4 Tips to Help You Save for a Home

Saving for a down payment for a home doesn’t have to be a big challenge, nor does it have to have a big impact on your everyday budget. If you can build up a big enough savings account without having to drastically change your spending habits, then you can be motivated to do what you need to do to make homeownership a reality.

1. The easiest way to start your savings plan is to have a portion of your paycheck directly deposited into your savings account. If your employer will agree to make a split deposit on your behalf, this is the perfect way to not spend your entire income on everyday incidentals. If what goes into your savings is a reasonable amount, you likely won’t miss it, and you can still meet your essential monthly spending obligations.

2. Analyze where you spend small amounts of money on a daily basis. Money spent on coffee and snacks or drinks after work can add up to as much as $50 a day. Cut back on these nonessential items and direct those funds to your savings.

3. Small change adds up. Supplement your larger checking account transfers with periodic smaller amounts that don’t impact your budget.

4. Reduce your overhead by downgrading your living space and monthly rent. Live small, and you will find that the money saved can quickly increase your savings balance.

Call or email me today, and we can evaluate your financial situation and come up with a custom plan to help you save.