If you are thinking about purchasing a new car, you also need to consider the best method of financing. When it comes to buying a vehicle, there is no one-size-fits-all approach to the best purchasing methods. Some consumers might have enough money saved up, as they have had their eyes on a particular car for some time. Others might take out a loan to assist them. For many, it is likely a combination of both.
When thinking about purchasing a new car, it is important to first consider your finances. There is no point in just taking out a large loan for the car you want without being firmly aware of your financial standing. And the process of assessing your finances shouldn’t be difficult. In fact, there are tools available to you that are designed to assist you in your budgeting practices.
You would be wise to take advantage of these apps, as they are helpful, and not to mention free.
There are many finance industry experts who would put Mint right at the top of the list for best budgeting tool. With Mint, you provide your bank accounts, bills, credit and other financial information. Then the program will monitor your activity going forward, keeping you posed on your progress pertaining to saving or spending. You can also put in goals you are trying to reach, such as a new car, and watch your savings get closer to achieving this goal. By keeping track in real time, you have a better grasp of your spending and saving habits. According to U.S. News & World Report, Mint is available via the Internet as well as a mobile-based application, making it simple for consumers to take advantage of wherever they are.
With HelloWallet, you can add any account you have to keep track of progress. Additionally, and similar to Mint, you can add an asset you are intent on purchasing. Therefore, once you have found a car to your liking, you can add the price in the program and it will help you realize how much you need to be setting aside to pay for it. You can actually watch your new car account grow.
HelloWallet also considers others in your peer group, and recognizes trends in spending. This can be helpful as the program can make recommendations to you for improved spending habits, if you want it to, as noted by Money Under 30. In this way, you can tailor your spending and improve your financial situation, getting the most out of your money.
Some people want to budget without being connected to their bank accounts and other financial information. Whether for security or personal reasons, if you want to have a budgeting tool that doesn’t sync with your financial data, then BudgetSimple’s free version is perfect for you. This program allows you to watch your spending habits and will create reports based on the information you provide, but again, it does so without connecting to your bank, as noted in a separate report from U.S. News & World Report.
There is a paid version of the program that costs $3.99 and connects with your bank account. However, this is a similar program to Mint, which is free. So depending on how tight you feel with your finances, you can decide what is a better option for you.
That car on the lot can be in your garage, but you have to make the conscious decisions along the way to budget accordingly. Take control, use online tools that will benefit you in your cause, and get that car you have had your eye on, while not breaking your bank account or owing a great deal of money afterwards.