I Need A Car but Have Trouble Saving What to Do?

3 Comments to “I Need A Car but Have Trouble Saving What to Do?”

1. ft3535 says:

   November 26, 2009 at 1:35 pm

   look around for these car lots that say we finance right here right now..
   a lot do this,
   but you may get a better rate as long as your credit is good, but tell them you just want to fiance through them,
   or go to a CREDIT UNION not a bank and talk to them for a car loan, they usually only require you open a bank account with them and this way it can even be taken right out of your check if you want it to. this makes it much better for them to give you the loan

   good luck
   smile
2. SheRa says:

   November 26, 2009 at 1:35 pm

   Next time you get $50 open up a savings account. Then have money put in with direct deposit and DO NOT TOUCH IT.
3. eliziam says:

   November 26, 2009 at 1:35 pm

   One good idea is, every day empty any coin change into a large jar. Make this a daily habit. This can add up faster than you think. This is a good option if you are on a tight budget and have problems having any extra to save, but only if you have the motivation & self-control to keep from spending it.

   But, sometimes the problem isn’t finding the money to save, but keeping your self from needlessly spending the money you do have. In that case Direct Deposit to a savings account is the best option, because it’s easy to ‘forget’ it’s there, because you get used to never seeing it. To open a savings account, most banks only require $5-$10 to get one started. Then, if you have the option at your job to have your check direct deposited, sign up for that. Usually, at the same time you do this, you can also sign up to have a certain dollar amount direct deposited into your savings. It doesn’t have to be much – mine is just 30$/month. If your job does not offer this option, you can schedule an automatic transfer amount each month through your bank. Then, on the same date each month, they would automatically transfer your chosen dollar amount from your checking to your savings account. Ask them not to provide you with a debit card or ATM card to that specific savings account, so that you can’t use it for impulse purchases.

   It will also be helpful to set a budget for yourself. Sit down and write out your monthly income & monthly expenses. For, non-set expenses, such as groceries, or fun-money, set yourself an ‘allowance’, a certain reasonable dollar amount, and stick to it.

   Also, set some goals for yourself. Both short-term & long-term (30-day goals, 3 month goals, 1 year goals, 5 year goals, etc). Write these down and keep them in a place you will see every day, like on a poster board or dry-erase board hanging on your fridge. This will help keep you focused on your financial goals & help keep you motivated to remember to control any impulse spending.