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July 26th, 2017 by

Smart Ways to Save for a Down Payment
Deciding to buy a home is very exciting. Looking through listings for Mansfield homes, finding a few favorites and daydreaming about how you'll decorate. It's fun. But for many, it becomes overwhelming as soon as they look at their bank account. Saving for a down payment requires patience, determination and discipline--but millions of people accomplish it every year so it's definitely not impossible. To help get you started, our agents at Haring Realty have put together a list of five smart ways to save for a down payment.

  1. Separate Savings Account
    Mingling your savings with bill and spending money makes it too easy to dip into. But if you open a savings account strictly dedicated to your down payment, it's not as accessible. It's also motivating to watch your savings grow. Most employers have direct deposit options that include allocating a certain amount to go straight into your savings account. You'll probably feel the pinch of less spending money in the beginning, but after a while you'll adjust and learn to live with it. After you've saved enough for your down payment, we suggest continuing your deposits into this account and renaming it, "home improvements". 

  2. Earn Extra Income
    This is a little tough because no one really wants to work two jobs. But just keep telling yourself, "This is only temporary." Working an extra ten hours a week, earning minimum wage at a low-stress part-time job, could easily add up to $4,000 a year. Put all of those earnings toward your down payment. Seeing your savings account grow might actually inspire you to work a few more hours. And the more hours you spend working, the fewer hours you have to spend money. Who cares what the job is, it's temporary. Deliver pizza, be an Uber driver...just sock it away.

  3. Make Cuts
    Many of us are guilty of paying for services we don't use. Cable is a big one. Check your plan to make sure you really watch what you're paying for. Cutting back on premium channels could save a couple hundred a year. That may not seem like much, but those little sacrifices really do add up. Break down all subscriptions and only pay for services you use with anything, including things like extra cell phone perks and gym fees.

  4. Curb Your Spending
    Get those scissors ready, it's time to clip coupons! Actually, most big chain grocery stores offer online coupons, so you don't even need scissors anymore. Just sign up to receive weekly fliers and shop their deals. Also, find out what day they offer double coupons and do your bulk shopping then. Take advantage of specials offered in your area on things like two-for-one movie night and a buy-one-get-one-free pizza deal. Take-out coffee is an extra expense many of us are guilty of. Buying just a regular coffee, five times a week can add up to around five hundred dollars a year. More if you like it fancy. Ouch. Just make it at home and take it along.

  5. Keep the Change
    Find yourself a huge jar and start throwing your change in there. Every single day, empty your pockets, your purse and toss it in. When it gets full, lug the jar to a local coin exchange and deposit it into your savings account, then start it over. Loose change adds up faster than you think.

We hope these ideas get you started on your way toward buying a new home. When you're ready to begin your house hunt, contact our team at Haring Realty ?to find your dream home.

Categories: Buy a House
Tags: First Time Homebuyers, Buying a house, Haring Realty

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