Seven Tips to Save for a Down Payment

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Here are seven tips to help you save money for a future home! It also shows how easy it is to make a habit of saving money! You will be on your way to a down payment for your new home in no time.

  • The first option is create an automatic transfer from your checking account to your savings account. This can make the process automatic and less painful because you won’t notice it happening.
  • An easy thing to do would be to save every $5 bill you receive. Set it aside and you will be amazed when you go to deposit your stack how much it has grown!
  • Harder advice to follow would be to save your raises and bonuses as you receive them. Instead of splurging on the latest phone, you will have a house instead!
  • Put your tax refund in the bank instead of spending it!
  • Is your car finally paid off? Resist buying a new one and save your monthly payment!
  • Do you have a cash rewards credit card? Use it to get cash back on purchases and put the rebates in savings!
  • Looking for something to motivate you to save for your down payment? Visualize your goal by printing a picture of your dream home and putting it on your refrigerator, your office workspace or on your mirror!

After you start these savings habits, your down payment will be saved up in no time! Try doing multiple hacks at once to make even more of an impact.

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Categories: First Time Home Buyers, Home Buying, How to, Mortgage, Real Estate Tips, Shorewest Tips

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