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Best Ways to Save For a Down Payment

Best Ways to Save For a Down Payment

It's easier than it feels like right now to save for a down payment. Budgeting and saving are mainstays of fiscal planning and something we all should do more of. So much so that we regularly recommend both of these to our Cayuga car loan customers.


Aside from the usual earn more and spend less advice, we know of a few smart ways to save for a down payment without impacting your lifestyle.


What to know what they are?


Never memorize your credit card number


Having your credit card number on tap without even needing your card can be dangerous. Online shopping is too convenient sometimes and knowing your credit card details feeds into that.


Don’t memorize it and don’t let your browser remember it for you. This will place a hard stop and an extra step in any purchase which could be enough to avoid an impulse buy.


Use the 14 day rule


Talking of impulse buys, using the 14 day rule or a variation on a theme can also help prevent impulse purchases. If you see something you want, don’t get it right away. Wait two weeks and see how you feel then.


If you still want it, it’s more than an impulse. If you don’t, you have just saved yourself some money!


Use 14 days, use 28, use something longer. Whatever you choose, as long as it’s more than a couple of weeks, it will be something you actually want and will appreciate once you get it.


Use price comparison websites


If you’re shopping around for a new phone or are looking for big ticket purchases, try review and comparison websites. They can be useful in quickly identifying a good deal from a bad one and could save you money.


Remember though, price comparison websites will rarely show you the whole market. They will mainly show you deals from vendors they have arrangements with. There are some ‘whole market’ comparison websites around, so use those whenever you can.


Never go grocery shopping hungry


Even the most disciplined of us is guilty of impulse purchases in the grocery store. Going shopping while hungry can make that a lot worse. Instead, have a snack just before you leave work or home. This suppresses appetite-driven decisions when in the store and prevent you buying things you don’t actually want or need.


If you find yourself forgetting to eat, keep a protein bar or snack in the car. Protein makes you feel fuller for longer so can have a significant effect on what you buy.


Check the discount


While on the subject of grocery shopping, watch out for discounts and special offers. They are often not the bargain they first appear to be. Stores can be very tricksy when it comes to pricing, special offers and discounts.


If you see something on offer, make sure it’s the same size as the regular product. This is a common trick, offering smaller versions of a product at a special price. Also check individual pricing versus group pricing. Some products can actually be cheaper when bought individually rather than as a package.


Know of any other money saving tips? Tell us about them below!


We will use all our skill and experience to deliver the lowest possible Cayuga auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.


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