Are you in the process of saving for a new home? Taking on this major milestone in life can feel daunting, but it doesn’t have to be. Here are some tried and true tips to get you on the right track towards saving for a down payment and owning your own home.
1. Automate: A smart first step toward successful down payment saving is automation. Set up an automatic deposit so a portion of your paycheck goes into a separate account designated just for down payment savings. Doing this ensures that no matter what life throws at you, you’re always making steady progress towards your goal.
2. Raises & Bonuses: Whenever you receive a raise or bonus, consider allocating part or all of it to your down payment fund as well. This is an especially easy way to save without drastically altering your budget.
3. Windfalls: Gifts, tax returns, inheritances are also perfect opportunities to build the balance in your down payment account. Try setting aside any unexpected funds that come your way and putting them towards growing your home buying fund instead of using them on impulse purchases.
4. Keep the car, save the payment. Paid off your car? Resist the urge to buy a new car and instead take the money that would normally go towards your car payment and send it to your down payment savings account each month.
Also, don’t forget that when Salal members use an approved real estate agent in the HomeAdvantage® network, you can earn Cash Rewards* equal to 20% of your agent’s commission. Get more details about HomeAdvantage .
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