03 Feb 2023 | Edukatips

How to Save for a Dream Car

Many people dream of owning a car. Even so, there are many things to prepare to make it happen. The key to getting a dream car is to save consistently.

How to Save for a Car

Saving money can be done in various ways and strategies. Here are some steps that you can follow to buy a car:

1. Set a Target

A target defines different methods used to obtain a car. Make sure your target is within your financial capability. Your dream car should also be tailored to your needs and financial condition.

If you have an income of around Rp5-9 million, you can own a car with a price range above Rp300 million. However, the time to save will be longer than buying a car with a price below Rp300 million. 

2. Calculate the Additional Costs

When obtaining a car, there are other actual costs that add up besides the price of the car itself. Therefore, make sure to prepare and calculate all these costs before deciding to buy a car.

One certain thing is the fuel to run the car. Fuel consumption may increase when you drive frequently. There is also vehicle tax that you pay every year.

In addition, the car must also be regularly serviced at a repair shop. Car owners also need to have insurance to protect their cars. These costs must be prepared in advance.

3. Set Aside Monthly Income

The funds to buy a car comes from your monthly income. However, make sure to consider saving first, instead of spending your income directly. One way to do this is by setting aside 20 to 30% of your income to buy a car.

This is safe enough where you can still meet your daily needs. However, make sure you don’t have any other big expenses while you’re saving for a car.

4. Tighten Up on Useless Expenses

When you decide to buy a car, you need to limit other expenses. Meals and drinks can be the biggest expense every month. It can be minimized by cooking at home or reducing eating out.

Not only meals, other expenses can also be reduced. For example, monthly music or video streaming subscription. Not to mention the cost of online shopping, which can swell up your expenses.

However, that doesn’t mean you have to completely eliminate these expenses. Simply limit them by keeping a journal and bookkeeping of daily expenses to control spending.

5. Find Additional Income

Tighten up on your expenses is not the only thing you can do to buy a car. Another way to do it is to earn extra income. Earning extra income has become easier with the help of technology.

There are also various digital platform that allow businesses to run their business online. As long as it is done diligently, they can be an additional income.

6. Separate Savings Accounts for Buying a Car and Consistently Save

It’s a good idea to create a new savings account to separate it from everyday money. It is even better if this savings account does not have mobile banking or debit card facilities so it cannot be used for transactions. 

Successful saving can be achieved with consistent steps. Consistently doing it every month as well as consistently increasing savings when getting additional income. In addition, you can also be consistent in maintaining your consumptive spending.

Some examples of savings account for this are TabunganKu, Tahapan Berjangka BCA or deposits.

7. Utilize Car Loans

Take advantage of Car Loans (KKB) from BCA to get your dream car in installment. BCA Car Loans (KKB) offers a variety of financing programs that can be tailored to your needs and easy application requirements. In addition, the application process can be done online with a relatively short approval process.

That sums up the ways you can get your dream car. Let’s make your dream car come true!