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Motor Money - How to Start Saving For Your Dream Car

Motor Money – How to Start Saving For Your Dream Car

There are only a few things in life that we truly dream of and desire. For some it is a home, for others it might be that amazing holiday destination. However, for a lot of us, it’s our dream car. Unfortunately for some, it may always remain a dream, but it doesn’t have to. Stop doodling car drawings all over your diary and put some plans into motion that will get you behind the wheel of that car sooner.

 

Pay as you go

 

A fantastic way to make that dream a reality is to purchase your car on finance. Car finance allows you to purchase your car on credit and pay off the balance while you are zipping around town in your new wheels. For those of us who are looking for a way to make the purchase fit with our existing lives, financing is a great way to achieve this. With that said, it’s important to do your research and find a financing solution that works for you. Look for flexible repayments, differing payment periods that work for you and really consider your position before making a decision.

 

Saving is not an option

 

When you first begin saving, it’s very easy to use that money for other purposes. We all succumb to temptation, so consider placing the savings in a separate account that is harder to withdraw from – yes, sometimes we need to confiscate our own funds to get ahead.

 

A great example of this is to place your funds into a high interest account with a co-signatory which requires two authorities to withdraw. This way, you have to justify the withdrawal with another person you trust to keep you honest. Good luck putting forward a case on why you need funds for Uber Eats or Friday Knock-Off drinks. Making sure your saving schedule is automated and compulsory will have you in that dream car in no time.

 

Save for the whole amount

 

Don’t find yourself at the point of purchase, only to realise you have forgotten all of the other expenses which go along with that dream car. Registration, insurance and even stamp duty, to name a few.

 

Do your research and find out how much each one of these additional items will cost. Then you can update your savings calculations so that there aren’t any hidden costs when you go to drive your dream car off the lot and into a pile of bills. Work towards a total figure and you can well and truly enjoy the purchase of your dream car.

 

Find the right account

 

When it comes to savings, putting your money under your mattress isn’t the most effective way to save anymore. I know, we are surprised too! Instead, shop around the banks for a high interest savings account. With increased competition in the banking industry, you will be amazed at the offers.

 

International providers who offer banking solutions online can often have very attractive interest rates as they have no branches or overheads. Meaning the more you put in, the more interest your account will accelerate towards that dream car. Instead of doing all the heavy lifting yourself, let your money do some of the work for you.

Cash it up

 

A great way to get started early in your journey is to look around for all of your spare change. If you keep a stash of coins in the console of your car, the draw at your work desk, or wherever you may keep it, cash that into your new savings account. Cashing in your spare change is a great way to get started towards your goal. It is certainly much better than using it for coffee or a toll road expense. This might sound too easy, but it certainly stacks up and can round you up to those big figures.

 

Saving is tough for some of us and can seem downright impossible for others. But saving towards your dream car doesn’t have to be an insurmountable task. Instead, try being clever about how you start and continue to work towards your goal figure. Next time you pull out your hair because your spending money is all in savings, bring up a picture of your dream car and just grin and bear it.

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