Tips to Help You Save For Your Down Payment

Save For Your Down Payment

A few simple changes in your daily habits could help you save the extra cash you need to buy a home.

Ways you could save:

  • Take advantage of freebies.
    • Everyone loves free things, right? There are Facebook groups, like “Buy Nothing,” where you can score freebies from your neighbors that are getting rid of something you could possibly need. Getting resourceful with things that are already available at no extra cost to you is a quick way to cut down on expenses that add up quickly, leaving more to add to your home fund.
  • Use coupons and take advantage of deals.
    • This one will take some organization, but you can save hundreds of dollars by cutting coupons from local ads and using online coupon resources like RetailMeNot or Ebates.
  • Cook at home instead of eating out.
    • Sometimes, one meal out can equal a week’s worth of groceries. Especially if you’re eating out every day for lunch or hitting up Starbucks every morning, it all adds up. Sure, it will take more time to grocery shop and prepare everything yourself, but this can save you a significant amount of money every week. Imagine spending only a few cents on a cup of coffee, versus a few dollars with every trip to the coffee shop.
  • Consider cutting the cord to cable and switching to subscription
    • Switching from expensive cable packages to subscription-based TV may greatly decrease your monthly spending on entertainment.

Sources: 

https://www.forbes.com/sites/forbesrealestatecouncil/2018/06/01/nine-smart-tips-to-save-up-for-a-down-payment-on-a-home/#19643dcc498f

How low will your payment be?