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How to raise the down payment money in three years
The good news here is that you’ll only need to save $1389 per month to raise that $50,000 down payment. This means your approach won’t have to be as severe but the steps are about the same. You will need to find ways to cut unnecessary costs and ways to increase your income, so that you’ll be able to save more cash.
What you would need to do
1. Cut your cable and switch to a streaming service. The average cable bill today is about $100 per month. In comparison, you should be able to get streaming services for less than $10 a month. That would yield a net monthly savings of $90!
2. Eat out a lot? Cut down on the number of meals you eat out each week. If eating out at lunch costs you an average of $10, you could pack one for $4, which would be a monthly savings of $180.
3. Just one date night per month to the movies can put a serious dent in your savings efforts. Two tickets, a large popcorn, and two sodas can easily cost $35. Replace this by streaming a movie at home with some microwave popcorn, at a total cost of maybe $5.
4. Do you have a pricey gym membership? Ditch it for free at home workouts. YouTube. com has videos you could use, or you could download some instructions. This could result in saving as much as $60 per month.
5. Did you know bills can be negotiated? Call all those companies that provide your services, including your cell phone companies and insurance companies, and ask about options that would cut your costs. It’s more than possible you could switch to a more basic service, find some discounts, or maybe even eliminate the service altogether.
6. Whenever you earn some extra income or get a bonus, put it straight into your savings fund. That will allow you to reach your $50,000 saving goal quicker, or you may not have to cut back as severely on your spending.
Finally, first-time home buyers often make mistakes. This video reveals the most common ones and how to avoid them.