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Save For a Down Payment On Your Car In Simcoe

Save For a Down Payment On Your Car In Simcoe

Saving and budgeting are a popular subject on the Car Nation Canada blog. They are both fundamental in being able to afford a new car and assessing whether the auto loan you’re going for is affordable or not. Today, we will be talking about how to save for a down payment on your next vehicle.


The more money you put down, the smaller the Simcoe auto loan you’ll need. That saves paying out on interest and can lower your monthly payment. Who doesn’t want that?


That’s why our specialist Simcoe auto loan team has put together some simple money saving tips. Ideas to help you save a little more each month without impacting your lifestyle too much.


Use the 14 day rule for purchases


If you get the urge to buy something, don’t dive in, wait a while. If it’s a significant purchase, a hundred dollars or more, use the 14 day rule. Keep the item in mind and think about it for two weeks. If you still want it at the end, buy it.


This is a simple mental trick to avoid impulse buys and to make sure you really want what you’re looking at. We are all susceptible to marketing and this is a way of giving yourself the time to really think about whether you need that item or not.


Cancel the gym membership


We all know people who pay $50+ per month for a gym membership but never go. If you’re one of them, cancel that membership and get your exercise elsewhere. Use bodyweight exercises at home, walk places instead of drive, play soccer with the kids or walk the dog further.


There are lots of ways you can keep fit and healthy without going to the gym. They can be a lot more enjoyable too!


Sell your old stuff


Out with the old and in with the new. There is a huge secondhand market for items right now. Whether that’s clothes, phones, electronics, furniture or whatever. If you want to make space while making a little money, sell anything you don’t need and put the money into savings for that down payment.


Buy own brand groceries


Did you know that many own brand or drugstore brand items are manufactured by the big brands using own brand packaging? It’s true. There are often very few differences between big brand goods and own brand goods. The main difference is the price.


Shop savvy and you could spend a lot less on groceries while still enjoying the same quality of life.


Eat out less


Eating out is part of life here in Canada but it doesn’t have to be. Or it doesn’t have to be quite so often. If you regularly eat out once a week, how about once every fortnight? You could easily save $200-300 per month depending on how and where you eat.


You could use some of that money for a home date night and cook a special meal and put the rest towards the down payment for your new car.


Each of these money saving tips can help you save for a down payment on a car in Simcoe without impacting your lifestyle. You can still go out, still buy good food and still treat yourself while saving money at the same time.


Who doesn’t want that?


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


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