Follow us on Facebook!
X

7 Tips for Teenagers to Buy a Car in 6 Months

Having a car is much like a rite of passage. When you are behind the wheels, it feels like you've made it. But how can you make your dream become a reality?

Unless your mom and dad are rich, asking for money to buy a car will not be easy. You need to exert extra effort to have the money to buy the car that you want. Besides, working to achieve what you desire makes the car extra special because you put your stake on it.

So here are some practical tips that you can do:

1. Start young

It doesn't have to be brand new; but if you believe that you can save enough money to buy a car, go for it. With the amount of cars in the market today, many second hand cars can be bought for less than a thousand dollars, so you can be sure your dream isn't too big to turn into reality.

2. Know what car you want to drive and how much it costs

Set your eyes on your goal even before you are at the legal age of driving. It doesn't matter if it's five years ahead; the important thing is that you start your plan of buying a car in motion early.

MORE: In college? Here are 5 killer tips to help you save money.

Look through car sale websites and scan through the cars parked around you neighborhood to get an idea how much cars are worth and what you can except with the amount of money you are aiming to save up to.

You may even ask relatives that drive you around about their experiences with cars and what it was like when they first bought their first.

3. Open a savings account

Call it your dream-car account. Put as much money as you can save in that account and never touch it until you reach your savings goal. Do not subscribe to any debit cards or check books that may lure you to spend the money.

Look for an account that yields a high interest rate so that you will be able to earn some extra bonuses for keeping your money there.

A good idea is to find an account that will not pay out interests if money has been withdrawn during that month. This way you will be free from temptations and also help discipline you.

4. Save your allowance

Don't spend all your weekly allowance. If you get $100 a week, spend half of it if not less. Look for ways to save money such as purchasing in bulk when things go on sale, and be more efficient with your phone and internet plans.

Set aside a certain amount; it may just be a dollar or two. If you receive monetary gifts, stow it away on your savings account. After some time, the few dollars will grow to several hundred.

5. Buy less

Owning the latest gadget or wearing the clothes in fashion may help you fit into your social groups, but it will prevent you from achieving your goal of acquiring your dream car. Instead of buying the latest edition of a popular shoe brand, save the same amount of money instead.

If you really need new clothes, go through charity bins and shops. You will be surprised with what you can find. If you are good with your hands, you may even try tailoring your old clothes to give them a new feel.

6. Do some odd jobs

MORE: Feeling poor? Here are 10 unusual ways to save money.

You can baby-sit or do dog-walking or anything else that you can earn money from. Look through job boards for new opportunities that can let you earn more money. You may even do some freelancing or start a blog. Just make sure that you save what you earn.

7. Make your parents aware of your plan

Getting your mom and dad in to your plan will provide you with much-needed support. It is very likely that they will encourage you and even give you opportunities to earn a little extra, such as giving you $5 for washing the dishes.

And who knows, they might even be willing to shoulder half of the cost of your dream car.

Subscribe

Sign up to our newsletter to receive weekly updates + exclusive offers sent straight to your inbox!

Jes is a teen from Australia passionate about money and success. He loves writing new articles each day, usually while on the train to school. Read more. Let's be friends: Facebook / Twitter

You May Also Be Interested In...

Join the Conversation

comments powered by Disqus