Are you wanting to buy a house? Does the thought of a down payment give you cold feet? Don’t worry, you’re not the only one. A down payment is a substantial amount of money, and it can be difficult to come up with the amount you want. I promise though, it’s not impossible! Here are a few tips for saving for that down payment.
Have a Plan.
Decide ahead of time what kind of home you’re getting and about how much it will cost. Decide what percentage of the down payment you’re wanting to have and give yourself a timeline to save it. It’s so important to have a plan laid out. Having a goal amount and a deadline will help you take it seriously.
Maybe have a chart hanging up in your bathroom or bedroom where you can keep track of the amount you save. Seeing yourself getting closer and closer to the goal will give you a boost of confidence and energy.
Also, decide where you’re going to be saving this money. Keeping it under your bed won’t be a good idea. Because it’s a large amount of money, you’ll want to put it in a CD or a money market account (make sure you can access the money when you need it). Doing this can help it grow just a little bit with interest and keep it safe while you put it all away.
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Cut Unnecessary Costs.
Do you really need cable when you spend most of your time watching Netflix anyway? Is painting your bedroom really a necessity? Watch closely what you spend. If it’s not a need, cut it out. You can wait to spend that money once you move into your new house!
Don’t Give Up.
Depending on how long you’re saving, it could be easy to give up. Don’t do it! I promise that it will be so worth it when you’re able to come to the bank with a large down payment. Not only will you feel accomplished, but you’ll decrease you’re monthly mortgage payment on your new house, allowing you to do all the fun things you’ve been waiting for. Your dream house is worth it all!
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Once you’re ready to buy, check out these articles for a few home-buying tips: