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How to Save for Your First car in 5 Simple steps

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To Save  for a car??? It sounds so simple: If you want to build up your savings, just spend less than you earn.

But while a fourth-grader can do the math on paper, even 40-year-olds can have trouble putting that basic idea into practice.

If you’re trying to save up  for a new car — or a used car that is at least new to you — it helps to have a plan that keeps you disciplined and on schedule if unexpected expenses pop up.

If you’re looking to purchase a vehicle, here’s how to get your finances in order.

If you’re looking to purchase a vehicle, here’s how to get your finances in order.

Step 1: Calculate your desired car payment.

Image result for calculate car

If you don’t want a car loan at all, the answer here is “zero.” Skip to Step 2.

But for those who can’t pay in full or who don’t mind a car payment, start by calculating how much you can afford to pay out each month.

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Make sure you leave some wiggle room for maintenance, such as oil changes or new tires, of course, or any change in insurance costs. While a car payment is perhaps the biggest single expense here, it surely isn’t the only one.

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