Saving for Your First Home
If you’re renting an apartment buying your first home may seem like an impossible dream. You have bills to pay, unexpected expenses, school loans, work expense, and maybe childcare bills added on so it seems there’s no way to save for a house. Here are some simple tips you can use to start a savings account for your first home and make that dream a reality!
Trim the budget. This may seem impossible but it’s not. Turn down the thermostat a couple of degrees and put on a sweater of you get too cold. Turn off unused lights and appliances, and pull the charger out of the outlet when your phone is charged. Check with your local energy provider and you’ll find dozens of helpful ways to lower your bills, and put the difference in your home account.
Cut the grocery bill. Stop buying snack foods, soda, prepared foods, and frozen meals. Buy marked down meats instead of full priced items; you can freeze extras if the date is short. Make twice as much food as you need for a meal and freeze the second portion for a day you’re short on time.
Look for online discounts for the things you already use. A site like Groupon makes this easy because you can download the app and have thousands of discounts and coupons at your fingertips. This is a great way to save on salon visits, vitamins, repairs, and virtually every other service and product you might need.
Stop impulse buying. If you see something you think you must have, wait a day or two before you decide to purchase. Many merchandisers rely on impulse buying to push their products, so don’t fall victim to this marketing strategy.
Refrain from eating out. Tally up how much you spend a month on takeout and restaurants and you’ll probably be shocked. The same goes for that latte you order each morning or the quick lunch you grab at work: pack your own and picture your future home each time you unwrap a sandwich.
Ask for help. It’s okay to ask the grandparents to watch the kids once a week if that means you’ll have an extra $100 a month towards your home purchase. Tell them the purpose of using them instead of daycare and they’ll probably be very supportive of your goal.
Remember, if you want to buy a home you’ll have to have a plan. That’s the first step in saving for a down payment!