Our Bizi Loans car finance repayment calculator is our handiest tool yet, giving you an estimate of what kind of repayment scheme you’d be on, depending on a few factors such as loan type, and term. By using it you can think about what option is right for you- maybe you can afford more than you thought, or maybe you need to rethink getting a loan out for that Ferrari. So now that you’ve seen how all the numbers add up, it’s time to iron out the creases in the budget- which is why we’ve assembled some points to consider when creating an effective budget, so that your repayments are even more manageable (and you might be able to settle for a Lamborghini after all).
Have A ‘Why’ In Mind:
If you overheard someone in a café chat about their budget, so you decided to give it a go, you motivation will probably drop off relatively quickly. A budget is a tool to keep your expenses below your income, and it shows you very quickly where your spending weaknesses. Have a specific goal which you want to achieve, whether it’s repaying your nice new wheels or saving for a holiday. A budget will usually mean you have to make a few cut-throat decisions, maybe you can’t go out for dinner Friday and Saturday, so you’ll want to know that the goal is really going to be worth it. A few checkpoints along the way should help too, such as by paying off a certain amount of your loan you’re allowed to get the new album of your favorite band, or by saving a certain amount you can have the best pizza from the local Italian restaurant.
Understand Your Actual Pay:
This isn’t your salary, or your hourly wage. This is how much you tangibly receive in your pocket every week/fortnight/month. There’s no point budgeting for your 40 hour week at $25 an hour, when after tax you’re actually receiving much less than that. You can also use your banks tools to break your income down for you, such as by using an online savings account and a spending account, which will automatically move amounts of your pay into savings, and off for bill payments. If this is done automatically, you can look at your balance the next day and see the true amount remaining for you to spend.
Know Your Expenditures:
Know what bills you pay, from your rent to your utilities, and make room in the budget to accommodate all of these. This is the basis of your budget. From there, look at your other lifestyle costs which you may be able to trim down, such as groceries and fuel costs. See if you can drive less, and maybe you don’t have to get the gourmet option every night of the week. From there, you’ve got your “little things”, which aren’t necessities. These are the things which you can live without, however don’t budget too hard and fast! If you reduce all of life’s little pleasures, you’ll find yourself bored very quickly and likely to go on a splurge anyway. Once you’ve seen where your money goes -eg, one large soy mocha, five days a week, is about $100 a month- you can start making new habits to try and curb that- maybe just get a long black, three days a week, for $40 a month. Start with keeping a keen eye on your outgoing costs, and structure a budget around the little holes in your pocket that don’t need to be there.
When you’ve created your budget and found out the amount that you can spare on your loan, talk to the team at Bizi Loans to find out about our quick and easy loan application scheme. With our industry competitive interest rates and dedicated loan experts, Bizi Loans can help you find the right repayment options for your budget so you can drive off in your new car in no time at all.