Home
>
Personal Finance
>
How to Save for A Down Payment

How to Save for A Down Payment

Saving for a Down Payment is hard work, so it's a good idea to really want to own your own home by the time you begin your Savings Account. It's difficult to turn down a weekend in the Bahamas (or Downtown at the Clubs!) when you don't have a definite goal.

Step One: Get a Job! This will definitely help you to find the money to save! ha,ha!

Step Two: Keep the Job -- longevity on the Job is a major factor the Financial Institutions look for when your trying to qualify for a Mortgage.

Step Three: Go over your spending habits with a fine tooth comb. (Please, this is strictly figurative! No yucky combs on your Financial Papers!) Ask yourself some very serious questions -- Do you really need to spend $5.00 for a cup of coffee five times a day? Even though it's fabulously delicious?? Even one cup at $3.25/day is $1186.25 a year. Five cups at price per day would be $5931,25. That's a lot of money, and often enough for a Down Payment.

It's a good idea to right down everything you actually purchase -- lottery tickets, coffee, lunches, snacks, clothes you don't really need -- it's the 'little incidentals' that really add up.

Step Four: Start a separate Bank Account, just for your 'house-to-be'. Anything you can put in there is good -- if you can manage $25.00/week, that's $1300. a year; $50./week gets you $2,600. a year, and if you can swing a $100./week, that's $5200. in a year.

You'll be shocked at how easy it is to piddle away $100. on all sorts of little things -- when you make the big decision to Buy Your Own Place, all of a sudden, you'll find yourself prioritizing...and that doesn't mean you have to slap your own hand to stop yourself from frivilous spending (which, sadly enough, happens to be the most fun type of spending! ha,ha!). You'll just make the decision one day that you need to Own Your Own Home so you can 1) Make Money, 2) Not hand over your money and have nothing to show for it at the end of the day -- say, Monday...yuff, yuff! 3) Secure your Future.

Step Five: Find out how much you can borrow for your new place. Click on-line so you can quickly determine this info. Especially if you're new to the Real Estate game, it's less stressful than heading in to the Bank, plus you don't have to make a special appointment!

Step Six: Start Looking for Your New Place! Check out the great new Condos that are all over the place, now. They have really good Payment Plans, and if you make your Purchase before they're built, you'll score a great deal.

Contact a Realtor to find out what's available in your Price Range -- they're there to help you, and can really help to narrow down the field and get you into something you can afford and love.

Remember that you don't have to live anywhere forever -- a lot of people fall into the trap that they can't buy because they're not sure where they'll be 5 or 10 years from now... even if you only have a year that you're sure about, go ahead and Buy. You can always sell it, and you won't lose money on Real Estate -- maybe you'll walk away with an extra $10,000. - $50,000. from the Property Values going up! Now, that ain't bad! Not bad at all!

Here's a little Tip for Women: You know, it's more common than you might think that a lot of women are 'waiting for a man' before they even start to think about buying a place. Forget that! Men, Schmen! Go get it yourself, Girl! And keep it until you're sure you really like him... In the 'olden days', like when I was in my twenties in the early 80's (!), there was a weird thing that if a woman had her own place, then she was putting out a message that 'she didn't need a man'..., and so a lot of women would wait until marriage before attempting to purchase a home.

Thank God those days are gone! Puh-leeease! It's always nice to have a man, but women don't technically need them ... for any length of time, anyway... and you can go ahead and get your own place without waiting for anyone. You can be comfy and cozy on your own no matter who you are... you can always sell it later and buy something different together, which is a healthier to do for a new relationship, anyway, right??

So start Saving and before you know it, you'll be moving into your very own home. Then you can start saving up to go to the Bahamas, and go dancing on the Island!

Ailsa Forshaw is a Writer, Builder, Website Owner & Manager, Teacher, Mother... all in Alberta, Canada. She is Married with Two Lovely Children, and one gorgeous wee dog. Her Website, http://www.buildyourownhouse.ca, is chock full of all sorts of useful & fun information to help anyone become Financially Successful, Slim, Trim, and Happy... what more could you want?? Pop in for a wee visit! http://www.buildyourownhouse.ca http://www.buildyourownhouse.ca

Batchtown Chicago prom limo .. Lockport Chicago limo O’Hare

In The News:

A virtual private network can help ensure your information remains security and your privacy remains intact. Kurt the CyberGuy explains.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Artificial intelligence-based cameras are giving air defense operators unprecedented capabilities in monitoring and protecting airspace.

Apple's iOS 18.1 Inactivity Reboot automatically reboots your iPhone if it hasn't been used or unlocked for more than three days, providing better data protection.

An inventor designed rooftop solar panels for a Tesla that draws solar energy while the car is parked, adding travel mileage without plugging in.

There are currently no laws governing what artificial intelligence can and cannot do with the information it gathers; here are 10 things to avoid telling AI chatbots to keep yourself safe.

A credit union with over 240,000 members recently revealed it was targeted by cybercriminals, resulting in a data breach that was part of a two-month attack by hackers.

Scammers have become skilled at creating convincing fake websites that can easily fool unsuspecting users. The CyberGuy offers tips to protect yourself.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

CAPTCHAs, which are used by websites to confirm whether users are people or bots, are harmless, but hackers are using them to infect PCs with malware.

Hackers recently leaked personal information of about 500,000 Americans and stole patient medical records that included lab results and insurance details.

The holiday season sees a rise in mobile shopping scams. Tech expert Kurt “CyberGuy" Knutsson helps you learn how to stay safe.

Tech expert Kurt “CyberGuy" Knutsson says a VPN enhances online banking security by encrypting data and protecting privacy.

Beware of these six sneaky holiday scams. Tech expert Kurt “CyberGuy" Knutsson gives you tips to avoid falling victim.

Tech expert Kurt “CyberGuy" Knutsson reveals how to securely back up and factory reset your Android to protect your privacy and data.

Artificial intelligence is making life easier for cybercriminals, allowing them to create elaborate scams to trick people. Kurt the Cyberguy explains how to protect yourself.

Cut through all the digital clutter and delete multiple emails from your Android simultaneously. Kurt the CyberGuy explains how it's done.

Tips to prevent your holiday decorations from being stolen

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Kurt "CyberGuy" Knutsson lays out the immediate steps you should take if your phone has been hacked and your personal information becomes vulnerable.

Fraudsters are sending people bogus invoices through PayPal as part of a sneaky scam that is going around; here's how to protect yourself from being fooled.

A former Colgate-Palmolive employee was shocked to discover $750,000 had been drained from her 401(k) account. "CyberGuy" offers tips on how to prevent identity theft.

Electric vehicle maker Harbinger recently showed its electric delivery truck can handle icy roads with agility and stability in winter.

To make the busiest time of year more manageable, here are some tricks for tracking your packages, taking quality family photos and curating the perfect Christmas playlist.

Kurt "CyberGuy" Knutsson explains how to keep your online Amazon gift purchases a secret from loved ones or friends this holiday season.

How to Save for A Down Payment

Personal Finance