So you’re ready to buy a home (and in a little bit of a hurry)? Here are some quick ways to cut your spending and send the savings to your down-payment fund!
Here are a few quick ways to save money for your home:
- Focus on Your Priorities: paying off rent and credit debt should be your priority. This will be your debt-to-income ratio when buying.
- Automate Your Savings: once you've determined how much you can save, automatically transfer that amount into your savings weekly.
- Generate More Income: as you are looking to move, take the time to do some inventory of your current home. It could pay off to get rid of some of the stuff you don’t need anymore and sell it to earn a little extra cash!
- Track Daily Expenses: before pulling out your credit card, ask yourself how badly you need something to save a few extra bucks!
- Reduce Utility Costs: wash clothes in cold water, skip the dryer, and turn your water heater down to 120 degrees.
These few tips can help out when you’re in a pinch. When you’ve saved enough and are ready to officially dive into the homebuying process, reach out to one of our local lenders!