HOW TO SAVE MONEY FOR A DOWN PAYMENT
With the current real estate market as it is currently, with all the foreclosures and banked owned properties available, everyone is looking to take advantage of this by purchasing a home.
This process is not always easy, because most Americans do not have the funds available for a down payment , that is required to purchase a property.
If one is serious about owning their own home they must start saving for that very important three point five percent down which is a requirement for most first time home owner looking to acquire a fha home loan.
There are some very important steps that can be taken to save money for a down payment;
1. Start by putting yourself on a budget, meaning you will only purchase things that are essential to your survival, such as food, rent and medical expenses.
2. Buy in bulk, you can shop at Costco or BJ’S and buy household items in huge quantities that will serve you a long time, and for extra savings you can also cut coupons to help reduce your grocery bill even more.
3.To save even more towards that down payment, try making breakfast and lunch at home and packing for everyone in the family, thus cutting out the need for those expensive star bucks coffees and pizza lunches. If you want to go even further, trying cutting down on those expensive family dinners outside and instead try cooking meals at home with the assistance of the entire family.
4. If you are one of those people who find it hard to save, try opening a separate bank account where you can save towards that down payment, it can either be a savings or checking account, just don’t get a debit card or temptation might prove too much for you to handle.
5. It is a rather well known fact, that Americans are storage junkies, we like to keep anything from our children”s childhood toys to our wedding dress that we know, we probably cannot fit into anymore, but we keep them anyway for sentimental reasons. So if you are looking to minimize your clutter and need the extra cash to put towards your down payment, try having a yard sale. To de-clutter your living quarters so that when you finally save the down payment for your beautiful home , you can just move right in with nothing but the best.
When saving for anything, every little bit helps, so don’t think that if someone gives you fifty dollars for your birthday you have to squander it on meaningless things, or that you pass a penny on the street you are going to leave it there. No in this day and age every little bit helps, because if you put all your pennies together sooner or later you will be living in your dream home.