If your goal is to buy a home, it’s a good idea to begin planning to put away a set amount of money each month to save for your down payment, closing costs, inspections fees, etc. Setting a clear goal and creating a specific plan to work toward your goal each month will help you save enough to cover your home buying costs in no time! Take control of your finances and use these simple methods to work toward reaching your goal.<\/p>\n
Knowing where your money goes is an important first step in saving for your home’s down payment. You can save receipts from all of your purchases each month and enter them into an excel spreadsheet or use an app or online tool to track your spending. Being able to see exactly where your hard earned money goes each month can be very eye opening!<\/p>\n
Now that you’re tracking your spending, use this information to cut back and keep those dollars in the bank. Sticking to a budget can be challenging, so work hard to stay focused on your goal! If your having trouble sticking to your budget you can try setting aside a small amount each month to spend on yourself. Treating yourself each month can seem like a tiny reward for managing your spending well throughout the month. Just remember, budgeting will definitely pay off once you get the keys to your new home!<\/span><\/p>\n Another great way to ensure you aren’t spending the money you set aside each month in the event that you need to dip into your regular savings is by creating a separate account for your home buying expenses. Consider this account untouchable. The only time you should touch this account (aside from an emergency) is when you are ready to purchase a home!<\/p>\n3. Create a separate savings account<\/h3>\n