6 Tips To Help You Save Enough Down Payment To Buy A Home

Dated: 01/08/2019

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Failing to save the required down payment is one of the main reasons renters having a hard time getting their own dream home. This new year, don’t you think it’s time for you to make some change? Here are a few tips to help you save enough money to get your own home.

Have 2 separate accounts

Having an extra account solely for saving is one of the best ways to keep you away from spending that hard-earned paycheck you got.  Keeping it one account makes your brain think that you have too much and it will not hurt to spend a little and reward yourself. Keeping your money away from your sight can help you get away from the temptation of spending it.

Stay away from shopping

Shopping especially online is the most way people impulsively buy things that you may not actually need. It is because it does not hurt and you don't actually feel the cost of purchases. The best way is to set a budget limit for shopping and keep buying wants to a minimum. It may be hard at first but you'll get used to it for the better.

Pay with cash

You know how light it feels when you buy something using your card. Many studies show that using credit cards causes people to spend more. It is because it feels like you are getting things for free at that time only to end up paying so much when your statement arrives.

Using cash can give you a sense of how much you are actually spending each time you get something so you will think of ways to prevent each penny from being spent.

Make a to shop list

When doing your grocery and shopping, be sure to make and follow a list. It will help you to keep on track in your spending.

Cut expenses and find more income

Spend wisely. Figure out if you can live with or without it before shopping anything. Be flexible in your grocery list - buy fruits in season or items on sale. Try to pack your lunch, make coffee at home or even do your workouts at home instead of paying gym memberships. You can also work overtime or get a side business.

Set a target and a timeline

Decide when and how much to buy. How much down payment do you need to save to get your ideal home? Divide it up and create a saving plan. Determine how much you can keep each month to figure out how long you will have to save. Be sure to be realistic, consider your future income and inflation too.

Buying a home needs lots of preparation and sacrifices in need to. But always remember, it will be worth it.

 

If you are ready to buy a home around Alaska, call or text (907) 570-6757 or 907-720-4663. We can help you find a home that will be worth your every penny.

 

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Homes by Vanna

Vanna has called Alaska home for the past 15 years. As a mother, real estate investor and previous business owner, Vanna brings many different perspectives when working for her clients. She has been a....

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