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Great Ways To Save For A Down Payment On Your Car

Great Ways To Save For A Down Payment On Your Car

If you’re trying to save up a down payment to go with your Dunnville car loan, you’re on the right track. We recommend every client puts down as much as possible as a down payment. But how can you save for one?

 

It’s all very well us recommending clients use a down payment on their car purchase but we’re not the ones having to save it. So, today, our Dunnville car loan team put their money where their mouth is to provide a few practical tips for saving money.

 

Saving money for a down payment

 

We begin with another common piece of advice we use often. Creating a budget. Without knowing what’s coming in and what’s going out, you won’t know how much you could save, or need to save!

 

It doesn’t have to be complicated. Use a simple spreadsheet and have a column for all income and another for all your outgoings. Add a third column listing any debts in order of the interest rate with the highest first.

 

Now you should have a good idea of where you are from month to month.

 

Here are some simple savings tips:

 

Make your own coffee and lunch

 

Many of us are guilty of rushing out the house first thing in the morning to get to work and buying coffee with our gas or when we’re at work. The same for lunch, we tend to buy instead of make.

 

Not buying a coffee could save anywhere between $2-5 a day. Making your own lunch could save anywhere between $7-15 per day. Combine them over a year and that’s $480 for coffee at $2 and $1,920 for $7 lunches over the average 240 day working year!

 

Work out at home

 

How many of you pay for a gym every month but rarely go? We have been guilty of that in the past but you can save a lot just by working out at home. All but the most athletic people can work out effectively at home using bodyweight exercises, running, running with the dog and other methods.

 

If you need more, simple household items can make good weights. Food cans, paint tins and cartons of engine oil can all provide quite the workout when done right!

 

Watch your energy use

 

Canadians spend a lot of money each year on utilities. Simply turning appliances off when not in use or overnight can save up to $100 per year. It will also benefit the environment.

 

As will using wood pellets and a wood burner for heating, low energy lightbulbs, super-insulating your house and using water saving devices in the bathroom and kitchen.

 

Eat out less

 

We all love eating out, especially once we’re allowed out properly again. But now we’re in the habit of eating more at home, why not keep it up? You can keep things interesting by having theme nights, Indian one night, Chinese another or by taking it in turns to cook something special on date night.

 

Eating in instead of out doesn’t have to be boring but it could save a significant amount of money over a year. If the average meal costs around $120, not eating out twice a month could save $2,880!

 

Spend a small portion of that saving on your nights in and you win on both counts!

 

When you manage to save enough for your down payment, come see the team!

 

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

 

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Categories: Auto Loan

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