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7 Ways to save up for Your Dream Car ...

By Heather

If you’re looking for a new car, how about trying these simple ways to save up for your dream car? You truly can drive the car of your dreams, and do it without undergoing tons of debt. Now, I’m not going to tell you that if you work at a job making minimum wage that you’ll be able to drive a $100,000 sports car in just a couple months. What I am going to tell you is that saving for a car truly can be done on any budget with a few tips and tweaks. I do think it is smart to pick a realistic cost for a car, and not go for the most expensive one on the market, yet saving for a car you truly love can be done with some simple tips. Try these 7 ways to save up for your dream car, and you’ll be driving away in style all without any debt at all!

1 Sacrifice Your Spending

The most important things to do when finding ways to save up for your dream car is to cut your spending right here and now. Any extras need to go. No more eating out and spending $10 a meal, or enjoying the movies several times a week. Cut your spending to the bare minimum so you can sock away every last cent for your car.

2 Keep a Special Place

One thing I did when saving for my first car was to put the cash in a special spot in my room. After each paycheck, I cashed it out, came home and put what didn’t need to go to bills in my “special place,” which was this giant, beautiful silver vase I had. Putting that money in that vase was so rewarding to me, and it was actually easier not to spend it than if it would have been in my bank account. Keeping your money in a special place makes saving money rewarding, and it keeps it out of your hands so long as you don’t touch it!

3 Get More Work

Take up odd jobs if you can, get a second job, or ask for more hours at your current job to save money faster. Anything you can do to make extra money, do it! This will help you get to buying a car faster and keep you busy so you’re not focused on not being able to spend your money.

4 Regular Payments

If you’ve been paying extra on some of your bills, like credit cards or loans, cut back to the regular payment amount until you’ve saved up money for your dream car. You can go back to paying extra once you’ve bought the car. Use the money you would have put towards the extra payments and put that in your car savings fund.

5 Be Realistic

When picking a “dream car,” be realistic with yourself in terms of deciding if it is a good choice economically speaking. What is the fuel economy on the car in respect of how much you'll need to drive it each day? Will it cost you a fortune in gas, or require a lot of maintenance? Does it cost more than a small house? You really can have a dream car that you love, but be smart about how expensive it really is. You might want to rethink things before you spend two years having to save for a car that’s out of your price range anyway.

6 Skim Your Budget

When I saved money to pay cash for my first car, I cut my budget big time. I cut all my groceries down to the bare minimum, stopped shopping for clothes and jewelry altogether and only went out once a week anywhere I would have to spend money, like movies, restaurants, etc. I found free things to do like going to the library, watching movies online through Netflix and even cut back on beauty items. It wasn’t easy, but when I paid cash for my car, I’ve never felt so good and sure wasn’t thinking about all those times I had to give up something. They were a thing of the past, and I had a new car!

7 Keep Your Prize in Mind

If you have to, tape pictures up everywhere of your dream car. Write inspirational quotes, or make a mental reminder each day to think about what you’re really working towards. Allocating as much money as you can out of your income to your car should be your main focus to save the money for your dream car in the shortest amount of time.

Just imagine yourself with the keys to your dream car in your hand, walking to the car for your first drive in it. It really can happen with the power of motivation, determination, and perseverance. Have you ever saved money for a car, or what’s your dream car you’re trying to save for?

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