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Tips To Save For A Down Payment On A Car In Acton

Tips To Save For A Down Payment On A Car In Acton

Trying to save for a down payment on a new car? Want an auto loan but are having trouble saving money? You’re not alone. Saving for a down payment is harder than it should be sometimes.


That’s why our Acton auto loan team has put together these moneysaving tricks. Simple, effective ways to save for a down payment without impacting your lifestyle.


Always use a grocery list


Some people love them, some hate them but we recommend making friends with lists. They keep you organized and can help prevent impulse buys. They can also stop you forgetting when you run out of something at home!


Use a pen and paper, use a phone app or use whatever works for you. But try keeping a list. Then try sticking to it when shopping. You’ll be amazed at how much you could save!


Make your own lunch


Buying lunch at work is a big part of our routine, but it costs a lot of money. If you spend just $5 per day on lunch, that’s almost $1,500 over a year and nobody spends just $5!


Making your own lunch at home can be healthier as well as cheaper. You can still pack in the foods you enjoy and hang out with colleagues at lunchtimes, all while spending less.


Pay off credit cards each month


If you regularly use credit cards and don’t settle them each month, you’re paying a lot in interest. We recommend using cards for daily expenses to help build credit but we also recommend settling the amount in full each month.


Then, it doesn’t matter what rate your credit card charges as you’ll be paying very little interest. All while building credit!


Sleep on it


If you see something you want to buy, sleep on it first. Unless it’s on eBay or on sale, it will be there tomorrow. Pausing and reflecting will show you whether it’s an impulse or something you genuinely want to buy. You can then make an informed decision.


For larger or more expensive items, wait a few days. We tend to recommend 48 hours for smaller items and up to 14 days for big ticket items like a vacation or a car.


If you really want it, the desire will still burn bright once you have slept on it and then you’ll know!


Don’t buy into brands


Did you know that many of the factories that make brand name foods also make unbranded versions of the same products? They may use lower quality ingredients but the processes are largely the same.


With many food items, there is very little difference between a branded version and unbranded. Unless the brand has a secret recipe or unique ingredient, you’ll unlikely taste the difference.


You will feel it in your pocket though!


This piece in a UK newspaper doesn’t cover Canada but it shows the principle in action.


There are lots of money saving tricks you can use to increase the amount you can save for a down payment without reducing your lifestyle. These are just a few. We’re sure you can think of more!


If you need help or advice on anything to do with auto loans in Acton, contact Car Nation Canada today, we can help!


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Categories: Car News