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Oct 07

5 Ways to Save Money to Buy Your First Car

Reading Time: 3 mins

Buying your first car can be very exciting, but it can also pull at your purse strings.

Cars are not cheap to buy or maintain, so you will need a few bucks in your back pocket when the time comes to buy one. If you are smart with your money, you will soon be on the road with some wheels of your very own, and here are 5 ways to save up for your first car.

 

Work For It

The most obvious way to save money is to work for it. Unless you win the lottery or have an inheritance windfall from a generous aunt, you aren’t going to gather any money if you don’t work for it.

If you don’t have a job – get one. No matter what your circumstances, there will be a job out there for you with hours to suit your lifestyle. If there isn’t, create it. Set up a small business doing odd jobs around the neighborhood such as garden maintenance, walk dogs, or tutor school children in the evenings.

If you do have a job, work overtime or ask your boss if there are any extra paid duties you could take on in the evenings or at weekends.

 

Borrow

It can be a long and frustrating wait when saving up for a car. If you really can’t wait to burn some rubber on the roads, you could borrow the cash to buy a vehicle, fuel to get your moving, and the best car insurance deal available.

If your parents have money behind them, you could apply for a loan from the bank of mom and dad. Show them that you have made a sensible plan and budget to stick to and ensure them that you can be trusted to pay them a cash sum regularly.

You may want to consider applying for a bank loan or a loan from a car dealer. Ensure you get a good deal and shop around for quotes that will adhere to your budget.

 

Open a Shop

Put your creative skills to good use if you have them. Being blessed with creative talents in areas such as the arts, crafts, or woodworking could make you good money if you sell them on Etsy. If you are lucky, your sideline could take off and become a successful full-blown business.

 

Sell, Sell, Sell

A great way to make some money is to sell some of your unwanted possessions. Sell old clothes, shoes, bags, and accessories on an app such as eBay or Vinted.

Hold a yard sale and offer the public your stuff for bargain prices. You will be surprised how much you make by selling items for just a couple of dollars. After all, one man’s trash is another man’s treasure.

 

Be Frugal

The best way to save money is to live within your means and cut out any unnecessary luxuries in your life.

Until you have enough cash to buy the car you want, try to forego overspending on entertainment, nights out, eating out, and buying expensive clothes, makeup, or toiletries. Rein in budget-busting beauty routines such as hair extensions, manicures, and eyelash treatments.

You may have to work hard and make sacrifices, but it will all be worth it when you are cruising the streets in your very own automobile.

 

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

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