Save for a New House. Pinching pennies is harder than you think. When saving for a house and the initial down payment, you need to have a strategy in place.
Wondering where to start from, right?
The first thing you need to do is save all the receipts of the items you buy. This also includes your electricity bills, grocery bills, and other household expenses. Now crosscheck the total amount with what’s coming in your bank every month.
You will have a clear list of all the luxuries you spend on. Sift through these luxuries and cut back on those that you feel are not that important to you. A few things that you should cancel and avoid at all costs are magazine subscriptions, food delivery services, and sale offers.
Set aside a fixed budget that you can use for the essentials and then look at how much you have left in your account. Now, you can easily decide how much you should transfer to your savings account every month. This brings us to our first tip:
Get a Savings Account
A savings account offers you monetary rewards on your deposits. One of the best things about this type of account is that your deposits increase in amount on a monthly basis, which comes to your rescue on a rainy day. Don’t forget to automate your savings so that every month, a small amount from your paycheck goes into your savings account automatically. The moment you have saved enough for the 20% down payment, call a Downtown Orlando realtor and start searching for houses.
Say Goodbye to Little Luxuries
Do you eat out on weekends? From massages to manicures and feeding your hobby of expensive books or DIY art projects, you need to put a stop to all these things. They might be small expenses, but they add up in the long-run.
Save Your Year-End Bonus
Tax returns are too enticing and having a lump sum amount in your hand can turn you into a shopaholic for a day. Before you know it — that year-end bonus is spent on a 50-inch LCD or expensive purse. As soon as you receive your year-end bonus, simply deposit it in the savings account.
Freeze Your Gym Membership
It’s the digital age and YouTube offers dozens of channels to follow and perfect your workout routine. So, freeze your gym membership for the time and exercise at home.
Get a Side Job
From writing paid reviews to fill out survey forms and tutoring online, find a side job that you can easily do from home. Dedicate two to three hours to your side job and you will easily make at least $200 in a day.
So, what’s the verdict? Will these tips come in handy in getting your finances in order? We suggest that you get started now! Find your dream house with the help of a qualified Orlando buyer’s agent by visiting Megan Dowdy Realty. To get in touch with them, call at 407-509-9279.