Saving Money for a Down Payment

Whether you’re trying to save for a down payment, closing costs or home repairs, here are some ideas you can put to work now to help increase your income and save more of your hard-earned money.

GO BEYOND YOUR TRADITIONAL YARD SALE
Having a garage or yard sale will not only make you a little extra cash, but it’s also a great way to cut down on what you’ll need to pack and move once you find your dream  home. These days, you can take it a step further by posting photos of new or gently used items online via social media and local sale/trade boards.

PUT YOUR SPECIAL SKILLS (OR CAR) TO WORK
Turn skills like graphic design, data entry or even a hobby into some extra  income. Virtual Assistants and drivers for companies like Uber or Lyft are in high demand. Jobs like these allow you to remain flexible, set your own hours, and still bring in a respectable amount of extra cash.

MAKE A CALENDAR OF WHAT YOU COULD BE DOING
Go ahead and plan out everything you would normally do for entertainment – brunch with friends, date nights, happy hours, sporting events, vacations or weekend getaways, etc. Don’t forget to factor in gas, food and drinks for each outing. Calculate and add up the cost so you can realize how much money you’ll save by NOT doing each thing. This exercise will make you realize how much you could save by bypassing some or all of such events… at least until you buy your new home.

WHAT YOU DON’T SEE, YOU WON’T SPEND
Set up an automatic direct deposit into a savings account or CD. Choose an amount you’re comfortable with and commit to not touching it. If there are everyday items you can go without, immediately allocate those funds directly to your new savings account. Take a look at your monthly expenses and trim wherever you can. If a portion of your money is out of sight and already accruing interest, you won’t be as tempted to spend it.

STOP SHOPPING ONLINE AND USE CASH
It’s easy to overspend when you’re on your phone, tablet or sitting in front of the computer. This goes double if you have a glass of wine or cocktail in hand! When you’re out shopping, take a set amount of cash with you. It will be easier to stay on budget and select only the items you absolutely need.

CHECK FOR MISSING MONEY
Many people don’t realize there is literally billions of dollars sitting in state offices because they don’t know where to send it. It never hurts to check. People have been known to find hundreds or even thousands of dollars in accounts they’ve forgotten about. A quick google search should put you in the right direction to start tracking down lost funds.

Most importantly, don’t forget there are programs available to assist with down payments, home repairs and more. Our expert mortgage professionals are here to make the process easy and help you every step of the way.