How to Save for a down Payment on Your First Home

Thursday, January 18, 2018, 6:00 PM | Leave Comment

Buying a house is an exciting event in anyone’s life. However, home buying can also be stressful, especially when it comes to gathering money for a down payment.

This article will offer practical tips and advice for how you can successfully save money for your down payment.

How to Save for a down Payment on Your First Home

  • Cut Back on Extra Expenses

    You can put a lot of money away by simply cutting back on things you don’t need.

    For starters, you could cancel your subscription to cable television. In fact, many shows and movies are available for free online, which means you don’t need cable as much as you think you do.

    You might be amazed if you counted how much money you spend for dinners out, movie tickets and magazine subscriptions. Make a vow to stop paying for these things for the next year.

    You could save hundreds of dollars and find cheap or even free alternatives. For instance, some public libraries show newly released films for free each month.

    Magazines can also be borrowed from libraries free of charge, which saves you the cost of a subscription.

  • Find another Income Source

    So you’ve cut back on expenses and still haven’t managed to put away quite enough cash? Then you must search for another income source.

    If you’re already working a full time job, find a second job that will allow you to work only a few hours per week. It doesn’t have to be a job you plan to keep forever, and there’s no shame in waiting tables part-time for a year or so.

  • Downsize Your Current Housing

    It may be worth your while to move into cheaper housing for a year or two while you save for your down payment.

    For instance, if you live in a three-bedroom house and feel you could save by downsizing to a two-bedroom apartment in a less expensive neighborhood, then research housing in other parts of your town or city.

    Certain companies, like House to Home Moving, know that this can help in so many ways.

    If you can find a place significantly closer to your workplace, you could also save money on transportation, too.

In the long run, you may find that saving for a down payment was not as difficult as you believed it would be. Penny-pinch on your current expenses, downsize your housing and search for another income source.

Following these steps could put you in a new home sooner than you thought possible.

Author BIO

Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on twitter and Facebook.

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