Easy steps to save for the down payment for your new home!
Save for a down payment of your WNY home with tiny steps!
- Saving doesn’t have to be hard! You might even have fun!For many, the thought of saving for a down payment in Western New York seems daunting. How, in today’s world can one clean up their credit obligations, save for a down payment to qualify for a mortgage, and still have the money to take care of the day-to-day expenses?
The answer is simple; one step at a time!
Even if there are no credit obligations that have to be taken care of, the other two items still present a challenge. Along with all the advice you already know about cleaning up your credit cards, and the value of saving – here are some ideas on how to cut your daily living expense. Some are serious and some are silly, but they may be helpful. The hard things to do are not always easy, but they can be fun it you get into the right mind-set.
Read Also: Do You have the Credit Score Blues?
See how clever you can be on saving money. You don’t necessarily have to go completely without, but figure out ways to reduce the costs of daily living. Get one or two couples to join in with you to see who can “under” do rather than “out” do each other.
Some ideas for a Western New York austerity budget that come to mind:
- Buy that special coffee by the pound and brew it yourself. Read Also: How to save money for your WNY down payment
- Brown bag your lunch for work four days a week.
- Get take out for dinner rather than eating in the restaurant
- Better yet, buy that special steak and cook it at home.
- Barter services – especially babysitting.
- If you have a best friend – do each others manicures and pedicures.
- Save on gas – carpool, shop with a friend, combine trips, stay home.
- Look into consignment shops – there can be great finds at them
- Or – if your friends are your size, have a trading party – everyone brings what they no longer wear and offers them to the group. Bet there are a number of items that were impulse buys and still have the tags on them!
- Cut your grocery bill. It takes time and more “from-scratch cooking”, but can result in considerable savings. Involve the kids, making it family time. Be sure to make enough for two meals and freeze one.
- Have a garage sale. Donate what doesn’t sell and get a tax deduction. Read Also: How to have a Successful Garage Sale in Western New York
- Sell your unwanted items on eBay or Craigslist, collectibles also do very well.
- Don’t go to the mall because you are bored. What you don’t see you won’t buy.
- Don’t buy a “bargain” unless you really need it or can use it. You can go broke by so-called savings. “But it was so cheap!” is no excuse if you don’t need it.
- Sell an expensive “toy” that has a high upkeep rate, for instance a boat or motorcycle that has to be insured, is expensive to maintain, and sometimes has winter storage expense, not to mention the cost of gas. If you don’t use it – lose it!
- Use your local library instead of buying books and tapes. Free is always good!
- Don’t buy any more clothes, you have enough!
- Instead of buying gifts – offer your services. Think about it and you’ll come up with something you can do for someone that will be more appreciated than the whatnot that you would buy them.
- Or – set a silly limit on exchange gifts with friends – say $5.00 maximum. Scour second-hand stores, go to garage sales or look for ridiculous sales to find that gem of a gift! It can be funny or serious – that’ll be part of the surprise. One year I found wrapped packages of two sheets of Christmas paper gift wrap for four cents a package. I bought enough to give five friends 40 packages each. Total cost was $8.00 for all five “gifts”. I had to keep the wrap for a year, but I got the award for the best idea that next Christmas!
The above ideas are just some that come to mind. These examples are really meant to get you thinking about cutting back and being clever about it. In the “olden” days there was the mind set that you “used it up, wore it out and did without it”. While we probably can’t or won’t go back to that we can certainly step back a bit.
Don’t forget to check out Buyer Assistance Programs in Western New York
Feel free to call me at (716) 650-0051 to discuss your plans for a new home in Western New York!
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