How To Save For A Down Payment On A Car In Vineland

How To Save For A Down Payment On A Car In Vineland

Posted on April 22, 2021

Knowing hoe to save for a down payment or any big purchase in general can be tough. We have a lot going on and a lot of draws on our income. Add a family or existing debt to that and you may struggle to find extra money to put away each month.

As savings are so important, we asked our Vineland car loan team to figure out some actionable ways everyone can save money for a rainy day or a car loan down payment.

This is what they came up with.

Switch out brand name groceries

You may be attached to branded products but you could likely enjoy the same quality at a lower price is you switched to own brand. Typical own brand products will come as basic no frills brands and higher tier brands.

Both will be cheaper than branded but will have differing quality. Higher tier own brand will be of a similar quality and may even be made by the same company.

Buy in bulk

If you have a hungry family, sometimes buying in bulk can offer savings. There are a number of bulk specialists who offer discounts on large quantities of fruit and vegetables and grocery products.

Do the maths though. Not all bulk buys make financial sense, especially if they result in food waste. Work out what you could feasibly buy in bulk and the cost saving you would enjoy. Then make a decision about whether it’s worth it or not.

Reduce energy usage

Turn appliances off when not in use to save energy and money. Avoid using the dryer on sunny days, turn off the lights when you leave the room, don’t use standby mode for long periods of time, fill the washing machine up and use economy cycles and only fill the kettle or coffee machine up with the amount you’ll need.

None of these alone will save a fortune but combined they could save enough. They’ll also help save the environment too.

Use the library

Books can be expensive but the library is free or cheap depending on where you live. If you’re an avid reader, the library really is the place to be. You can try any book from any author, experiment with genres, try new things and read as much you like with minimal outlay.

Most libraries even lend eBooks so if you switched to electronic, you’ll benefit too.

Buy quality, buy once

There are times when spending a little more on quality items can save money in the long run. I bought a pair of walking boots for $150 over two years ago and they are still going strong. That’s three times what I would normally spend but they are easily on track to outlive several pairs of the cheaper boots I used to buy.

Buying certain quality items that provide longevity as well as quality of life benefits can save quite a bit over the long term. The trick is to identify which will work and which won’t.

Those are just a few tips we came up with based on how to save for a down payment. We will definitely be posting more tips in the future, so stay tuned on and of our social media platforms below!

When you’re ready for a car loan, get in touch with the Vineland auto loan experts at Northway Ford for great deals on auto finance.

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