Some people borrow money to buy their cars. Saving to buy a car minimizes the amount you have to borrow and saves you money on the interests you will pay when repaying the loan.

1. Find out how much the car cost
Choose a target amount to spend, then based on the target amount, compare a few makes and models to find out if it’s realistic. Once you zero in on the price range for a car you can afford.

2. Budget for car-related expenses
You can use the 50/30/20 budget, which allocates 50% of your monthly income to needs, 30% to wants and 20% to savings and debt repayment.
Deciding whether to factor vehicle savings into the “needs” or “wants” part of your budget can be tricky, but think of it this way: A used, base-model car and a brand-new one with upgraded features will both get you to work, but the latter is more of a “want.”

3. Limit unnecessary spending
As you save up for a major purchase like an automobile, spend money carefully elsewhere. Consider cutting down on “wants” spending temporarily and find ways to reduce your current expenses, such as entertainment and groceries. Redirect the money saved toward your new car fund.

5. Automate your savings
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7. Pick up a side hustle
To help close any savings gaps, think about finding ways to earn more money. A side job can accelerate your progress, but make sure it’s legitimate — and worth your time — before you commit.