You want to purchase a home or condominium, but do not have savings for a down payment. Here are some ideas to start saving for that future home now:
Stop Buying Coffee
At $4 for a premium cup of java, the money certainly adds up fast when you visit Star Bucks or other coffee houses. Brew your coffee at home and save lots of “bucks”.
Dining Out All of the Time?
If you eat breakfast and dinner at home and brown bag your lunch, you will save cash. On average, Americans spend $936 eating lunch out each year.
Shop Your Closet
Do you really need the new shirt? We bet you have plenty to wear in your closet. Or swap clothes with friends!
Sell Unwanted Stuff
If you have items of value that you no longer want, think about selling them to get some cash.
Do you really need all of the premium cable television programs? Cut your cable bill. Be ruthless.
Get a Roommate
Save some money by renting out a spare bedroom. Or, think about moving in with your parents or other relatives for a time period to save money. (Blogger note: My brother and his wife did this for two years and saved enough to build their first home!)
By limiting soda and alcohol intake, you can save money. Americans making $50k yearly on average spend about 1% of their income on alcoholic beverages. And, an average American spends $850 yearly on soda. Drink water – it’s free!
Make your vacation a stay-cation to save money.
Study your expenditures for entertainment. Take advantage of free concerts, parks, museums and festivals!
Consult With a Mortgage Loan Officer
There are many different types of mortgage loan programs available. See what your options are for down payment programs.
Here is an interesting article about saving $20,000 in two years.