For many people around the world, pay arrives in the bank account and then seems to vanish again only moments later. That week’s priorities are placed well ahead of any future dreams of owning that sweet ride you’ve always wanted. Such fantasies may seem impossible under these strenuous circumstances, but with only a handful of simple saving techniques, you could be behind the wheel in no time.
Finance Some of the Purchase with a Loan
If you think the total price of your dream ride is beyond the reach of your ability to save, aim for about half of the car’s purchase price instead. Once you reach that amount, you can simply obtain the rest as a loan. This keeps the amount you have to borrow and repay low. Investigate vehicle loan specialists like DreamLoans and see what sort of deal you can get if you think this strategy sounds like the one for you.
Create a High-Interest Savings Account
One of the best ways to save for your dream car is to put your money to work for you. Creating a high-interest savings account allows you to deposit as much of your own money
as you like and, as long as you don’t have to take any out, it will accrue a high rate of interest on its own. The more you put in, the more interest the account will generate. This means, with discipline, you’ll be able to hit your savings goal more quickly.
Set Yourself a Savings Goal
One of the simplest strategies for saving money is to merely set yourself a goal. It doesn’t have to be a vast sum either; like setting yourself a fitness goal at the gym, a savings goal is best divided into smaller increments. Start with just getting to a hundred dollars, then getting to two hundred, then five hundred, a thousand, and so on. This particular strategy is more of a test of willpower than any other, but the results are well worth it.
Keep an Eye out for Attractive Second-Hand Deals
Aiming for a second-hand model of your dream car is a sure-fire way to shave a few thousand dollars off your savings total. Finding the right deal could get you behind the wheel a lot sooner than you anticipated, but you should still be paying attention to the prices being asked. As they say, if it sounds too good to be true then it probably is. Be wary of prices far below the going rate for a second-hand model of your vehicle.
Don’t stop saving just because you hit your savings goal and can now afford to buy your dream car. The fact is, there’s more to you have to pay for than just the vehicle’s purchase price. You’ll have to factor in insurance, on-road costs, registration if required, services and fuel. There will almost definitely be costs you forget about. You’re far better off having a safety net to deal with these problems immediately.
Trying to save up for your dream car doesn’t have to be a big headache. Through simple planning and keeping your eye on the prize, you’ll be behind the wheel of your dream
machine before you know it.
Author bio: Tamara Rice from Hopefullyknown.com, she is a lover of words and Jesus and family, though perhaps not in that order. She is the editor of over forty books, contributing writer to two books and two Bibles, author of three film-based discussion guides, and a former magazine editor and book reviewer who sometimes blogs. She’s also known to speak loudly about breast cancer, sexual abuse and mental health issues—having lived with and through all of the above.