The Perks Of Car Ownership

Growing up we see learning to drive as one of the ultimate signs of becoming an adult. It is a huge milestone in our lives. And it is seconded only by actually buying your first car. There is a lot of power that comes with owning a car.

One of the biggest perks of car ownership is freedom. You suddenly have the ability to go where you want, when you want. You no longer have to rely on public transportation or other people giving you lifts. If you want to take a roadtrip to another city, you can just do it.

Owning a car is also super helpful for managing certain logistical tasks such as moving home or transporting goods. And if you are working, having a car will help you commute into work without having to rely on unreliable public transit.

The one downside to owning a car is that they can be expensive to buy. Especially if you want a high-quality vehicle. Cars are sophisticated bits of kit. But, like any machine, they can break down over time. Older models, why stylish, can be prone to breaking down. And cheaper models suffer from the same drawback.

We have put together this guide to provide you with some tips on how best to save for a car. These are just some simple ideas to help you. We also recommend speaking to a financial advisor and doing your own research beyond this article. It is important to note that, while loans can be useful, you need to be careful when taking out a loan. Make sure you are getting it from a reputable source and way of the interest rates.

Finding New Income Sources

In the current economic crisis, just working one job isn’t enough to get by on, let alone help save up for a new car. A lot of people have started substituting their wages with a secondary income source. And this is something you should consider doing if you want to save up for a new car.

Websites like Joywallet or Modernmoney have a lot of great ideas on secondary income sources. Hundreds of people have been able to make money with Joy Wallet guiding them. You could also turn to various business pages on Instagram and TikTok for inspiration on how to bring in a bit of extra cash each month.

If you are an artist you might look at selling some of your art online. Sites like Etsy make it super easy to find buyers for your products. Or, if you create commissions, you could use TikTok and Instagram to create a small business where people can hire you to create works of art for them.

If you have a stash of old clothes you could make a pretty penny by selling it all off. Websites like Depop and Vinted are fantastic platforms for selling your old clothing. You will need to make sure it is all in good quality and, most importantly, has been washed before you ship it out.

Open A Savings Account

This is perhaps the most important step in saving up for a new car. You need a good savings account. Savings accounts are different from your regular accounts as they often have higher interest rates. But the caveat is that you need to not make withdrawals as often.

We highly recommend going to different banks and making inquiries about their savings accounts. You will want to find one with a high interest rate that ideally doesn’t cap off at a certain point. You will want to designate a fixed amount to put into your savings account each month to maximize your chances of getting a good car. Ideally you would put whatever you have left of your wages after the regular expenditures for the month.

Cutting Back On Non-Essentials

As we said before, times are tough. And that means it might be time to look at different ways of saving money each month. One of the most effective ways is to simply cut back on non-essential spending. Especially if you are trying to save up for a new car.

Non-essential spending would be things such as subscriptions to various magazines, streaming services, or gym memberships. You can workout for free at home and can find numerous free streaming platforms online as well. Another non-essential cost you might have is your phone bill. You should speak to your provider and see if you can switch to a cheaper plan.

You will also want to look at reducing the amount of non-essential food and drink you are buying. Takeaways are one of the biggest non-essential expenses people have these days. If you can go a month without takeaway you will notice a huge increase in your monthly savings.