Money Advice? Saving up 4 A Car?

Question

I make about $225 bucks a week and i can save about $150 bucks a week im really trying to save up for a car and im wait for my income tax to come in to help well does anybody have good advice for saving up for a car or jst saving up money well i do spend a lil bit on food and other bits of stuff and i save as much as possible need your help!!!

Answer 1

Put your money into a savings account so it can grow. I don't know if you have Citibank where you live but they have a money market savings account that earns 5% interest. You could also try Bank of America which has a program called "keep the change" and they will round up your purchases to the nearest dollar and then match it and put it into a savings account. They will match up to $500 a year. Good luck

Answer 2

Saving from every paycheck is the way to go. Some people finds it pays to have check direct-deposited, and then to pay cash for everything. Giving yourself a budget of X$ per week, and making yourself stick to that. And remember that a car costs MORE than the purchase price--insurance, gas, oil, maintenance. So it's going to put a BIG dent in your budget when you get one. So don't agree to HUGE monthly payments and really longterm payments--go 3-5 years MAX. Buy a smaller, more affordable vehicle, not a bling-thing. If you're buying new, you know the car loses $1-3,000 just driving it off the lot. And they keep losing money, depreciating in value, and costing you money. So NOT an investment, but a cost to you.

Answer 3

Save at least $1000, then finance the rest.
TRUST me...buy a new car, that has a warranty--it will save a lot of headaches in the long run.
If your credit is decent, you can finace $20,000 for 5 years at a 6% interest rate....payments of $300 or less per month.
If you have NO credit, go thru a bank...then ask in a year or 2 to re-finance.

Good luck...you are on the right track!

Answer 4

One way may be to have a certain amount automatically deposited into a high yield money market fund and keep saving. No magic, you just have to save what you can. If you are not saving for years, keep liquidity in mind. You want the money when you need it. 5+ % is a pretty good rate and safe while saving for your car.

Answer 5

If you need to give him $500 before summer ends that is about 10 weeks so save at least $50 a week. Keep in somewhere you won't touch it. Or talk to him about giving him a little at a time.

Answer 6

You sound like a young dude. You need to make more money if you are going to be paying for gas, insurance, maintenance and registration once a year. You need to make more money if you want to realistically own a car.

I would suggest trying to become a waiter. You can make pretty good money on tips. Problem is they usually start you off a host or busboy and you have to work your way up to server.

Answer 7

get a good saving account so the money is out of your sight and less tempting to spend.
dont starve yourself for a car , your health is important.
you dont have to spend lots to eat healthy.
be conservative on your spending ( spending on absolute essentials)
try geting another part time job to boost your income, but dont make yourself ill by overworking.

all above worked for me hope it works for you.

Answer 8

you should suspend yourself in a box over a river and not eat for like 40 days that would save a lot of money,. also you would get money from publicity

Answer 9

Check out www.bankrate.com to find a money market account with the highest interest rate and no fees.

Answer 10

open a savings acount and deposit directly what you plan to save and keep in cash what you plan to spend. that way you can see how much you have to spend and will think twice before spending it.