Ideas on How to Save Your Money to Buy a New or Used Car
Saving your money
Saving up money for a car, whether new or used is something almost everyone does at some time in their life. Having a goal, putting those goals down on paper and setting a time frame, are some ways to start. If you are persistent, you can save for a vehicle and make it happen. How one goes about that will vary from person to person.
As far as purchasing a car, of course it is ideal to save up to be able to afford the purchase. Many people opt to take out a loan however, which means you are paying it back as you drive your car around. This is not a bad option, just not ideal. When saving up for a car, it really is no different than saving up for anything else, in my opinion. It is one of the biggest purchases you will make in your life and a great privilege.
Delayed Gratification, a lost art? Hopefully not.
For the high school student with a job, it is a great time to save. The basic idea is to be bringing in as much income as you can, and without hurting your schooling and other responsibilities. You will definitely not want to spend more than you make. Spend as little money as you can for your needs, then save the rest by putting into a savings account or a checking account. Ideally, having a separate account would be good for saving for a car,because you can hopefully avoid the temptation to take out of that account for other frivolous things. Sometimes, even things you think you "need", you really don't need. It really turns out to be more of a "want". Indulging in things that really are just wants, will keep you from reaching your dreams in life, even a dream like buying a car.
So try to get in that mindset and realize you are practicing delayed gratification. When you practice delayed gratification in life, I really think you will begin to enjoy life more and have a happier life over all. You can achieve your dreams sooner, and with less debt. Having less debt, means you get to keep more of your hard earned money with the added benefit of less stress.
One way of saving for a car is to save on the car itself, by choosing one that is more economical and in your price range. Ever since their invention, cars have been the envy of many, and people have wanted more than they could afford. Perhaps by saving now on the car you choose, and by doing it with savings instead of a loan, you could actually be closer to your dream car down the road! So having some good perspective, and challenging the way you think about all these things will help you achieve your goals more quickly.
More Tips on Saving up money for a car
Have you ever saved up to buy a car?See results without voting
More by this Author
You may think I am joking, and I have to admit that I am having a chuckle here, because the title of this hub is suggesting "what do I do, now that I have all this money?" While that is a welcome problem to...
Trusts can be a great way to shelter money for your heirs, and also a great way to help provide for those that need it. A trust is a legal entity that earns income, pays taxes, and then distributes the earnings. There...
Luna Moths are beautiful creatures. You will want to look closely at the photo and see the eye spots on the top wings as well as underneath. Find out more about this fascinating and large moth!