Saving for a Mortgage Down Payment? 4 Tips That Will Help You Get There FasterFor most people, the idea of saving more money each month is enough of a burden without having to think about investing in a home. A down payment, however, will require a lot more saving know-how and a lot more in liquid assets in order to be able to buy. If you’re trying to find ways to save a bit more each month, here are some sure-fire tips for raising the extra funds.

Take a Look at Each and Every Expense

Outside of rent, there are few things that will cost as much money as owning your own vehicle, so are there ways to cut vehicle expenses? Can you carpool or downsize on your vehicle or maybe even consider public transportation?  What about cable tv?  Could you forgo that luxury while you save up for a home?  Consider also looking for other small tweeks in your budget, such as eating out, entertainment expenses, and online shopping and gaming expenses.  Another area I see a huge expense is late payments on monthly bills and bank overdraft expenses.

Stick To Your Budget

It might sound like a silly tip, but actually sticking to your budget can make a big difference in how much you’ll save. While most people have a few rules to live by, writing down every receipt and monitoring the things you overspend on can make a marked impact on your surplus when all’s said and done.

Cut Down On Coffee & Lunch

With the hustle of everyday life, many people run out for coffee or lunch every day and forget that these costs add up over time. Instead of spending $5 or $10 here and there, take your coffee to go and make your lunches at the start of each week. It may not seem like much, but this can easily add up to hundreds in just a short time.

Change Your Phone Plan

Many people think that all of the conveniences that come along with a smart phone are a necessity, but data can come at a high price and it may not be worth paying. Instead of eating a high monthly phone bill, talk to your provider about what deals they can offer you and what you can cut back on. It may seem small at first, but it will add up to a lot by the year’s end.

It can seem insurmountable to try and save up enough for a down payment, but the little things that you spend on each day can easily add up. If you’re currently on the market for a home and are considering your saving options, contact Jolynn for more information.

About the Author: Jolynn Craig