How to Save Up for a New Car Faster *

It’s no secret that the cost of living in London is on the high side of things. London is one of the most influential, busy, and historic cities in the entire world. Because it is such a hot spot for so many global industries and businesses, it makes living space rather pricey. On the flip side the highest wages in the UK are also found in London, but it can still be tight to try to cover all your expenses, never mind larger unexpected expenses that can crop up.

If you’re currently looking at the prospect of having to buy a new car in the near future, then you’re most likely trying to find ways to make saving for it more affordable. The good news is that there are a number of tips and tricks you can use that will help you to save for that new car faster, without having to worry about how your monthly bills and expenses will get paid.

Scrap Your Current Automobile

For those who currently own a car that’s on its last legs, what you may not realise is that the car can still hold value. It’s well worth your time to look into the price for scrap cars through the sites such as the ScrapCarNetwork, as you can get an instant quote so that you’ll know exactly what kind of money you could get for it. With most scrap car websites, you can also be sure that the car will be recycled, and so the process of getting a new car will be more guilt-free.

Most scrap car websites don’t care how poor a condition your car may be in, and they even offer a free collection service that runs nationwide. It’s a simple way to get a little extra money that can go towards your new car. In order to get an instant quote, you can visit their website, key in the car registration number and then a few other pieces of information and you’ll receive your quote. There is no obligation on your part to go ahead with it, but if the price seems right, then it’s like easy money in your pocket.

Give Thought to How Much You are Willing to Spend

It’s pretty easy to get swayed by a shiny new car in the showroom with all the latest features and upgrades, but when you start to think about it realistically you may not need that much car. Before you even start the shopping process, it’s a good idea to give thought to what you are comfortable spending. It’s a good idea to break that ticket price down into monthly or weekly payments, however, you plan on paying for it if you are leasing/financing, so you’re really clear on what it will add to your expenses.

Once you do start the shopping experience this budget should be made clear from the start, and you’ll want to be firm about it.

Look for Areas You Can Save Money in Your Everyday Budget

The next step can be looking at your everyday budget. It’s amazing how much money you can spend without even realising it. Expenses such a dining out, takeaways, entertainment, and shopping for clothing can add up pretty quickly and eat away at your bank account. Creating a budget for yourself and then getting into the habit of tracking all your expenses can be a real eye-opening experience. Once you are more aware of where your money is going, you may find that you can make some cuts to spending and use that money as savings instead.

Most people are aware of the common places to make cuts such as packing your lunch for work rather than eating out every day, cutting back on entertainment expenses by staying in and entertaining at home, and holding off on those impulse purchases.

Become a Smart Grocery Shopper

Grocery shopping is one of those areas that gets a category all of its own because it can be a huge monthly expense. There are all kinds of ways to save money on your grocery shopping such as making a list ahead of time and only buying what’s on it, making a meal plan and then buying groceries for that plan only, buying what’s in season or on sale, and watching for flyers and coupons with money-saving deals.

Make a Supplementary Income

If you’ve used all these tips and you still find it’s taking too long to save for that new car, then you may find it beneficial to make a supplementary income. This could be a part-time job or freelance work. Any little bit counts, so don’t worry if you aren’t making a lot of extra money, it’s still “extra” money.

Well on Your Way to a New Car

It can be difficult to afford the cost of living in London while also trying to save for a down payment on a big-ticket item like a car. With these tips, the saving process should be smoother and faster so that you can reach your goal.