A home is typically the largest single purchase you’ll ever make so it’s important to be aware of your financial circumstances and have a plan of action.
Once you figure out how much you’ll need, open up a savings account specifically for home ownership so you can automatically transfer a set amount into it each month. Here are a few ideas that’ll help you reach your goal:
- Consolidate Debts – If you carry a credit card balance, consolidate it to a line of credit that offers a lower interest rate.
- Government Assistance – Research the various government buyer assistance programs that are available to qualified individuals.
- Cut out the Big Stuff – Consider selling your car and using public transit or perhaps look for a roommate to help out with the rent and utilities.
- Cut out the Small Stuff – Buying lunch even a few times a week costs thousands of dollars a year so pack a lunch instead and give up the fancy daily latte.
- Making Menus – Planning weekly menus means you’ll be less likely to order take out or overspend on groceries.
- Dream It – Put a picture of your dream home in a prominent place to constantly remind you of your goal. Visualization combined with good old fashioned willpower will help turn your dreams into reality!
Saving up for a down payment requires discipline and patience. Just don’t get discouraged and remember that every little bit you save will help you eventually achieve your dream! There are various programs available to assist home buyers with their down payment needs so if you or someone you know requires some help, please get in touch.