3 Ways to Save Money for A Down Payment on A House
Do you want to buy a home in Austin but can’t seem to make progress when it comes to saving money for a down payment to actually buy a home?
In this article, we will share with you 3 ways you can save money for a down payment on a home.
#1 - Transfer A Fixed Amount from Your Checking Account Each Month
The first and most popular way to save money for a down payment on a home is to transfer a fixed amount of money from your checking account each month and have those funds deposited into your savings account.
As with anything in life, the key to success is to commit to never using those funds and one of the best ways to do this is to recruit your spouse or partner to hold you accountable so you won’t tap into those funds and use them to purchase something else.
#2 – Skip Vacations For At Least One Year
Yes, you may love going to Cabo every year but if you’re spending up to $1,000 or more on your vacation, that’s money you could be saving for a down payment on your home.
#3 – Slash Your Expenses
Another great way to save money for a down payment on a home is to slash your expenses. This can be done by doing simple things like changing cellphone or cable TV providers, eating out less or changing insurance providers.
Once you begin to cut your expenses you will be amazed to see that it’s entirely possible to save $250 per month simply by changing your everyday services or habits.
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