Getting lost in the shuffle of savings can be the need or pursuit of a car. Serving as one of the major purchases in one’s life, a car not only serves a practical use but it also carries sentimental value as well.
Although it may be a long and tedious process, the car of your dreams is never out of reach. Even the loftiest of goals need to start somewhere, so whether it’s your first brand new car or just one of many start saving towards yours today using this mixture of personal and investment tips.
Tip One: Don’t waste money
Although the goal of rolling around in your dream car is definitely one that is achievable, it will not come easily. Depending on what kind of vehicle you’re in the market for, prices can fluctuate from $20,0000-$60,000+. These kind of prices require dedication and discipline to achieve, in addition strong saving habits are a must. To ensure that you meet your end goal it’s important to cut out any unnecessary purchases that can make a dent in your savings before you even start really making headway towards your purchase. Just a few examples of the many ways in which these purchases can take shape are new electronics, expensive trips and daily purchases that can add up over time. These can do the most damage as they are seemingly small at the time but grow as the days go on. Coffee, lunch, ubers and happy hour drinks are some of the purchases that can add up over time.
Tip Two: The internet is big, use it
Before committing to anything on the financial side of things, it’s important to know where you want to end up. Although the idea may be in your head, until you choose something specific it will not feel real and you’ll be less likely to actually get started towards your goal. To get an idea of what’s right for you, visit Cars.com to check out one of the biggest selections of new and used cars. Cars.com is trusted by millions of users every day to both browse and purchase both new and used vehicles. When you use cars, the selection can almost be overwhelming. Tons of searchable categories all lead to candidates that could one day be the car of your dreams. When you look online it serves two major purposes: The first as mentioned earlier gives a starting point to the journey. The other is that once you find that perfect car, the journey all of a sudden begins to feel real. Excitement sets in and the savings will begin to come easier and more naturally.
Tip Three: Don’t be afraid to spend in moderation
Although being frugal and smart with the choices you make is the priority, it’s important to have fun and spend, witht the eyes still being on the prize of course. Being too rigid can make the journey seem never ending, opening the door for foolish impulse purchases. Although these may be satisfying at the time, they can create a large roadblock on the journey, sometimes creating one so large that the destination is forgotten. Overcome this by doing things in moderation, Examples of this are instead of a big lavish trip to europe, take a road trip instead, still giving that needed mental break but while keeping the goal in mind. Another example is a nice dinner. Like the road trip it gives that needed rest while not making a huge dent, allowing for multiple justified splurges.
Tip Four: Start your financial portfolio
The road to your perfect car will have some bumps in it and things may not always be linear. Rainy days and unexpected events occur, making a dent in both your pocket and savings toward your new car. One way to ensure that these events don’t derail you is by putting portions of the savings into conservative stocks. This can serve a dual purpose. One is the obvious increase in money you can make. While usually only garnering a modest yield, that can potentially be the rainy day fund. The second is a little less obvious but just as effective. When this money is in the market, it’s harder to withdraw quickly, lessening the probability of unneeded impulse purchases.