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Jun
09

Five Simple Ways to Save for Your New Home Down Payment

FinancingSaving up for a new home can sound like a daunting task, especially in today’s housing market when rental payments are often higher than mortgage payments. But for those who truly desire to own a new home and are wishing to save up, there are some easy swaps that could quickly add up for someone dedicated to creating a nest egg. Here are some easy cuts to help you get on the budget track.

Change Out Cable for Netflix & Hulu – Unless you work from home and need a dedicated home phone line and cable internet access, cable almost always ends up eating a huge chunk out of the average american’s monthly budget. With bundled packages, it may seem like a deal but cutting cable for a low cost internet provider and then adding on Netflix and Hulu for a grand total of $17/month can save anywhere from $100 – $300 per month. With savings like that you can be well on your way to saving thousands a year with no other changes.
Change How You Drink Coffee – The average American spends between $1,000 – $1,500 per year on coffee thanks to drive-thrus, promotions and bonuses. And if you are caffeine addict the number may be much higher. No one is saying cut the coffee, just the spending. Start by purchasing coffee in bulk and purchasing a $5 reusable KCup on Amazon. Whether you have a machine at the office or at home, a reusable Kcup with your own coffee and skipping the store lines can save up to $500/year!
Pack Your Lunch – $5 lunch deals seem so much easier than packing, don’t they? And what a deal….until you times that by 5, then by 50 then by two married persons…you get the point. A few dollars here and a few dollars there compared to simply packing up the leftovers from your dinners can save up to hundreds, maybe even thousands a year.
Purchase Cleaning and Household Supplies at Bargain Stores – Stores like Dollar General and the Dollar Store sell everything from trash bags to laundry pods to glass clean for a buck a pop. And often times, they carry the exact same name brands you would find Compare that to grocery store prices that can be triple to five times that price. It’s worth the extra trip to stock up on items that won’t spoil quickly.
Cancel Your Subscription to Deal Sites – Everything from pedicures to vacations seems to be the deal of the century and lands in your email inbox every single morning. What’s worth remembering about such deals is you often would never have purchased them in the first place. The $50 you saved on a dinner for two deal doesn’t mean much if it costs you $45 for a dinner you never would have eaten in the first place. Skip the “bargains” and put away they money for your new down payment.

Just a few simple tweaks can put you on the fast track to saving. That combined with a variety of new financing programs that are specifically put into place to help assist with down payments can help put you on a path to home ownership sooner rather than later. For more financing tips, please click here.

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