So you know exactly what car you want to buy? Great. Perhaps your weakness is Ford Fleet vehicles , and you’ve had your eye on one special car for some time now. Or maybe it’s a Holden you fancy. It doesn’t matter. All that’s left for you to do is make the purchase, and get the keys to your dream car today. But wait: what if you don’t have all the money together right now? Well, you’ll need to start saving – fast! Here are 5 ways you can start saving money for your new car today.
1. Sell everything you don’t need
Haven’t touched that guitar in a while? Then sell it. Got a pile of books just collecting dust? Then sell them, too. Have a garage sale, put an add in the paper, or sell your once loved possessions online. In case you feel a little hesitant selling some of the stuff you own, remember: you’re saving for your dream car. If you don’t need things of (relative) value, then sell them, and use that money towards owning your new set of wheels.
2. Open a separate online savings account – with a high interest rate
Set up a separate, online savings account that you can use to save for your new car. And then automatically transfer a set amount of money each week (or whenever you’re paid) from your regular account to this new account. Online savings accounts usually offer high interest rates, and having a separate savings account for your car helps you keep track on your overall progress, and helps curb any sudden impulses you may have to spend (as the money is in another account, it’s harder to access).
3. Spend less on your food and drink
If you usually eat out a lot, then start cooking your own meals at home. Sure, the occasional take-away or restaurant meal is important for your sanity and mental health, but limiting these splurges to once a week will really help you save money. Also, limit the amount of alcohol you consume. Alcohol is a serious budget-smasher and drinking a lot can put you behind in your saving goals.
4. Quit smoking or coffee (or just reduce it, a little)
If you smoke, quit – today. Cigarettes are costly, and quitting won’t only be great for your health, but great for your budget too. Also, be mindful of the amount you spend on coffee. If you’re a serious coffee drinker (more than 2 cups a day) perhaps it’s time you cut down on your caffeine addiction. Try just drinking half as much coffee as you normally would. By laying off the coffee and cigarettes you’ll get much closer to owning your new car.
5. Cancel your gym membership and exercise outside
You’re health is important, definitely. But if you want to buy your new car ASAP then you should consider cancelling your gym membership and exercising outdoors instead. Not only is it refreshing and great relaxation, it’s free. If you live near a park or a playground, then that’s all the “gym equipment” you need. You can run for your cardio and do push-ups, sit-ups, and pull-ups for your overall strength and core. Bring a mate along with a footy or soccer ball and catch up at the same time. And save that money for your new car.
Take heed of the above and no doubt you’ll be cruising towards the sunset in your new set of wheels in no time at all.