I am trying to save up $10,000 dollars for a car, any saving tips?

Question

I am trying to save up $10,000 dollars for a car, any saving tips?

Answer 1

The biggest problem we Americans have is fast-food. Disipline yourself in one area such as that and you will notice more disiplined spending habbits.

Answer 2

If you are currently working, see if your employer will automatically deduct a portion of your pay and put it directly into a savings account.  Then do your best to forget the account exists until it's time to buy the car.

Answer 3

Start with $9,999.50 and borrow fifty cents from a friend.

Answer 4

If you're single, get an extra job. Only spend what is absolutely necessary for you to live. Things like rent, utilities, food (but not eating out), and medical needs are necessities. Anything else is not. If you truly are committed to buying a car, then you'll do without "wants" and only spend on your needs for a while.

Answer 5

save up $450 a month for 24 months

Answer 6

dont go shopping as much..only shop for necessary things..try not to party alot...hmm...like go to parks and stuff..which dont cost much...dont eat out!!...put all your money in a bank account of course lol...cut down some things like cable?!..you'll a lotta money..if you have a cell and a house phone....keep the cell...get rid of the house phone..lol..stuff like that..

Answer 7

You can save money by not spending it on things that are not needed. Eat at home, don't use credit cards to pay for stuff, remove all frivolous stuff from your life. Also you can recycle your own waste, ask your friends to give you their recycles. Bottles, cans, etc. Every little bit helps.

Good luck, will only take you a few years.

Answer 8

Get a job for the next 10 years lol.

there you are burton a wee thumbs up, i have a sense a humour.

Answer 9

Me too!! i actually just brok 11k the other day.

Tip one, if you don't have a job, get one

Tip two... Do not buy alot of extra nicknacks you do not need

Tip three, Put it in a bank account, interest rocks

Tip four, keep your change! everything helps

Tip five, sell your old clothes or things you don't use or want any more

^^) good luck

Answer 10

Make a budget, stick to it, don't spend on junk, and save every cent you can and don't spend your savings.  Work an extra job for awhile. . .

You have a good idea so that you aren't in debt a lot when you buy.  Even when I get a car paid for I keep making payments into an account so that when I trade in, I have that much more to spend and that much less interest to pay.

Answer 11

well you can give the money to someone you trust and tell them not to give it back to you until you have saved $10,000

or you can buy a piggy bank that you have to break to take the money out so there will be no way for you to spend it ...............you can break it when it's full

Answer 12

Don't spend your money on things you don't need... and put the "extra" money in a savings account!

Answer 13

anytime you have extra money, throw it into a savings account....once a certain amount is reached, and it can vary withdraw enough to cover atleast the minimum on your banks current short term cd's let that money roll and mature , usually 6 to 9 monts on a short term, now while that money was on the cd, you should have been throwibng more extra cash into your savings, now when your cd matures . combine it with your savings and roll it again into another shgort term/high yield cd, keep repeating this process even more than one cd can work for you...whatever but keep rolling your cds until youve reached the desired amount, i personally wouldnt ever stop rolling cd's its a great way to help bankroll your  future (retirement, financial independance, etc etc) my point is youd be surprised how quickly a small amount of maoney can grow with high yeild compounded interest...im me sometime and ill quickly explain how to make money made in this way actually go to work for you without trading stocks or anything just good money management....please try to ignore my lousy typing

Answer 14

when i save money i put in a spot and try to forget about it so i wont spend it. it helps some people.

hope it helps

Answer 15

split your pay check in half and keep half

Answer 16

hello - here are some tips and ideas -

List out how much money you have coming in each month. List out what your fixed costs are (rent/mortgage, car payment, car insurance, phone, cable, student loans, commute costs etc.) If you have credit card debt look at how much per card and which has the highest interest rates.

Then track every penny, every single one, you spend for a month. That will give you a very good idea of where your money is going. Track it by category -

retirement (401K, etc.)

home

car (payment, insurance, etc.)

gas

cable/electric/water

groceries

eating out

clothing

movies/plays (include the popcorn)

books

newspaper (if you already paid your news paper or magazine subscription, figure out the monthly cost and include that)

hanging out with friends (bar, pool etc)

non meal related drinks/snacks (Starbucks, diet coke, snacks)

other

other

(other could be alimony, whatever, things I did not list out but you have to pay)

and you will see quickly where your money is going. Then you can see if it is all the right places, or if you want to make a change and not buy so many clothes, see so many movies (or pass on the popcorn) etc.

Consider what is really important to you (buying a car evidently) and what is not and spend accordingly.

Is there anyone you can commute to work with? Or maybe a different way to get there? or even working from home one day a week? Save on gas that way. Maybe bring lunch to work? Less starbucks or sodas etc.

When you decide what you will change for the upcoming month, be sure to put that money savings somewhere and not just spend it on something else (or put it towards paying down credit card debt). And keep tracking what you spend for at least 6 months. that will help you get into new habits and patterns.  Having no idea what your income is, this may not make sense, but if you can save $500 a month you will get to 10K fast.

Retirement savings are very important, so if you have a 401K or the equivalent, dont stop contributing to that. I see so many questions here about stopping contributing or taking the money already saved out, dont do that. The value of the compound interest is huge.

feel free to email me for more info if you like

good luck

Answer 17

dont take the trouble, you may have to sell the car to buy fuel...