10 Tips to Save for Your First Home

 By: Amy Smith, Mortgage Planner

Saving money is hard!  But just like anything if you try hard enough the payoff is fantastic.  Follow these not easy but rewarding steps to save for your first home….

1.  Start a budget.  Plan your expenses and budget in an amount for savings every month 
2.  Get a travel mug!  Making your coffee at home to take with you can save you $2 or more a day. 
3. Skip the bagel.  Buy your breakfast when you do your grocery shopping and pack it.
4. Along the same lines – pack your lunch.  Savings $7 a day (or more) on lunch out could be a huge savings at the end of the month.  
5. Eat dinner at home.  We are all busy so getting delivery or eating out always seems easier.  If you cut out dinners out at least twice a month you could save $50 to $100 just for those two sacrifices. 
6.  Review your auto insurance plan.  Make sure you aren’t paying too much because you’ve stayed with the same carrier. 
7.  Stop spending needlessly!  Stick with just your needs for one month and see what that leaves at the end of the month.  Stash it away and do it again.  And again. 
8.  Get rewards cards.  Make your spending work for you!  Saving on gas because you shop one place and earning discounts on your purchases another place help to cut costs for the things you have to buy anyway.  
9.   Have the time?  Get a part time job or start consulting (as long as you aren’t planning to claim a loss on your tax returns).  
10.    Have a yard sale.  Sell all of the stuff you don’t need to drag with you to your new home.

Follow these tips and you’re on your way to putting more money away each month towards the home of your dreams. Ready to begin the home buying process? Request a copy of our homebuyers guide or apply online.