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How to save money to buy your first car

Having a personal car is probably on everybody’s list but the inability to save is one of the reasons many people have not got their own car.

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Some cars can be very expensive, yes, but if you save enough you can get your dream car.

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So, since you have a dream to have a car, Pulse is here to help you on how to save enough money to buy that car you’ve always wanted to buy.

1. First, determine the type of car you want

Knowing the type of car you want will help you determine the right amount of money to save to buy it. Again, depending on your budget, you can also decide on whether to buy a new or used car.

2. Consider the cost of maintaining the car you want

Before you decide to buy the car of your choice, you’ll also have to consider the cost of maintaining the car. You don’t want to find yourself buying a car and then not having enough money to maintain it.

3. Create a budget and stick to it

Now that you know the cost of your chosen car and how much it’ll cost you to maintain it, you can create a budget and stick to it. Check your income streams, how much can you save on a weekly or monthly basis.

Depending on how much you earn, if you are an average earner, it might take you more than a year to save up for your dream car. However, while you are saving for the car, you should also consider the fact that the car price can go up before you are ready to buy it.

4. Reduce your spending
Reducing your spending makes it easier for you to save up for your dream car. It will be wise of you to ignore things you don’t need. Don’t buy new gadgets because everybody is. Avoid impulse buying, compare prices before you buy anything and avoid eating out. All these will help you reduce your spending and save more for the car.

5. Make more money
If you have one stream of income, you might need to get another one to make the savings easier. The money you make from your regular 9-5 job and the side hustle could help you get your dream car earlier than you expect.

Source: PulseNG

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