This article is brought you by Vietwheels.com, Vietnam’s leading online marketplace to buy and sell cars.

The information in this article does not constitute as financial advice or any other sort of advice, and your should not treat any of the content as such. A qualified professional should always be consulted before making any financial decisions.

A car is one of the biggest purchases we make in our lives (next to purchasing a house). While, it can be challenging to save money for your dream vehicle, there are tips and tricks to help you achieve your goal. Thanks to Vietwheels.com, here are five money-saving tips to give you some ideas on how to save for your idea car purchase.

1. Know what car you want and how much to save

The first step to saving for a new car is to determine what car you want to buy. By knowing the type of car you want, including the make and model, you’ll be able to do some research and get a good idea of how much money to save. You can use an online car marketplaces like Vietwheels.com to research and compare prices of car models.

Once you know what car you want, you need to know much it will cost and the amount you need to save. You will you need to consider how much you can afford both in terms of the upfront costs of the vehicle but also the running costs. Don’t just consider the upfront cost to purchase the vehicle, also consider additional expenses like repair costs, fuel costs, ongoing maintenance, registration fees, and insurance premiums. These costs can all add up significantly so it’s important to keep them in mind when determining your budget.

2. Be smart with your money with good savings habits

A good way to save money is to adopt smart saving and spending habits. Start maintaining a strict monthly or weekly budget and make yourself a goal of how much to deposit to a dedicated savings account for your car purchase.

Review your income and expenses regularly and find ways to reduce your expenses. There’s also a variety of budget apps available to help you manage your money during the saving period. Consider setting up an automatic transfer from your transaction account to your savings account as an easy way to transfer money to your savings account every time you receive your paycheck.

You may even want to explore other ways to earn more cash for your car purchase. For example, renting out a spare room, selling unnecessarily items or clothes or line or even get or even get a part-time job. Anything you can do to find additional income will help you reach your savings goal much quicker.

Lastly, contribute any spare cash to your savings account. For example, if you receive a bonus at work, a tax refund, or even some cash for your birthday, add it to your car savings account to help you achieve your goal.

3. Reduce your spending

It goes without saying limit unnecessary spending and redirect the money to your car savings accounts. For some people, eating out less and cooking more at home is a great approach. Also, try not to shop on impulse. Buy your groceries and other personal items when they’re on sale and choose the cheaper brands. And if you don’t need an item, then don’t buy it. Control your urge to spend and focus on saving instead.

Also it doesn’t hurt to compare service providers to see which companies offer the best prices, whether it be your phone and internet provider, electricity or gas provider or even when it comes to you your home loan and insurance — any way to reduce your expenses will help.

4. Set yourself a purchase date

Nothing is more motivating than a deadline. When you start saving for a new car, set a target date for your purchase and write it down to keep yourself accountable. Set yourself a reminder in your diary, a deadline that will force you to stick with your saving schedule. Without a target date of purchase, you’ll find it easier to spend your money on something else instead of depositing on your savings account.

5. Wait for the right time to buy

Last but not least, wait for the best time to buy your new vehicle. Car prices can fluctuate over the course of a year and there are certain times where you’re more likely to get a better deal. For example, the end of the month as well the ends of the financial and calendar year are common times for dealerships to clear stock or meet sales targets. During these periods the sales price or average price of the car is usually reduced.

There are three main times when you’re likely to get the best deal on your car, these include end of financial year, end of each month and end/start of the calendar year. These are the times dealers will be clearing out their stock, trying to reach sales targets and will be more likely to price match with each other.

We hope that this article will help you save up money for your desired car purchase. If you found this article useful, please visit our other News and Reviews. On behalf of the VietWheels team we wish you all the best in finding your next dream car in Vietnam.