Contenu
- Research Car Costs
- Step 1
- Step 2
- Step 3
- Step 4
- Set a Savings Timeline
- Step 1
- Step 2
- Expenses to Consider
- Step 1
- Step 2
- Tip
If you want to be able to afford a car by the time you hit 16 years old, youll need to get serious about setting goals and saving money. Cars are big-ticket items with ongoing maintenance costs, so its important to be realistic about the cost of a car. Your first step will need to be to secure a job or source of income that will allow you to set aside money each week.
Research Car Costs
Step 1
Determine if you want to save for a new or used car.
Step 2
Finalize the expected price of the car you wish to buy.
Step 3
Decide how much money you will need to save for a down payment, lease payments or for the total purchase price of the car.
Step 4
Research insurance costs for the type of car youd like to buy.
Arrive at a total goal amount for which you will save.
Set a Savings Timeline
Step 1
Work backwards from 16 years old to the age you are now and determine how much time youll have to save.
Step 2
Break down the time before your 16th birthday into months, then weeks, to determine how much you must save per week.
Open a high-interest saving account and deposit money into the account as soon as you have it so it earns interest right away.
Expenses to Consider
Step 1
Consider how much money you will need for gas for your car.
Step 2
Be realistic about maintenance costs, such as windshield fluid, oil changes and other extras.
Save all gifts of money you get from birthdays, Christmas or from unexpected windfalls.
Tip
- You will have to work hard and stick to your goals over a long period of time to reach your goals, and this will show a lot of responsibility to your family and friends. Consider asking your parents or close relatives to match your savings or "top up" your savings when you reach an agreed-upon, predetermined objective.
