When you really want a new motorcycle to ride your favorite roads, you must first have the funds to purchase your new two-wheeled transport. Saving money isn’t that easy for anyone, and it takes a bit of organization to save effectively.
If you’ve never been that great at saving, you may need a little guidance to get you on your way. Take a moment to read through this brief look at a few helpful tips to save money for a new motorcycle.
Start a savings account specifically for your bike
It may sound silly, but specifying an account for each savings goal is actually quite effective. You can easily see your progression towards your goals by separating them. The money for your brand new Honda model is in the works.
You may even want to set up a high interest savings situation to help speed up the process and add a bit more urgency. Whatever you do, make saving your main financial focus.
Cut costs where you can
You’ll save more money if you’re spending less. It’s simple math. However, saving money isn’t as easy as it sounds. Cut costs in your life where you can afford to cut costs.
For instance, you may have a Netflix, Hulu, and Amazon Prime subscription for watching television. You don’t really need all three platforms. Save money by dropping down to one subscription, and place the money you save into your motorcycle fund instead.
Set realistic savings goals
When you’re laying out savings goals for your motorcycle fund, make sure you don’t set the bar too high. Set goals that are realistic to your current financial situation.
Planning to save a third of your monthly income may not be feasible with your current lifestyle/income ratio. Be smart about your savings goals, and don’t set yourself up to fail.
Automate your savings if you can
If you can set your savings account up to automatically toss some funds back every pay period, then do it. Automating your savings will help you avoid skipping installments.
Of course, you’ll have the control to stop the automation if your financial situation changes. However, taking the stance of “set it and forget it” will help you make progress quicker.
Look for ways to save on cost
While you’re working to save money for your new motorcycle, you can also look for ways to save on the price tag set for your new ride.
Digging deep enough into the void of the web will surely surface some way for you to save a little money on your big purchase. There are loyalty clubs that offer discounts. You could wait for an annual sale, or you can find a good ole fashioned coupon.