Make saving for a down payment a lot easier with these tips.
Saving for a down payment isn’t easy, but it’s so worth it. Not only will you get the pride and security of owning your own home, you’ll also lessen your need to save in the future since as you build equity in your home you’re basically creating a big savings account!
If you’re in the process of saving for a down payment, use these handy tips to make it easier for yourself!
- Bother Yourself: Make it hard for yourself not to save by setting daily reminders in your calendar of how much money you want to have saved by that day. The reminder will feel great if you’ve hit your goal, but will be an annoyance if you haven’t. Use this as a motivator to get on track!
- Hide Your Money: If you can’t simply access your money with the swipe of a debit card, you’ll find it harder to spend. Immediately transfer any money you want to save over to your savings account so you won’t be able to easily spend it.
- Double Down: If you make an impulse buy, put the same amount of money in your down payment savings account. Doubling the cost of unexpected expenses can keep you from them, and when you do cave you’ll just be giving your savings a little boost!
Another way to motivate yourself to save for your down payment is to get preapproved for your mortgage so the down payment is the only obstacle you have to knock out to get to homeownership! To start your preapproval process, visit Ranch & Coast Mortgage Group Inc. in Solana Beach, California today. We want to help you become a homeowner this year and can even help you come up with different ways to save!
