need to be able to pay your monthly bills and your groceries.
5. Keep the Change
When using your debit card, round the receipt up to the nearest dollar. Put the difference between your debit purchase and the nearest dollar into your savings. It may only be a few pennies here and there, but over time, those pennies add up. Check with your bank to see if they have a program like this already set up for you to use.
4. Avoid Expenses
Do you go out to eat on a regular basis? Do you rent movies a lot? Do you get a manicure every week? These are luxury expenses you can avoid while saving up for your car. If you put the money from these luxuries in your savings, you can save up for your car much faster.
3. Check for Deals
Scout your local paper and ads for seasonal deals on cars. You may find that a dealership like Hoffman Honda is offering huge savings on your dream car. This, of course, will allow you to purchase it sooner than you thought you''d be able to.
2. Keep Your Bonuses
If you receive bonuses, gift money, prize money, or extra money from any other source, put it in your savings account rather than spending it. Again, this will help you build up your new car budget faster, and you can purchase your dream car more quickly.
1. Motivate Yourself
If you find that there are times you''re having trouble setting aside extra money for your new car budget, do something to motivate yourself. Hang a picture of your dream car above your desk, on your refrigerator, or anywhere else you''ll be able to see it regularly to remind you what you''re saving for.
By making a few simple changes, you can save up for your dream car quicker than you might have thought. Start with these 7 tips, and set up your new car budget today. You''ll be driving it off the lot in no time.
Andrea Buginsky is a freelance writer and author. “The Chosen” was her first book, and was followed by “My Open Heart,” an autobiography about growing up with heart disease. You can find Andrea on her website, Andi’s Realm, her books at Amazon and Barnes & Noble, and sign up for her newsletter to stay up-to-date on all of her exciting events.