For once, one thing remains whether you’re considering purchasing your first home or you’ve owned homes for years. You might feel it’s an overwhelming idea to save up for a down payment. The overwhelming feelings might feel even more so in this current down economy when job prospects are also relatively unstable. You can achieve your goals in many simple ways, in fact, if only you’re committed to becoming more aware of your finances. Try these three simple tips on for size.
First and foremost, you should consider eating out less and thinking things through more. You may assume you spend about $10 at a mid-level restaurant if you eat out once a week, right? Try again, and this time add in costs of all appetizers, desserts and drinks you regularly order, as well. You’ll probably find yourself around $20 now. The tip has to be in there too, doesn’t it? The total can add up to $25 or $30 without you even realizing it. You could easily spend over $100, once you multiple that figure by how many times you eat out each month.
Instead, consider cooking your favorite dinners at home. Ask for ice water with your meal since it’s free, if you do eat out. Consider lowering the tip you give from 15% to 10%. It will sure add up toward your down payment, even though on smaller amounts, the difference isn’t that much.
A second tip would be to use less paper towels. You might prefer to clean up messes or wipe your hands with them, but they cost a lot and it adds up after awhile. Why wouldn’t you use this tip if it’s free and just as effective to use rags? All you have to do is wash them to reuse rags as well. You really only need to put in a little thought to go a long way in your down payment savings plan.
A third tip would be to stop subscribing to magazines. Why pay for something you can find online for free? Treat movies similarly. At around $30 for a single admission, popcorn and a drink, there’s really no point in going out. A monthly movie subscription program by mail is something you should consider instead. It’s so much more inexpensive, as well.
Saving money toward a down payment can be achieved in just three simple ways. You’ve got hundreds of dollars in savings on your hands, added together over time, though.
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