Saving for your first home can be a daunting endeavor, but with diligence and dedication, you can easily build up your savings in anticipation of your big purchase. Consider these few tips to help you bulk up your savings without changing your life too terribly much.
Save 100% of your monetary windfalls such as inheritances, tax returns, and job bonuses. Keep these off-limits from the time you receive them. They’ll add significant value to your savings if you can manage to deposit them as soon as possible.
Downsize to save even more cash at a more rapid rate. Perhaps this means going from two cars to one, or trading a two-bedroom rental for a studio; whatever downsizing you can do while maintaining a semblance of your comfort, you should attempt.
Share your savings stories with your friends and family. Often, putting yourself on a financial diet means missing out on fun excursions, parties, and events. Let our loved ones know that even though you’re aggressive with your frugality, you’d prefer to not be left out. Their support can help you stay on track in your saving plan.
Stonebridge Mortgage Group can help you with your Reverse Mortgage, Real Estate Loan, and many other mortgage solutions. We serve the greater Portland area and are located in Gresham, Oregon. Call us today at 503.661.5580