5 Ways You Can Save for a Down Payment

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Here are five ways you can save for your down payment if you plan on buying a home in 2018:

1. Assess your spending habits and goals. Really determine whether you want to purchase a home this year, what buying a home means to you, and what you’re willing to do to make that happen. For example, it might be a good idea to go out to dinner less and eat at home more. Every dollar you save can be put toward your down payment, so make cuts where you can.

2. Shrink your TV package. This is a cutback I’ve made personally. I recognized I was spending an awful lot on Direct TV but was only watching about 20% of the stations I had access to, so I cut my bill in half from $150 per month to $75, which equates to a savings of $1,000 annually. An extra $1,000 makes a huge difference when saving for a down payment.

3. Drop your gym membership. Gym memberships (and most memberships in general) are something a lot of people pay for but either underutilize or don’t use at all. What membership do you have that’s costing you each and every month but you’re not using?

Every dollar you save can be put toward your down payment, so make cuts where you can.

 

4. Audit your bank and credit card statements. This goes hand in hand with No. 3. You might be surprised at what kind of savings you can accrue from cutting a $30-, $50-, or $100-per-month membership

5. Get a side gig. This relates back to No. 1. If you’ve assessed your goals and you’re committed to buying a home, getting a side gig or a weekend job can help you build toward a down payment. I’ve worked with buyers before who started baking pies on the side to make some extra money, and that pie-making business ended up contributing nearly $5,000 to their down payment.

Those are just a few ideas for raising your down payment funds, but there are many ways you can do it, so if you have any other questions about saving for a down payment or you’re perhaps looking to sell a home, don’t hesitate to reach out to me and my team. We’d love to help you.

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