After reading our post from before, (How Long Does It Take To Save A Down Payment?) it is easy to see that saving for a down payment is not only feasible but it is practical as well! Thanks to the amazing resources available, the Freddie Mac or Fannie Mae 3% down programs, it is easier and takes less time than ever to be a financially responsible homeowner. Here are five easy ways to achieve your goal of home-ownership:
Pay Yourself First
The easiest way to save money is to never really have it in the first place. Set up an automatic deposit account so that you never have to handle your paycheck directly. This will make it extremely easy to not be tempted to take any out before you put it into the bank.
Avoid Accumulating New Debt
Try not to open any new credit card lines while you are trying to save up. This can stretch your budget thin and make it hard to stick to your goals. Work on the loans you have already as your new home loan will take a good chunk of change.
Set Reasonable Savings Goals
With a goal like a house in mind, it is easy to get over enthusiastic and set unreasonable goals for yourself. If it is not feasible for you to set aside half of your paycheck each pay period, then you will need to reevaluate what is realistic in the scope of your spending vs saving.
Establish a Time Frame for your Goals
It’s easy to say that you will start saving now and be able to buy a home soon. However you will want to make sure that your time limit is motivating you as well! Make sure to work out how long it will take you to achieve your 3% down and stick to it.
Keep a Budget
It is easy to outline a timeline of savings goals, however it will be especially hard to stick to them if you don’t know what you spend now! Record your spending for a month and prepare a budget plan from there. It will ensure you are on the right track to your future.
Your future is important and saving for a house is a large undertaking. If you measure out your spending and take a proactive approach to saving, that dream house is closer than you think! Talk to a Shorewest, REALTOR® today about where your dream home might be! #ShorewestRealtor #ShorewestFamily #FirstTimeHomeBuyer