Best way to save for a car?
A few weeks ago I had my 2011 Ford Focus totaled. A stupid person swerved into me on the highway and pinned me against the median wall. I was ok just some bruises but my car was a pile of poo. Of course I wasn't at fault so the other persons insurance paid off my loan and I'm free and clear (just financed it 6 months ago). I do not want another loan so I'm looking for a quick way to save and pay cash. My mom is currently letting me borrow her car for work and I could always get a loan to buy a car from my grandparents (they are actually pretty wealthy). What would you recommend I do? I mean I could easily go and finance a new car right now my credit is good and I bring home over 3k a month. I'm just trying to be cheap.
Set what you can afford aside each month, and put it in a Savings account. At $1,000 per month, you could have the money in a couple years.
Use funds from income
Take the money you do not need to spend on day to day things and bills. Place it in a separate bank account. Leave it all in there until you have saved enough.
The ONLY way to save money is to stop spending it. Save every dime you earn and when you have $5000 go out and look for a decent used car. One that won't break down every 2000 miles.
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