Many of us are not blessed with buckets of disposable income. We have to work hard and save up to buy the extra things we want in life. But how can you speed this up? What are some things you can do to save up to buy a motorcycle?
First figure out which motorcycle you want to buy. Then set yourself a realistic goal and timeline, like in 2 years I want to have 8k saved up. You can then do this by setting aside a small amount of your paycheck each month. If you want to speed this up.You can try selling stuff on eBay, Etsy or providing some service to others on Fiverr.
Just think about what skills and talents you have. Something that people would be willing to pay you for.
While that might be all fine and dandy. There are a few tips and tricks you can do to tighten your belt without feeling the pinch and make it happen quicker. Read on to learn how.
Where do you start when saving up for a motorcycle?
First thing is first, you need to set a goal. Determine how much money you’ll need to buy the motorcycle you want. Don’t forget to add the price of gear if you don’t already own some. The gear depending on what level of quality and protection you want, can cost you a couple thousand dollars.
Be realistic in your goal. If it’s your first motorcycle, be reasonable, you don’t need a $25k bagger to learn on. Look at less expensive options, ones that will get you in the saddle sooner. Trust me, almost any motorcycle is better than no motorcycle.
Once you calculate the total amount you’ll need, motorcycle, taxes, insurance, gear etc. it’s time to set a time-frame. Again, be realistic. If you make 30k a year, there is very little chance you’ll save up 20k in 4 months. Have goals like for example putting aside 250-$400 each month. Do what is attainable within your lifestyle.
Don’t worry if it takes a few years. When I bought my first bike, I saved for almost 4 years. A bit of my paycheck and every extra penny I could literally went into a bucket.
Money left over from a night out, into the bucket. Change in my pocket after shopping or a day out, say hello to the bucket. Every month or two, I would take the money out, count it.
Then take the coins to the bank to exchange for bills, I had a pretty good system. After a while I got to my goal and bought my first motorcycle.
And because It was “extra” money so to say, I didn’t even notice it missing from my budget. It might seem like it’s far away, but time flies and you’ll get there faster than you think.
What are some other tips to help me save up money to buy a motorcycle?
As discussed the simplest way is to simply take a percentage or fixed amount from your paycheck each month. But who wants to wait one day more than they have to for something?
Here are a few other things you can do to speed it up a little:
- Start a side business online. Get your internet hustle on. There are countless ways you can make money online. Sell goods on eBay or Etsy, fill out surveys, do graphic and web design, write blog content for others. There are really too many to list. Get out there and hustle.
- Cut out unnecessary expenditures. Do you need to buy that $7 coffee every day on the way to work? While it might not be as fun, maybe you can buy a box of tea and just make that for yourself at work. Going out with some friends for a few drinks, cool, but maybe skip the Chinese food and “cold tea” at 4:00 am. Find little ways to cut down and then put the money saved towards your goal. You can still have a life.
- Put in more hours at work. Maybe you get paid part-time or on a per job type pay. Then just try to pick up as many hours and jobs as you can. Then put this extra money towards your motorcycle goal.
- Rent a motorcycle. This can work pretty well to help you get your fix while you are saving to buy a motorcycle. I actually did this, I would rent a few times a year, a weekend here and there. It allowed me to get out on two wheels. Making the whole waiting process much more bearable.
- Lower your requirements. This is a big one. Sure you want that Ducati, I mean they are beautiful motorcycles, who wouldn’t want one? But maybe a better and more affordable option might be that SV650 your buddy is selling. Sure it has a few dings and scratches, but who cares? It’s way more affordable and at the end of the day it’s a motorcycle.
- Hit up a family member for some cash. Notice how I didn’t say get a bank loan. Personally, I prefer to buy my motorcycles with cash. I don’t like debt looming over my head. Maybe you are just a couple hundred bucks short, the season is coming up and you want to ride. This is a perfect time to visit the bank of mom and dad. Put in an application, then agree to any terms they offer and get your motorcycle. Sure you’ll be raking leaves and shoveling snow until you’re 60, but you’ll get your bike today.
- Sell your car. Maybe you don’t really need a car. Sell it and put the money towards buying your motorcycle.
- Ditch that metro pass for a bicycle or your feet. Monthly metro/subway passes can cost quite a bit of money. If you are not far from work, maybe you can just walk or ride a bicycle. You’ll get in great shape and save some money at the same time.
While this can speed up the process a little bit, it’s still going to take some time. Don’t be discouraged. You might get close to your goal and life throws you a curveball, forcing you to spend the money elsewhere. Don’t sweat it, just keep at it. You’ll get there.
Like I mentioned, you need to go over your finances with a fine tooth comb. Look at everything you spend money on. Do you need it? Nope, then that money can go towards buying your motorcycle. I’m not saying cut everything out, but take stock of what is really a necessity and what is simply a luxury.
What are some things to avoid doing when trying to save up to buy a motorcycle?
A big one is getting a bank loan just to buy a motorcycle. I wouldn’t do it. There are so many reasons why bank loans suck.
I’m not a financial advisor or banker so I’m not going to get into details, but basically you end up paying more. Also if at any point during the loan period you have problems paying, then it can compound into a bigger problem. IMHO it’s better to just avoid if possible, but if you don’t care about this, then you do you. It’s your life.
Don’t do anything that might get you into trouble with Johnny Law. As much as you want that new motorcycle, cutting corners in life is just going to cause more problems in the long run and is not worth it.
The other day I was reading the news and some people got sentenced for a jewelry store robbery. They stole 45k in Rolexes and what not. They ended up getting 10 years.
Not getting into the argument whether or not the sentence is fair. The fact is, they threw away 10 years of their lives for 45k. That works out to only 4.5k per year, is your life worth more than 4.5k per year? You better believe it is!
Saving up to buy a motorcycle can seem like it’s going to take forever, but that’s not the case. Break it down to an easy monthly goal and follow through. If you want to make it happen earlier, there are steps you can do to make it happen. You never know.
Maybe that side hustle you start on Etsy selling hand knitted hats for cats, might just take off and become a full time business. Allowing you to buy a whole garage full of motorcycles.
Just remember, you will get there and to be patient. Until next time, all the best and happy riding!