Whether or not you are a seasoned homeowner or a renter looking to buy your first place, one thing remains certain. It can seem intimidating to save for a down payment. The overwhelming feelings might be even more so in today’s economy when job prospects are also relatively unstable. Regardless of what others may think, it’s not necessary to be working at a high-paying job in order to begin your down payment savings plan. In fact, there are many simple ways to accomplish your goals, just by being more conscious of how you spend your money. Here are three simple ways to help you start saving.
Start to cook at home and stop eating out, first and foremost. You may assume you spend around $ 10 at a mid-level establishment if you eat out once a week. Now, add in the cost of any appetizer, dessert and drink you have with your meal. Perhaps it is up to $ 20 now. Remember to budget for the gratuity as well. Keep adding things up and before you know it; one meal is costing you $ 25 or $ 30. You could easily spend over $ 100, once you multiply that figure by the number of times you eat out each month.
You could always try cooking delicious meals on your own instead. Order ice water with your meal since it’s free, if you do go to restaurants. Reducing the tip from 15% to 10% is effective too. On smaller checks, the difference isn’t huge, but it will sure add up toward your down payment.
Second try cutting out paper towels. While they are convenient to use to clean up a mess or wipe your hands, the cost of purchase adds up over time. Why not, when you can simply get rags that will do the same job for free? Rags can be reused by merely washing them occasionally as well. A little common sense goes a long way toward saving much for a down payment.
A third suggestion would be to stop subscriptions to magazine or book clubs. The same information is usually found for free online anyway. Treat movies the same way. This way it doesn’t cost you $ 30 between admission, popcorn and a drink. Consider a much less expensive option like a low monthly movie subscription that is mailed directly to your door. These are merely three simple ways to save money toward a down payment. Over time you’ll be saving more than you ever imagined possible.
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