Saving enough money to purchase a home can feel impossible, especially in today’s market while prices are on the rise. With a foolproof savings plan and budget, anyone can save enough money to afford a down payment on their dream home. Here are a few tips and tricks to help you get started on your long-term savings plan:

Build a budget

• It’s time to categorize your expenses and cut back on unnecessary spending. Set a realistic budget for each category and make an effort to stick to it. We can help you determine exactly how much you should be putting towards your future down payment or monthly mortgage payments.

Consider downsizing

• This process involves reducing expenses and purposefully living below your means in order to build savings. Divert your extra money to your down payment. Many people choose to downsize while saving for a major purchase.

Pay Off Your Debt

• Diverting your extra cash towards your debt instead of your down payment may seem counterintuitive but it is an important thing to consider. To determine what kind of mortgage you qualify for, lenders are going to look at your debt-to-income ratio (DTI). The more debt, the less favorable you will be as a candidate.

Learn more about saving money and building towards a down payment by joining our seminars!