Many Americans today live above and beyond their means. Learning how to save money is a can be a challenging lesson to learn. You have to ask yourself why you need the latest tech gadget, biggest sports utility vehicle (SUV) and the latest high-end fashion accessories – especially when it puts you in debt. Instead, investigate ways to save money on a tight budget!
Maintain the Vehicle You Have
This is the usual course of action for the average American consumer: pay monthly for an auto loan for five to seven years only to then purchase another automobile, pay for another five to seven years and basically continue a never ending cycle of payments. If you’re paying for a $15,000 car with an average car loan length of 60 months (five years) with about 7 percent interest, you’re giving up about $18,000 during that period of time, which includes interest. Instead of committing to plunking down another $18,000, maintain the vehicle you’ve already paid for instead.