Tips for Saving For a New Car

August 21st, 2017

Saving for a New CarThe key word for today is: intentional. If you want to save money for a new car you have to be intentional about it. So, instead of just thinking about saving money you actually have to do it. How can you accomplish this?

Ways to Save Up For a New Vehicle

First, set a goal. This goal should be very specific. For instance, you could write down on a piece of paper that you want to set aside $200 per week for the next 6 months such that you’d have $4,800 saved in half a year’s time. Put this sheet of paper with your goal up on your refrigerator in the kitchen or on your bathroom mirror so you’ll see it every single day for the next six months.

Next, buy yourself a “piggy bank” and literally put cash into it on a daily basis as your “car fund.” You could also call the bank your “car jar” if you’d like. The physical act of making a deposit each day toward your dream will get you into the good habit of saving money… and thinking about the end goal over time. Once a week count the money you’ve saved and keep a running tally so you know how you’re doing– getting closer to the end goal! You should tell some trusted friends about what you’re wanting to accomplish because they can become “accountability partners.” Have them “check-in” with you weekly to ask how you’re doing with saving money. It can be a very powerful thing to have others asking you how you’re doing since they’ll keep you motivated, encouraged, and on-track to reach your goal.

Also, think of ways you currently spend money that you could change over the course of the next few months such that the money goes toward the car fund. For example, if you go to the local doughnut shop every weekday and spend $8 on a coffee and doughnut, daily, then you could cut down to once a week as a treat, right? Or, if you’re like most people, do you go to the grocery store and buy impulse items at the checkout that you don’t really need? Stop doing that! Here’s some great advice for those people who see a lot of things in stores they think they want to buy: take a picture of it rather than buy it. Instead of having items at home collecting dust, you’ll have pictures to remember the interesting things you saw without having the expense of buying them and storing them at home… this one tip can save you a lot of money!

Finally, when you do save enough money to shop for the vehicle you might like, come visit George Kell Motors at 3808 South Van Dyke Road in Newport, Arkansas. There are plenty of cars and trucks to choose from at George Kell Motors.

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