Prospective homeowners currently in the process of scrimping and saving every cent in anticipation of a considerable downpayment should consider these few tips to help fatten their savings account. Saving for your first home can be an exercise in futility or a successful undertaking—depending on your saving habits and your homeownership plan. Try these few tips to achieve your saving goals faster and easier than you would otherwise.
Save in both large and small chunks. Putting 5 or 10% of your paycheck into savings straightaway is a smart plan, but so is squirreling away cash in small amounts. Forgoing date night a couple weekends in a row could amount to a considerable bit of savings, as could reevaluating your grocery and recreation budgets.
Make your savings account off limits. Don’t just restrict access, prohibit access altogether. Often, it’s easier to set up a separate savings account specifically for homeownership so you’re not tempted by the idea of all your excess cash.
Evaluate your monthly budget—can you restrict spending in different ways? Are there revenue streams you may have overlooked? Are there other areas of your spending in which you can save? Once you have an airtight budget, your savings will have nowhere to go but up.
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