For once, one thing remains whether you’re considering purchasing your first home or you’ve owned homes for years. You might feel it’s an overwhelming idea to save up for a down payment. The overwhelming feelings might feel even more so in this current down economy when job prospects are also relatively unstable. You can achieve your goals in many simple ways, in fact, if only you’re committed to becoming more aware of your finances. Try these three simple tips on for size.
Start thinking it through and stop eating out, first and foremost. You’re spending about $10 a meal if you eat out even just once a week at a mid-level restaurant, right? Wrong. Add in the cost of appetizers, desserts and drinks you might also order with your meal this time. It might be $20 now. Have you thought about the tip? One meal is costing you $25 or $30 before you know it if you keep adding things up. All of a sudden you’ve spent over $100 in a given month if you multiple that by how many times you eat out every 30 days.
Try making your favorite dinners at home more often instead. If you do eat out, ask for ice water with your meal, since it’s free. Cut the tip from 15% to 10%. On smaller amounts, the difference isn’t a lot, but it will sure add up toward your down payment.
Use fewer paper towels, as a second method. The cost of purchase adds up over times, even though it’s everyone’s favorite way to clean up a mess or wipe their hands. Why not, when you can easily get rags that will do the same job for free? By simply washing them occasionally, rags can be reused as well. Saving for a down payment only takes a little thought on your part.
Discontinue magazine subscriptions as a third tip. The same information is usually available for free online anyway. You can do the same with movies. Admission, popcorn and a drink all costs about $30, so stop going out. Instead, think about subscribing to a monthly movie mail program. It also costs a whole lot less.
You can really save a lot of money in these three simple ways toward a down payment. Over time, though, you’ll be saving much more than you ever originally imagined.
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