Ready to reach your goal of home ownership? Today we’re taking a look at saving money for a down payment. Will skipping the fancy latte or making lunch at home really help you meet your down payment goals? While preparing for the purchase of your dream home, there are many money-saving tips that can help you along the way.
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Down payment amounts usually range between three and twenty percent of a home purchase price, depending on your loan program. Here are five ideas to put into practice to help you save money for your down payment and reach your goal of home ownership.
- Budget and stick to it! Take inventory of your monthly expenses – how much income you bring in each month, how much money goes towards debt, housing, subscription services – and break down your expendable income into categories like groceries and entertainment. Budget for those items and make sure to stick to it each month.
- Try out a spending freeze. Commit to not spending any money on nonessential items for a week. This includes saving money you would normally spend on eating out, shopping for clothes, or those impulse Amazon purchases.
- Find ways to save in your home. Can you cut down on your electric bill? Consider switching to energy saving LED bulbs, turning off lights when they’re not in use, and programming your thermostat higher when you’re away from home. Many environmentally friendly tips and tricks can also save you money on your utilities bill.
- The cable culprit. Cutting out on large cable packages can help save money each month. You can choose a streaming service or two for a much lower monthly cost! There are also many streaming services which are ad supported, meaning you don’t have to pay to watch some of your favorite shows. With so many options, you won’t even notice the cable’s gone.
- Plan a staycation! Just because you’re budgeting doesn’t mean it can’t be fun! Try having a staycation instead of a getaway and play tourist exploring your hometown with a new point of view.
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Why Coastal Loans?
At Coastal Loans we work directly with Holiday Builders to streamline your homebuying process. As your dedicated mortgage lender, we are able to simplify the lines of communication with your home purchase team, resulting in industry leading turn times. Our competitive rates and extensive loan product options allow us more opportunities to help our clients secure their dream home.
Buying a home is one of the most important financial decisions you will make. Understanding mortgages and the home buying process can help make it less stressful, and so can partnering with a mortgage lender you can trust. At Coastal Loans, we’re dedicated to helping home buyers finance their dream home. All information presented is for educational purposes only and not intended as financial advice.
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