3 Down Payment Money Saving Hacks to Help You Stash Cash Quickly
Everyone wants to save more money, but figuring out how to do it is usually the hardest part. Especially when home buying is a part of your immediate future plans. Whether you’re looking to put down three percent or twenty percent towards your home, here are 3 down payment money saving hacks to help you stash cash quickly.
1.) Cut more overall costs: Anytime you can reduce the costs of your monthly expenses, it allows you to take that little extra that you’re saving and bank it into your savings account. Saving $25 a month on a lower bill may not seem like much but after a year that’s an extra $300 more that is available towards your down-payment goals. Anything from transitioning to a lower cellphone plan to switching to lower car insurance rates and more can help make the difference between contributing nothing to a savings account and hundreds.
2.) Build an account: It’s important to set up an account solely for your down payment so as not to be tempted to take money out for other uses. It is also recommended that you establish an automatic draw that automatically funnels money monthly, bi-monthly or weekly from your checking account so you don’t have to worry about it or end up tempted to spend the money rather than saving. Build your down payment savings stash by setting up a designated account that pays the most interest possible.
3.) Assistance programs: There are hundreds of down-payment-assistance programs that exist to help buyers come up with the costs associated with home buying. According to RealtyTrac, there are over 2,000 available programs across the country. Sites like Down Payment Resource are designed to help connect people with hard to find financial resources and helps deliver a list of programs for which you may be eligible for and contact information for participating lenders in your area. So in addition to saving towards your down payment home buying goals, don’t forget to look into extra resources.
Trying any of or all of these 3 money saving hacks to quickly save for a down payment can help you helps make it possible to achieve your home buying dreams faster. If you’d like to learn more about saving to buy a home or if you’re ready to begin your home search, please contact The Bourland Team today. We can help you navigate through each step of the home buying process and help you find the home of your dreams!
The Bourland Team