Money Saving

Four tips to saving for the car of your dreams



| |
No comments

Cars can not only be pricey investments, they can be life-changing ones. Not only do they function as a reliable way to get around, by helping you ditch the hassles of public transportation; they can also be the first major purchase in the lives of many. Make your next car purchase the one of your dreams, saving for the car you have always pictured yourself cruising around in.

Never feel like your dream car is out of reach! These four tips among can allow you to finally put those dreams to fruition. Every goal needs to begin somewhere, start the journey to yours today.

Tip One: Avoid dumb purchases.

Although the goal of owning your dream car is an achievable goal, it’s not something that will come easy. Depending on a multitude of factors, such as make, model and brand, prices can fluctuate between a few thousand to upwards of $50,000.  These figures are by no means modest and will require diligent saving strategies, with a disciplined  mindset. To ensure that you meet your end goal, it’s crucial to cut out any frivolous purchases that may create a dent in your savings before you even start making headway towards your purchase.  Some of the purchases that can be detrimental to the end-goal and make the journey feel longer than it should be are new electronic toys that are purchased year after year, lavish trips and day-by-day purchases that have gotten routine. Buying lunch, ubers and coffee are just some of the purchases that can make a serious dent over time. 

Tip Two: Search around online.

Before committing to anything on the financial side of things, it’s important to know where you want to end up. Whether it’s a luxury vehicle or something more rugged, keeping something in mind is the ideal place to begin. To get an idea of what’s right for you, visit Cars.com to take a look at the widest selection of new and used cars on the web. Cars.com features a huge database of vehicles that are searchable through a variety of categories. Finding what you’re looking for has never been easier, nor more efficient. Knowing that your dream-car is right there for the taking can be some of the best motivation. Once you find the car that feels it was meant for you, the rest will naturally fall into place.

Tip Three: Spend Wisely

Although being frugal and smart with the choices you make is the priority, it’s important to have fun and spend…on occasion. Being too rigid and up-tight can make your goal seem like a never ending task, increasing the possibility of an impulse, big-money transaction that may feel ‘well deserved,’ at the time. In the end, this will only end up setting the project back if not derailing it altogether. While these splurges are indeed well deserved for your weeks, months, maybe years of diligence, it’s important to be mindful of the light at the end of the tunnel. To avoid these pitfalls, splurge small to get that same relief and break that you’d get from something larger, but allowing you to do it more often while still staying on track. Some suggestions are road trips around the country or nice dinners. The road trips give time away from the day-to-day mundane life while simultaneously keeping the budget low, dinners also give that needed break but allow for multiple splurges that will still be fractions of huge trip or expense.

Tip Four: Start Investing 

The road to your perfect car will have some bumps in it and things may not always play out as imagined. Whether planned or unplanned, things will come up that can eat at the hard-earned savings. Familial matters, work problems or rainy days can all occur at any given moment. To either compensate for this or to get your dream ride quicker, invest portions of your savings into small, consistent stocks. This can not only turn your funds into more, it also serves a dual purpose putting the money away and avoiding potential impulse purchases. Earning more money while simultaneously keeping what you do have in a safe place is a win-win.

These tips in combination with money saving techniques you already know will put you in your dream car in no time. Make your next purchase the most memorable and hard-earned one.