June 30, 2015
Saving for Your Downpayment - Make Changes that Matter!
If you’re saving toward a downpayment on a new home, it will take you a long time to get from Point A (your rental property, or living with your Mom) to Point B (your own front door) if you don’t put some significant effort into the task. Don’t get me wrong…every little bit helps! However, this isn’t the time to talk about cutting back on Starbucks runs or buying generic spaghetti sauce instead of the brand name version. Let’s say you want to collect a $20,000 downpayment. How long do you think it will take? Ten years? Five? How about two? Ridiculous, you say. How can I possibly save that much in such a short amount of time?!?! If you’re serious about putting the cash together and are willing to make some changes that matter, you can definitely write a check for that amount when the time comes. Let’s look at some of the best ways to gather funds quickly.
- Reassess your current living arrangements.
- If you don’t need it or use it, sell it.
- Find at least two or three major ways to save on regular expenses each month.
- Plan a “stay-cation” at home instead of a vacation away.
- Pick up some extra work.
- Just “say no” to shopping.
- Match only to the max.
- Don’t mix your money.
- Stick with safe savings.
- Make it fun!