Three MORE Tips for Saving for a Down Payment
Just because your money is a little tight right now doesn’t mean you can’t start saving up for a future down payment on a house. Consider some of these money-saving tips.
Reduce Big Expenses
Cost-cutting can be a difficult process, but you’ve got to take a long, hard look at your lifestyle and see if there are places where you can scale back on big-ticket items. If you drive a luxury vehicle, for instance, does your monthly payment put a strain on your wallet? What about your rent? Can you find a less expensive place where you can live comfortably? Can you move in with roommates to save money? These are important considerations that have the potential to greatly improve your savings.
Scale Back a Little in Every Area of Your Expenses
If you’re not able to make big budget changes sometimes cutting a little from multiple areas of your expenses can have a big impact. For example, when you’re grocery shopping you might consider eliminating a couple of items from your list. Think about adjusting the thermostat inside of your home to lower expenses for heating and cooling. You can cut down on vehicle fuel costs by consolidating your trips, or even by walking, when it’s possible. These are all small cost-cutting measures that can add up to significant savings over time.
Cut Back on Non-Essential Memberships and Subscriptions
If you haven’t already done so seriously consider ending or suspending non-essential memberships and subscriptions. Coffee clubs, meal preparation service subscriptions, gym memberships (in-person or virtual), and things like dance and tennis instruction (in-person or virtual) may need to be paused as you recalibrate your finances and begin to save. Instead of paying for a gym membership consider working out at home to save money (taking into account your physical health needs). All of these changes can be temporary until you reach your savings goals.
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