We cover money saving a lot on our blog. That’s because it’s vital in managing money and getting out of debt. It’s also useful to help you understand how to save for a down payment in Freelton.
Given how important and useful, down payments are, we thought we would share some more money saving tips to help save for a down payment on your next car.
Save for a Down Payment by Create Savings Buckets
Modern life is full of competing priorities and it can sometimes be difficult to focus on just one priority. If that’s the case for you, create savings buckets to help. Use either multiple savings accounts or one account with imaginary buckets with set savings amounts.
Use one bucket for emergencies, one for medical fees, a college fund or for the down payment on a new car. Save one at a time until you hit your goal amount or spread your savings across them all, it’s entirely up to you.
Buckets help focus your mind and your willpower so can be very useful!
If you have a significant other, work together to save, live frugally and live responsibly. Sharing the burden of eating in more often, saving a little more in your buckets or living within your means can really help.
Sometimes it can be enough to know you’re not alone. Other times, knowing someone else is also contributing to savings, making the same lifestyle changes as you to achieve goals or supporting you to do it can make a real difference.
Never go grocery shopping when hungry
This is a very simple trick but is amazingly effective. Never go grocery shopping when you’re hungry. Have a snack before you go and you’ll be amazed at how less tempted you are to impulse buy or overspend.
If you combine that with creating a grocery list while you’re at home, you’ll quickly find yourself buying all the food you need with very little you didn’t.
Plan your meals
Meal planning is useful for spending, for eating healthily during the week and for ensuring you have a good balanced diet. Planning your meals isn’t the most exciting thing in the world but if you plan ahead, you can cook, portion and freeze at the weekend, meaning less eating out, less snack food and more nutrition.
In most cases, buying ingredients is cheaper and better for you than buying readymade meals so it’s a win win!
Have a treat once a month
Saving is a marathon and not a sprint and it’s important to add rewards to help maintain motivation. Allocated a portion of the extra money you save each month for a treat.
That could be eating out, having a day trip, renting a movie, buying a nice bottle of wine for date night or something else. Having something to look forward to works alongside your overall goals to help keep your motivation up and momentum going.
When you’re ready for your Freelton auto loan, contact our team and we’ll be happy to help.
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!