Whether buying a new car or trying to get the most out of your current vehicle, saving tips for a car show you how to best divide your money to ensure you can afford your mode of transport.
Saving tips for a car
For those taking out a loan to purchase a car, monthly repayment is your biggest concern. You must make sure that your car’s monthly installments are affordable as well as leave you enough money to save. This is important in planning your investments.
If buying on credit or payment plan, often a deposit is required. Make sure the deposit is worth what you are buying and that it fits into your financial planning scheme. It’s pointless breaking the bank on a car and not having enough left over to survive.
Don’t always go for the best. The high class cars are pricey and require large installments. Rather find the balance between quality and price, getting an average or entry level car instead of your dream vehicle.
Set saving to automatic, taking money off your accounts every month without your say so, being put into a savings account. This means that even when you overspend your saving have still been kept separate before you could dig into it.