Lodinews.com

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

Quick tips for making saving for that down payment a little simpler

Print
Font Size:
Default font size
Larger font size

Posted: Friday, August 15, 2014 6:42 am

Saving for a down payment is difficult for most and achieving what you desire requires sacrifices. That’s generally easier said than done. If you analyze your spending and lifestyle habits you can determine quickly how to conserve enough reserve to buy a home.

Here are six tips that can help you put away $50 to hundreds of dollars each month. Start with a fresh sheet of paper or a digital document that you can refer to frequently. Keeping it fresh on your mind will help you achieve your goals.

1. Write down what your bring home pay is and what your monthly expenses are. Be clear about how much actually comes in and exactly how much is going out. Seeing where you spend your money and what it is being spent on will help you determine where you can cut costs.

2. If you have recurring monthly charges for services, consider getting rid of them. For example if you have a gym membership and only using it a few times a month this could be eliminated. Most people have some recurring monthly service expense that could be eliminated and this could generate hundreds of dollars of savings over a year.

3. The daily coffee run could be costly. That fancy coffee run can cost more than $30.00 week. Save the coffee run for a treat on your day off and put that money away.

4. Cut back on eating out. Cooking more meals at home will allow you to take leftovers for lunch the next day. This could eliminate two dining out costs. When dining out look for coupons available and early bird specials to add savings to your dining.

5. Start a side job. Many people are making money working from home using the Internet. Explore your options and see how you can generate some extra cash each month.

6. Use momentum to pay back your debt. Paying back your debt with the highest interest rates first will show the fastest decline in debt. As you pay off one debt you can then add that money to get the next debt paid off quicker. By combining whatever you were paying on the paid off debt to another balance that you’re paying down, you’re giving it some momentum and you’ll get that next card paid down even faster.

Remember that reducing your spending is critical to having what you want. So don’t add to your debt, keep your eye on your goal. Becoming a homeowner is one of the most exciting things you will ever do.

Eileen Schamber is the president of the Lodi Association of Realtors and can be reached at president@yourlocalaor.com.

Rules of Conduct

  • 1 Use your real name. You must register with your full first and last name before you can comment. (And don’t pretend you’re someone else.)
  • 2 Keep it clean. Please avoid obscene, vulgar, lewd, racist or sexually oriented language.
  • 3 Don’t threaten. Threats of harming another person will not be tolerated.
  • 4 Be truthful. Don't lie about anyone or anything. Don't post unsubstantiated allegations, rumors or gossip that could harm the reputation of a person, company or organization.
  • 5 Be nice. No racism, sexism or any sort of -ism that is degrading to another person.
  • 6 Stay on topic. Make sure your comments are about the story. Don’t insult each other.
  • 7 Tell us if the discussion is getting out of hand. Use the ‘Report’ link on each comment to let us know of abusive posts.
  • 8 Share what you know, and ask about what you don't.
  • 9 Don’t be a troll.
  • 10 Don’t reveal personal information about other commenters. You may reveal your own personal information, but we advise you not to do so.
  • 11 We reserve the right, at our discretion, to monitor, delete or choose not to post any comment. This may include removing or monitoring posts that we believe violate the spirit or letter of these rules, or that we otherwise determine at our discretion needs to be monitored, not posted, or deleted.

Welcome to the discussion.

Contingent real estate offers are quite common in home sales

When a person who wants to purchase another house, using the proceeds from the sale of their existing house, they have to make an offer with the condition that their present home has to be sold first making the offer contingent.

Posted: October 24, 2014
Comments (0)
more »

Loan Calculator

Your News

News for the community, by the community.

Featured Events

Mailing List

Subscribe to a mailing list to have daily news sent directly to your inbox.

  • Breaking News

    Would you like to receive breaking news alerts? Sign up now!

  • News Updates

    Would you like to receive our daily news headlines? Sign up now!

  • Sports Updates

    Would you like to receive our daily sports headlines? Sign up now!

Manage Your Lists