Buying your first home will present you with a few challenges. Raising enough money for a down payment can be difficult if you mostly live paycheck to paycheck. Here are a few things you can do to make saving a few dollars here and there a little bit easier. The more ways you try and save, the faster you will reach your goal.
Use a Savings App
Use a savings app like Acorn. Attach the cards you use when buying your groceries, gas, and other items, and then choose the “round-up” feature. Every time you make a purchase, the cents rounded up to the next dollar will immediately go into a savings account that you can set aside for an intended goal.
Set aside Something from Every Paycheck
Get in the habit of setting aside something from every paycheck. Even if it is only a few dollars to start, it will be easier to increase the amount over time once you get in the habit. After you begin to see your savings amount increase, you may even work harder to set aside more from each paycheck.
No Name Brands
Give up on buying name-brand products. Store brand products are just as good, in most cases, and often up to 30% cheaper, depending on where you shop. Also, use coupons when you can. With coupons, you may be able to treat yourself to a name-brand item for less than the cost of the store brand. Do a little comparison shopping to find the best deals.
Don’t Go to the Grocery Store Hungry
Always eat before you go to the grocery store. When you are hungry, you are more likely to buy impulsively. This means spending money because something sounds good, instead of buying something you actually need. Eat a quick snack before you go, and try not to buy things that you don’t have on your shopping list.
Make Shopping Lists and Stick to Them
Any time you go shopping, make a list and stick to it. This is useful advice for much more than just the grocery store. It also works when you go shopping for clothes, school supplies, furniture, or any other household items.
There are quite a few things you can do to save money. If you plan to buy a home, you will have to be motivated to save money. Take advantage of these tips and see just how much you can save in six months. You may be surprised by how easy it is to save money. Contact our agents at Steve Wilk Insurance today to see what other useful tips they have.