Posted on February 21, 2020
What are some ways you can save money in order the turn the dream into a REALITY? These tips are basic, but can be the path to pinching pennies for closing costs, moving costs, or any repairs to the home!
Determine How Much To Save
It’s impossible to reach your goal WITHOUT SETTING IT. Even if you aren’t ready to purchase right now, talking to a lender or researching on your own can help you figure out the SPECIFIC number you will need to purchase you home!
Determine How Much You Can Afford To Save Each Month
Setting your goal will only do so much. It’s important to take a realistic look at your finances to determine how much you can REALISTICALLY set aside each month which will also help you set your timeline to purchase.
Understand the expenses of not only PURCHASING the home, but AFTER. Research the costs to purchasing a home such as Down Payment, Closing Costs, and Appraisal Costs. However, you also want to consider costs after purchasing such as home repairs, HOA Dues, and utilities.
Save Extras For Your House Fund
If buying a home is your PRIMARY financial commitment, it can be helpful to cut back on extra expenses by getting rid of cable, memberships, packing lunch instead of buying, etc.
Put Your Fund Somewhere Else
It can be tempting to use your House Fund for other expenses when you have constant access to it. Consider SEPARATING your fund into a separate bank account or money market account to make sure you keep saving.
I’d love to talk more about how you can start making headway on saving for your new home!