Welcome to the first post in our informative financial planning series
Here at Autodome, we are always searching for ways that we can help our customers along their journey of discovering the perfect pre-owned vehicle. This ongoing blog series is designed to help you plan for your future car purchase.
Whether you are new to the country, a current student or previous student paying off loans, going through credit issues or simply a first time car buyer, we know you can afford to realize your dreams. Enjoy this information and do share it with anyone that you feel may benefit from this blog series.
Savings Plan
A key to getting savings to add up is that being conscious of your expenses has to become second nature. Be a bargain hunter. Shop around. Cut out the impulse buys and the unnecessary luxuries. After all, the luxury you’re really out for is at the end of the road: a new vehicle.
First, set goals for yourself. Three questions that you must know:
1. How much money do you want to save for your vehicle?
2. When do you want to buy?
3. What are your needs and wants for this vehicle?
Figuring out these answers will help you set up a savings schedule and target your future vehicle. Once you identify a weekly or monthly savings amount, you can start figuring out cuts that can help you reach your goal.
Keeping a journal of your expenses can help you identify your spending habits and then stick to your savings goals later on down the road. Calendars also provide a great benefit when setting up and monitoring your financial obligations and monthly spends. If you can, fill in your personal finance calendar for the entire year. Your bills, savings and income schedule as well as your groceries and personal spending throughout the days, weeks, months and year. Include everything.
A fantastic way to help you keep accurate personal finance records is to use your debit and/or credit card for as many purchases as you can. This way, you aren’t fishing around for all of your receipts at the end of the month. You can log into your accounts online or use your monthly paper statements to keep track of your spending trends. Just be sure to pay your credit card balance off before the interest sets in.
We know you can do it! Look for our next blog about how to save up money for buying a car. Post two is called: Pain-Free Spending Cuts
Please feel free to contact us here at Autodome at anytime. We have a toll free hotline just for you and we are here to serve! 1 (866) 980-5561