Saving for a Downpayment

Tips for Downpayment Saving

Saving for a downpayment can be an overwhelming process! Whether you are buying your first home or simply moving on from the one you currently own, chances are you need some sort of downpayment fund. It can be tough to come up with the cash and having a plan will help! Here are some tips to cut costs and save for your downpayment.

5 Tips for Saving for a Downpayment

Audit all subscriptions and monthly expenditures

Most of us are guilty of letting some monthly bills get away from us. Check for subscriptions you don’t use or need, cancel anything you can for the time being and call to get reduced rates on cell phone plans, cable and internet, etc.

Cut out extracurriculars

Put vacations on hold for the time being, and cut out expensive social excursions. Avoiding restaurants and movies can save a boatload each month depending on your habits!

Pinch pennies on groceries

Let’s face it, grocery prices seem to be climbing nonstop. Check other stores out and get an idea of what you are overpaying on.. Sometimes a little effort can go a long way!

Investments and retirement savings

If you have a 401K or retirement fund you may be able to borrow with little to no penalty. Talk to your employer or your financial advisor.

Get a part time gig

Look for a part time job for a temporary cash flow. Whether it’s a traditional part time job or you want to do some freelance, Uber or the likes – some extra income each month can add up.

Keep in mind different types of loans have different down payment requirements! Talk to a mortgage company and see what your options are. Saving for a mortgage can be difficult – Life can get in the way and it can be easy to take a back seat to finances. These tips are great for saving for a downpayment or just to cut some costs in general!