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6 Easy Steps to Saving Up For a Car

There are three basic strategies that can help you in building up your car fund.

Saving up for buying a new car can be a challenging task, but it can be accomplished with prior planning

and some guided effort. Doing the math is the easiest part, but putting that plan to action and sticking

to it is the part where most people struggle. There are three basic strategies that can help you in

building up your car fund: saving regularly, spending less and earning more.

We have listed some steps for saving up for a car:

1. Select a Car:

This is obviously the first and the most important step of the process. You need to select the car you aim

to purchase. Things that need to be considered before you narrow down your list are the price, features

you are looking for in your new car, and the cost of its maintenance once you have it parked in your

garage. For example, car insurance costs, fuel economy of the car and repair costs. Once you have

decided your dream car after giving it some serious thought, you have an estimate of the amount you

will need.

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2. Calculate the Costs:

Costs for buying a car include the registration

fees you have to pay as well as the insurance

costs. In the UAE, car registration can cost you

around AED 500 including testing, registration

and number plate charges. This amount will

vary across other Arab States, therefore

inquire about the registration fees in your

country and calculate accordingly. A car

insurance policy is mandatory for registration: select an insurance policy which suits your needs and add

it to the price of the car.

3. Save Regularly:

Fix an amount you will place into your car fund

every month. This amount should be

determined based on your monthly earnings,

cost of the car and the estimated time of the

purchase. Make sure you are also placing some

money into your emergency fund too. You do

not want to spend all your savings on your car

a d the fa e a e erge y you a ’t pay for. Also try to olle t oi s i a oi olle tor a d add the to your car fund when the collector is full. Do not underestimate the importance of saving every penny

for your car.

4. Spend Less:

Try to cut down any unnecessary expenses

from your routine expenditure. This will

provide you with some extra money for your

car fund. It may seem impossible but if you

look close you will find a lot of unnecessary

things you are spending your hard-earned

money on. Avoid eating junk food and cook

your meals at home for some time instead of

eating out or buying prepared meals. Buy nutritious but cheaper food e.g. more beans instead of meat.

Avail any saving cards or deals offered by grocery stores and cut down on your energy costs by turning

off extra lights. All these little things can actually save you a lot of money for your car fund.

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5. Earn More:

You need to find all the extra stuff in your

house that you can resale. Hold a yard sale

and earn some money for your car fund.

You can also try finding a part time job to

increase your monthly income which can in

turn increase the amount you add to your

car fund every month.

6. Stay Focused:

You must stay focused during this process.

Keep yourself motivated by placing a

picture of your future car in a prominent

place. Looking at it will keep you focused on

your goal. Another important thing is not to

entirely deprive yourself of all the pleasures

in life. So try substituting the habits you

have let go for your car, with some less

expensive ones. Instead of permanently

eliminating the prospect of dining out limit it to once a week or fortnight.

O e you have e ough o ey i your fu d, go uy your ar. Do ’t forget to try fi di g the est deal on

your vehicle. The saving habits you have now developed can help you save for other major purchases.

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About

motoraty.com is a premium destination in the Middle East where we make car buying so easy. We

at motoraty.com have engineered the way online car shopper can navigate, search, and find what they

are looking for.

motoraty.com offers credible and easy to understand information from consumers and car experts to

help car buyers formulate opinions on what to buy, where to buy and how much to pay for a new or

used car. With comprehensive pricing information, dealer reviews, car comparison tools, financial tools,

and a rich multimedia section that includes photo and video galleries, and unbiased editorial content. In

addition, motoraty.com offers the latest car news locally and globally.

With a detailed car section and comprehensive information, motoraty.com put car buyers behind the

wheel, and in control.

Motoraty.com was launched in June 2013, and it is available both in English and Arabic languages.

Founded by Johny Giacaman who has extensive experience in digital media.

More details about Johny Giacaman