6 Time Tested Tips to Save More!

12115447311137093013home-finance.svg.hiSaving for a down payment is critical on the road to becoming homeowners.   In the past people who previously owned homes were able to use the proceeds from the sale of their home to finance the purchase; today is not always true so everyone can benefit from considering these tips to save more for a downpayment.

  1. Limit spending on luxury or non essential items – it’s tough to sacrifice the luxuries you love to save for a big purchase, but you’ll be surprised how much you save. Visualize your new home every time you are tempted to spend money on luxuries, like a spa day or nonessential items, or other expensive extras, and put that cash toward a down payment.
  2. Spend less on entertainment – saving money doesn’t mean you have to sacrifice your entertainment budget. Instead of splurging on restaurants several times a week, cook at home or take a cooking class.  You’ll learn new skills and improve the ones you have, while making a great meal in the process.  If you like going to movies, rent one online from M-Go(on Smart TV and Roku) which often has movies still in theaters for a lower rental rate than buying a ticket.  There’s always an alternative that let’s you have fun while saving.
  3. Cut your clothing budget – instead of splurging on new clothes at the mall or whenever an email announcing a sale pops into your inbox, take a second to think about why you are saving money in the first place.  Set aside a clothing budget at the beginning of the month – when the money is gone there’s no more shopping for the month.  Discipline shows real results.
  4. Postpone a vacation – many first time homebuyers put off taking an expensive vacation while naples piersaving for a down payment.  Instead of going somewhere exotic or far way, head somewhere closer for a long weekend.  Or rediscover the sites of your city or town.  You ‘ll save money and still enjoy the benefits of time away.
  5. Avoid unnecessary purchases – do you really need a new car right now?  try to postpone making large purchases until after you’ve bought a home, and you’ll get in to your new home that much quicker.
  6. Think about a second job – if you’ve cut or limited your spending as much as you can and would walletlike to save even more money, you might consider getting a second job.  Brush off the bartending skills you honed in college, teach a class at your local community center or start a side gig as a neighborhood dog walker.  That extra money you earn is pure down payment bonus money!

These are all good ideas.  Try one or a couple of them in moderation and watch your savings grow.  There is a satisfaction in saving money just like spending it.  Why not try that for a while?  When you are ready to purchase we are ready to help you here at ToastyinNaples.com Realty

Remember it is always toasty in Naples and you deserve your piece of Naples sunshine and a new home!

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