Saving For A Down Payment

We’d all love to be able pay cash for our homes and be done. The good news is there are so many loan products and options out there for borrowers and interest rates are incredibly low. 

Your primary job in saving for a down payment is to, well, save! And there are plenty of ways to do that. We get kind of excited about this part! 

Get out pen and paper, go through all of your expenses. What expenses are unnecessary? Time to cut those out. Look at all of your auto debits, all of your apps, entertainment. Add these numbers up and make a plan to trim the budget and stick to it. You’ll be shocked at the things you’ll find that you’re paying for, but not using! CUT ‘EM!

Vacations? Weekend road trips? Football games? Hit pause for a while. 

Perhaps consider temporarily reducing contributions to your retirement accounts. 

Side hustles? Get to it. Mow the lawn. Offer to run that restaurant’s Instagram account. The possibilities are endless. Yard sales. Ebay. Bake sales. Don’t rule it out. Make Dave Ramsey proud!

If you want it bad enough, you’ll work for it and get it. That’s how things get done and that’s how this will get done, too! What you’ll find along the way are people who are truly impressed with your dedication to the dream of home ownership that they’ll continue to use your lawn mowing and social media services long after you’ve moved in. 

It would be our recommendation, of course, that you consult with your trusted financial advisor regarding the path that’s best for you to save for a down payment. There’s no denying that cutting back on expenses, saving for the future, and buying properties are what all the cool kids are doing now. Just saying!