Purchasing a new or used car is a significant investment. With rent or mortgage payments, utility bills, and additional expenses, it can be difficult to accumulate the funds to put toward a down payment on a new ride or purchase a vehicle outright. After you decide how much money you need to save, making a few wise financial decisions, outlined below, will help you reach the goal faster.

3 Tips to Save Money to Buy a Car

1. Create a Separate Savings Account

If you tend to put all your money in a personal checking account, it might be a good idea to keep money for the car purchase separate. You can set up a savings account solely for that purpose. You can put aside a portion of each paycheck to go into the account. This will make it easier to keep track of your spending and ensure you don’t misuse funds intended for the purchase.

2. Avoid Frivolous Spending

Although it’s good to treat yourself from time to time, try to avoid unnecessary purchases while saving for a new or used car. You can track your spending for a month to see what types of purchases you can eliminate. If you tend to eat out frequently, for example, buying groceries and cooking meals at home will help save money.

3. Put Your Old Car on the Market

To come up with the funds for a new or used car, you could also sell your current ride. Depending on the condition of the vehicle, you could get most of the money you need from the sale. You can use public transportation or carpool with friends or family members in the meantime.

If you are looking to purchase a safe, dependable used car in the Baxter County, AR, area, visit Discount Auto Sales in Mountain Home. The car dealership has an extensive fleet of high-quality cars for sale by Nissan®, Ford®, Toyota®, and more leading manufacturers. The sales associates are eager to show you the selection and share tips to earn more when trading in your old vehicle. To find out what cars are currently on the lot, call (870) 425-1775. You can also visit the dealership online to browse the complete inventory and become a Facebook fan for new merchandise announcements.