For many people buying a home is part of the American dream but saving for the down payment might not be. So whether you are trying to buy your first home or size up for your growing family here are some tips to save for your down-payment.
1. Eliminate waste and daily splurges – if you have a smart thermostat make sure you don’t have the heat on in the winter or ac in the summer when no one is home. Consider replacing daily coffee stops with brewing at home, subscribe to services you don’t really use – eliminate some of them.
2. Budget – make a monthly budget of your spending – see where you can cut back and see how much you can save monthly.
3. Tax Return – with tax season here, if you are getting a refund, try setting it aside towards your down payment.
4. Get side gig – if you have enough time consider getting a side gig and save the money from that.
5. Ask – its fairly common for parents to help their kids with money towards down payments today (for those lucky enough to have this option), you can also consider asking friends and family for cash instead of gifts to help you put towards your house.
The market is changing and it also helps to see how much you’ll need to save and what you can qualify for – so please fill out our quick qualifier on our website to get a good idea of what you can qualify for.
