Many people plan to buy a home in the future, but with lending requirements being stricter, bigger down payments being required, and the current real estate prices being where they are, purposeful saving is in order for most potential home buyers.
There are many helpful resources and tips on saving available, but here are just a few of my suggestions; please call me for personalized real estate assistance!
Have a family budget: If you’re spending more than what you’re making, you’ll never build up savings. I suggest that you commit to saving a specified amount each paycheck beforeyou pay bills or spend it on flexible items such as the grocery, eating out and entertainment.
Work more: By picking up more hours at your current job or by finding a second part-time position, your savings will be expedited. This is the perfect time of the year to find a short-term job, with all of the holiday positions becoming available.
Create a house savings account: Through your bank, set up a specific sub-account (or create a new savings accout) just for your house savings. Many times when you’re saving for a house by throwing it in your general savings account, it becomes too easy to dip into house funds when you need to pay a different bill.
Save every penny of unplanned bonuses: It’s tempting to splurge when you receive your year-end bonus or unexpected jackpot, but remember that your long-term goal is to have your own home.
Cut where you can and make big sacrifices: Drive your old car into the ground, don’t have cable or go to movies and concerts, downsize to a smaller rental or move in with family, eat at home, and do cheap or free things with your family and friends.
Just do it! You can make your dreams of homeownership a reality! As always, call me for real estate assistance, at (619) 890-3648!