Necessity driven savings

When your car is struggling to get started in the mornings for work and back and that red light doesn’t seem to be turning off any time soon. You need to work out a way of getting your finances on track and working towards getting you a new vehicle.

In this blog, we take a look at how your next car or van could be even closer than you think with some tips and tricks to make great savings and drive off with new, best vehicle.

Part exchange

If you’re hoping to recoup some money from your current car and put it up against the value of a new one, then first take a look online and figure out what it’s worth, bearing in mind the condition of the interior, engine and bodywork. Then start shopping around for some great deals that are going to give you the best trade-in price coupled with a great discount on anything you want to buy on the forecourt.

Look online first and then take it to a dealership, such as where you may be able to negotiate a better deal face to face with the sales person you deal with.

Get your savings on track

If you can make one difference to the quality of the vehicle you’re going to buy it’s the amount you can afford to spend or lay down as a deposit. As such, it might be time to take your savings seriously. Forget putting aside a few pounds here or there, it’s time to get real.

Look through your account for at least three months and work out what your average expenditure is. Then take that figure and decide to put at least 10% into savings. Maybe even more if you can get your finances in great shape.

Start by setting yourself a budget for your weekly food shop and your entertainment. Then add on your must-haves, such as direct debits for bills, then see what you can do to cut out all the other things you don’t need. These might include a daily trip to a coffee stand on the way to work or a daily lunch out where you can bring in your leftovers. It might take a little more planning, but ultimately you will be saving a fortune. If you regularly drink out with friends, consider entertaining at home and sharing the cost over a few bottles of wine, rather than expensive pay by the glass options.

When you set a regular saving pattern, you’ll soon find it becomes second nature to you. No more squandering cash that could be spent on your new car. It might feel tough for a little while, but once you’re driving off that forecourt with your new vehicle you’ll know that it was all worth the sacrifice.

Start making the little differences today that will lead to the big changes tomorrow in your financial life and save as you mean to go on.

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