5 Ways to Generate Extra Cash for a Car’s Down Payment

cars down payment

Getting your own car is a good investment, but it can be very expensive because it’s like buying a new home. As soon as you have found the car of your dreams, it is not that easy to just go and get it especially when you are not ready with cash yet.

However, it does not mean that you have to give up on your dream of purchasing that dream car just yet. It is very possible and there are many ways by which you can generate cash for you to be able to pay for the down payment of that car.

Here are some of the tips you might want to consider to save up for you car.

 

1. Be smart with your money

The very first step to being able to gather enough amount of cash for paying for your vehicle’s down payment is by managing your own finances wisely. Start with making a list of your expenses and see which items you can actually remove from your list. It is all about cutting down on the things you don’t really need to buy to give way for more savings. You need to accept that there will really be some sacrifices that you’d have to make so that you will be able to achieve your long term goal and that is to get the vehicle that you are dreaming of.

2. Save a certain portion of your income

Before you even start spending, it will always be best of you already set aside an amount that you will put into your savings. Instead of saving what is left of your earnings, you need to make it a habit to save as soon as you receive your salary. And then, the remaining amount that you have is what you need to stretch for your daily expenses until the next salary day.

If you spend first before you save, chances are you will be running out of money before you even get the chance to set aside some cash for savings.

3. Look for a second job or side hustle

If you desperately want to get your hands on that car of your dreams, your income might not be enough to make that dream come true. And if you badly want it, there is definitely another way and that is to look for a second job to earn money on the side. If you have a lot of free time in your hands after work, you might want to look for another side hustle for extra income. You can also look for some home based or online jobs so that you can earn money in the comfort of your home. There are plenty of freelancing jobs you can explore.

4. Make money using your skills

If you have certain skills you can sell, maximize it. Maybe you are good in taking great photos, you can volunteer to be a photographer at an event of your close friends and families. If you excel in some academic subjects, you can also offer tutorial services. If you have a passion for music and you know how to play some musical instruments, you can teach some kids how to play with a charge. These may be simple ways but these can definitely add up significantly to your cash for your car’s down payment.

5. Do a garage sale

You probably have a number of things at home which you no longer use like old clothes, shoes, books, furniture and others. Why don’t you do an auction or a garage sale. This is an excellent way for you to generate additional funds. Aside from the fact that you can earn from these things, you can also free up a lot of space in your room and in your house. If you do not have an area where you can do the selling, you can take pictures of these items and sell them online. There are now a lot of online selling platforms which you can use like EBay. It’s time to clean up your closet for some cheap finds that other people might find as a treasure.