What is the fastest way for me to save for a car?
Everyone I want to save for my first car which is $2000 a 1998 honda civic with reasonable mileage and i just got my first job 2 weeks ago at burgerking and i had a method of saving $50 every week but not sure how quickly. ICan get a car before i start college in august can you guys help me please thanks
The best way to save for a car when you are young is to have a second job.
You use the first job to pay for your needs and have some fun with if possible. The second job though you put the entire check into a savings account and don't touch it until you get enough saved up for your car.
I done this and it only took me a month to save up. Of course, my first car was cheaper, and it was in the 80's and I didn't start out at minimum wage.
I do think a single person can still do this though, it may take a few months but it works.
It all depends on what your current financial obligations are. If possible try and save at least 1/2 of your take home pay until you have about $3500-$4000 so you can buy the $2000 car and pay for your Insurance which will cost $1500-$2000 per year.
At that rate it would take you over 10 months to save for the car. To be honest you need to save EVERYTHING you make to even come close for this car then be prepared to pay taxes licensing and registration and insurance. PLUS a car this age will have problems so set aside another 50-100 bucks a month for any repairs even if it doesn't NEED them soon enough something will go wrong. So to cover everything and have a car by the end of August you will need to save 220 bucks a week to buy the car and get it registered. And have enough for your first months insurance
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