Saving enough money for a down payment can be challenging, but some discipline and a plan may help bring
you closer to homeownership. Here are some tips to get you started.
- Track every dollar - Find out exactly where your money goes each month by keeping track of every single item or service
you purchase over 30 days. Review your credit card and bank statements to categorize where you spend each dollar.
- Rate every purchase - Using the month of expenditures, rate each item or service you bought as a “want” or a “need.”
- Set savings goals - Using your “wants” and “needs” list, determine where you can realistically cut spending. Use the budget
to set monthly and yearly savings goals.
- Set aside funds - Create a separate savings account for your down payment. It’s not only easier to track, but blocking
off the funds may make you think twice before dipping into that money for something other than your future home.
- Save automatically - If you are paid through direct deposit, chances are you can split your paychecks into more than one
account. Set it up for regular deposits to be made into your new “down payment” savings account.
- Save your tax refund - The IRS estimates that more than 150 million tax returns will be filed this year. Save your
tax refund and apply it to your down payment.
Finding the right home that’s just right for your family starts with finding the right agent. Please consider The Myers Team your resource for all things real estate. We have over 30 years of real estate experience, specializing in the Montgomery County area. If you are refinancing, want a recommendation, need a service provider or just have a home related question, please give me a call at 301-910-9910 or email me at firstname.lastname@example.org.
- Maximize your returns - Once you have a bit of money saved, talk to a financial professional about places you can invest
it to get a bigger return than you would by keeping it in your savings account – perhaps a money market account or a certificate of deposit (CD).