Saving for a Down Payment? Four Things to Part With!

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Saving for a down payment can be an anxious thought, until you realize that the old adage of having 20% down isn’t really a constraint anymore. There are down payment options of 5% or sometimes less! Even with these amazing options, thinking about how you will come up with that much cash can be daunting. We have come up with four things in your daily life that you can cut down on or cut out completely to save the big bucks!

  1. 1. Grabbing a coffee every day. Sure the new latte at Starbucks looks delicious but do you need a to-go coffee every day? Considering the average price of a medium latte is around $3.65 x 260 days a week = a total of $949 a year! That’s a lot of dough to be spending on coffee you could just be making at home!

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  1. 2. Everyone wants to be healthy but do you need that gym membership you only use once a month? An average gym membership is about $58 x 12 months = $696 a year! With so many inspirational workout DVD’s, YouTube videos and the great outdoors, why not design a workout at home that you will actually stick to?

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  1. 3. No one wants to miss the season finale of Game of Thrones but is premium cable worth it? On average premium cable costs $99 x 12 months = $1,188 a year! You may be the biggest GOT fan but you can always stream it the day after from a cheaper alternative like Hulu, Amazon Prime or HBO Now!

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  1. 4. Takeout lunch vs. homemade lunch. Takeout lunch seems so much easier right? Place your order and you are ready to go! However it will hurt your wallet a lot more than a lunch made at home. The average cost of takeout lunch is about $11 x 5 days = $55 a week or $2,860 a year! In comparison, if you pack a lunch, the average cost is only about $4 x 5 days = $20 a week or $1,040 a year! So start planning and pre-packing your lunch on Sundays, your lunch will seem like takeout!

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Some of these things may be huge in your life, maybe you are a gym buff who can’t imagine giving up your membership but you eat out every day. You can then keep the membership but start packing your own lunch (it’s healthier anyway!). These four things are killing your savings so think about your big picture in life and cut them out! Your grand total of savings could be up to $4,653! Which is definitely enough for a down payment or a great start to one. Talk to your Shorewest, REALTOR® today about what kind of home you are looking for and what a down payment could look like for you. Setting a goal will be a great motivator for your new home! #ShorewestRealtors #BuyersMarket #DownPayment

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Categories: First Time Home Buyers, Home Buying, Homeowner, How to, Monday Motivation, Mortgage

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