saving for a down payment!
Saving for a down payment is a very worthy goal. Homeownership has shown to be a good long term investment that creates family and community stability.
How can you budget your life and turn the dream of homeownership into realty:
·Be realistic about all your current expenses. Take a few weeks to a month to track all of your monthly expenditures.
·Divide your expenses into columns. Rent, fuel, groceries, house hold expenses, travel, entertainment, clothing, ect.
·Now align your list with your monthly income. Are you sending out more than you are taking in? Today’s economy is not a good time to be cutting it close.If home ownership is truly a goal, make sure you are saving all that you can! Decide what you can do without. Are you over spending on dining out and other entertainment? Find alternatives. Content yourself with home cooked goodness and a movie at home. A typical night out can cost $50.00-$100.00.If you save this money each week you can save up to $2600 to $5,200 a year! The same goes for cable and satellite TV, many people spend a $100 per month, which is $1200 per year.
·Open up a savings account specifically for a down payment. Put money into the account at the beginning of each pay period.We tend to spend a dollar here and a dollar there when we have access to the money in our accounts. Be tough on yourself. Transfer the money into the savings account as soon as you have it available, and watch it grow!
·Find other ways to save money. Shop sales and use coupons. It may be time to downgrade other parts of your life. Do you really need a luxury car or the latest fashions? Or perhaps a cheaper models and brands will suffice. Talk to your current credit card companies, they may be willing to renegotiate rates. Be willing to talk to other companies to see what offers they may have.
·The key to reaching your goal of home ownership is to keep focused it will be well worth it!!
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