As much as a car is a necessity, it can also be a major expense in our lives.Luckily, it is still possible to save money while still enjoying the freedom that owning a car brings.
Here are some tips that could help minimise your car expenses every month and get you some extra cash in your pocket:
Refinance Your Car Loan
The first step you can take when it comes to cutting down car costs is to re-evaluate your car loan. Refinancing your car loan can do so much for you, it can reduce your repayments, give you a better interest rate andsave you over the course of your loan. It’s easy to get bogged down in a loan that you’ve never thought about changing. All it takes is one call to see if you can get a better deal that will put funds back in your pocket.
Review Your Car Insurance Policy
An extensive car insurance is one of the highest costs associated with owning a car. Switching car insurance can be a good way to spend less and put more money into your savings. Before you make any decisionsthough, make sure you have done your research in advance before your car insurance renewal is due to get the most beneficial deal.
Be Proactive with Car Maintenance
Getting your car serviced can be pricey, but there are some easy maintenance car tasks you can do for yourself, saving you money on the repair costs you would usually need to pay a pro to do it for you.
- Changing your car’s water, oil and oil filter is one of the most important things you can do to avoid paying huge sums of money to a mechanic. It’s actually not as difficult as you think it is and most car manuals will walk you through the process step-by-step. Alternatively, there’s always YouTube.
- Check the air filter monthly. Air filters are quite quick and easy to change and are inexpensive to purchase as well, making it an easy maintenance task that you can accomplish all by yourself.
- Check your tyres regularly to ensure that the wear and tear is not happening as quickly as it should be. This requires you to check the pressure and pump your tyres when required, as well as monitor the tread.
Save Costs On Fuel
- Drive responsibly. And this isn’t just because it’s what your parents always told you to do. Speeding, rapid acceleration and hard breaking are all ways that actually waste fuel when driving. In fact, it’s been suggested that conservative driving can reduce your fuel usage by 25%.
- Take advantage of rewards programs. If you’re not taking advantage of the rewards programs at stores such as Woolworths and Coles, then you’re missing out on valuable fuel offers.Though these rewards programs have been scrutinised recently, a few dollars off every time you fill up makes a difference in the long run.
These are just a few things to consider when you hit that day in the month and start groaning about how much your car is costing you. Give these tips some thought and see where you can make changes to your routine to save yourself some money on your car.
If refinancing is an option you’d like to pursue, be sure to get in touch with a Simply Finance consultant today for more information about how we can help you save.