8 Ways to Save for a Down Payment

Dated: 10/23/2018

Views: 41

When you buy a home, most times you will be required to have a down payment. Even if you are not required, it is still a good idea. Coming up with a down payment can be tough, and seem impossible at times, but I have some good ways you can save for your down payment on your home!

  1.  Pay off your debt

This may seem obvious, but pay off your debt and then all that money you were paying towards those bills can be set aside for a down payment. 

2.  Save everything extra 

Sometimes this is harder than it sounds. As soon as you get that bonus from work you may start thinking of all the things you have been putting off that you can now get. Don’t get those things unless you really need them and put the money in savings instead!

3. Bank your tax returns 

This is the same as above. This is extra money, so put it straight into the bank if possible.

4. Sell stuff

You are planning to move anyway, so now is the perfect time to purge! Go through your whole home and decide what you won’t be taking with you to the new home. Do this every few months and you will kill two birds with one stone! Preparing for the move and saving for your down payment!

5. Look into ways to grow your money

If you have a little bit of money set aside already, stop by your bank and find out if there are any short-term CDs or savings accounts that will grow. You could make money just by leaving it there! Might as well have your money work for you instead of just sitting there. 

6. Lower your bills

If you can possibly cut out any bills, now is the time. If you have a cable bill, maybe switching to Netflix is the way to save. Put any extra money straight into savings.

7. Don’t go on vacation 

I know this doesn’t sound fun, but just don’t go on vacation this year. How much would you normally spend on weekend trips, or a family vacation? Put that into savings instead! 

8. Get another job 

If you need extra money fast, get another job! There are many things you can do from home, and if the holidays are near, you can do holiday help in local stores. It will only be until you have enough to buy your home.

Saving money is always hard, but once it is done, you will be so happy to have your new home! What are some ways you have saved or earned extra cash? 

When you are ready to buy a home, you can call me at (301) 529-9573 or visit my website. I look forward to helping you!

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