You want to get a new car but new cars are expensive. What if I told you that buying a new car without going into debt is possible by simply changing a few of your daily habits.
Would you do it?
Let’s say you want a new 2023 Toyota Prius which costs $27,500. But you don’t have that kind of money lying around.
How long would it take you to save enough for that car?
Get A New Car
Would you believe that you could save the entire $27,500 in about three years by simply cutting a few unnecessary expenses from your daily budget?
And that you could buy that car without taking out a loan or going further into debt.
Would you do it?
Here are a few realistic lifestyle changes you can make today, that can get you in a new car without taking out a loan.
Brew Your Own Coffee
Instead of buying coffee from a coffee shop every morning, invest in a high-quality coffee maker and make your own delicious brew at home. On average, a coffee shop visit can cost around $4 per day. By brewing your own coffee, you could save around $1,250 in a year.
Pack Your Lunch
Bringing homemade lunches to work instead of dining out can lead to significant savings. On average, purchasing lunch at a restaurant can cost around $12 per day. By packing your own lunch, you could save $3,000 in a year.
Entertainment Expenses
Cutting back on unnecessary entertainment expenses, such as going to bars or the movies, can free up a substantial amount of additional funds. By simply reducing this expense by only $50 a week, you’ll save $2,600 a year.
Eating Out
Think about how much it costs you to eat at a restaurant. That adds up each month. By just eating out 1-2 times less per-month, you can easily save $85 a month, or $1020 a year.
Impulse Purchases
Implementing a self-imposed waiting period before buying any non-essential items can help you avoid impulse purchases. Let’s say you are able to spend $100 per month less by curbing these spontaneous buys. In a year, you could accumulate $1,200 in savings.
Energy-Saving Habits
Being mindful of your energy consumption can result in considerable savings on utility bills. By practicing simple habits like turning off lights when leaving a room and adjusting the thermostat, or opening the windows instead of turning on the air, you could easily save $20 per month, totaling $240 in a year.
Now, let’s calculate the total savings per-year from these simple lifestyle changes.
Coffee savings: $1,250
Lunch savings: $3,000
Entertainment savings: $2,600
Eating Out savings: $1,020
Impulse purchase savings: $1,200
Energy savings: $240
Total savings in a year: $9,260
With $9,260 saved annually, it would take you only three years to save for that new $27,500 Toyota.
Maybe you know of a few other places you’re wasting money.
Every little bit adds up.
By making these simple lifestyle changes, you can pave your way towards owning that new car.
Start implementing these small adjustments today, and watch your savings grow.
Oh, yeah. I forgot to mention that we don’t recommend buying a brand new car, as it’s a depreciating liability that loses money the moment you drive it off the lot. Instead, we recommend you buy a high-quality used car. And I wrote an article called ‘Should I Buy a New or Used Car‘ that explains why this is, in detail.
