Six Tips on Saving for a New Home

Those thinking of buying a home would do well to save for this exciting experience. Even if homebuyers secure a no down payment home mortgage loan, there could be costs associated with closing, attorneys, moving, furnishing the new house and possibly redecorating. Taking the effort to save those pennies can ensure you'll be in good financial shape when you're ready to buy.

Six tips to save for a new home:

  1. Keep any savings. Any time you purchase an item or service throughout the year on sale, put the difference between the sale price and the regular price directly in your home savings account. It's great to save money, but being able to truly save that money (instead of increasing retail spending power) is even better.
  3. Sell unneeded items. Have a garage sale, take items to a consignment store, use Craigslist or sell unwanted stuff on EBay. Do this regularly and keep adding to the home buying kitty.
  5. Put gifts on hold. Gift-giving can really eat into the budget, especially for those with large extended families and wide circles of friends. But if those friends and family members really care about your financial future, they will understand if you need to take a break from extravagant gift-giving until you own a home.
  7. Plan shopping trips. Planning ahead can help savers avoid impulse purchases, stick to lists and pinpoint bargains. Cutting coupons, organizing them and using them on discounted products can also lead to serious savings.
  9. Buy during sales. Buy things when they are on sale, not when you need them. If you wait until you need something, you'll pay any amount. Look for sales on necessary items and buy them in bulk at low prices so you won't have to be a slave to retail prices.
  11. Save a consistent amount. Determine how much you can comfortably save out of every paycheck and get it directly deposited into an interest-bearing savings account.

When you're ready to buy, you're ready to save. Homebuyers can use these six tips to help make it easier to buy that new home in 2015.


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Categories: Home Buying

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