With the high inflation that we have seen this past year, saving seems to be more difficult than ever, and saving up enough to buy a home can feel almost impossible.
Here are a few ideas and strategies to help save for a downpayment:
- Crack down on your budget.
Make sure you have a monthly budget in place and follow it. - Reduce or cut back on dining out or getting takeout. Plan out your meals, check for local sales and coupons, and buy in bulk if possible.
- Skip a vacation this year, and plan a staycation instead.
- Set up automatic transfers from your checking to your savings account each month.
- Put away tax returns, raises, bonuses, etc., into a high-yield savings account.
- Pick up a side hustle like freelancing, ridesharing, pet sitting, or babysitting, or get a part-time job. Remember, it’s short term to achieve your goal of homeownership!
Although 20% down allows you to avoid monthly mortgage insurance, there are loan programs that allow for as little as 3-5% down.
Have questions about the home buying process and where to start? Send me a message, I’d be happy to send you a FREE copy of my homebuyer guide!
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