5 tips on how to start saving for a down payment
Have a fixed amount of money you want to set aside every month. I always recommend setting up an automatic transfer from your paycheck to a separate savings account. From personal experience, if I don’t see it, I won’t spend it lol!
Jot down all of your monthly expenses and see what you can eliminate. Do we really need to buy coffee every morning? Do we need to eat out every weekend? All of the small expenses throughout the week can add up! And lets be honest, it’s not really necessary. We can all make our own coffee and make our meals at home.
Find a side hustle. Especially now when most of us are spending more time at home and some are still working from home, I’ve seen many people I know turn their hobbies into a small business!
Skip your next few vacations. I know for most of us we can’t really travel for leisure right now anyway, which is even better if you are trying to purchase a home! Any money you may have set aside for your next vacation, you can now add to your savings for a down payment. Personally, during this pandemic, I realized I was able to save the most money since I can’t eat out, go out or go on vacation.
Look into down payment assisted programs. There are many different programs out there that offer lower down payments or no down payment at all. It all depends what you qualify for, so I always recommend doing your own research and ask your realtor for guidance.