Saving Money for a House

May 15, 2018

It is a competition. Everyone is in on it. Your hard-earned money is the prize, and everyone wants a little piece of it. There is fine dining, jewelry, cars, vacations, clothes, sports equipment and hundreds of other things tempting you on every side. Sometimes it might seem like there is no way you can save enough to get into a home. But that isn’t true. If you are disciplined enough and use some of these tips, you can make it into a home. What are some things you can do to save for a house? 

Monthly Budget

With all the expenses you have, it may look like there is no money left to do the things you want and save. If you aren’t writing things down and sticking to a budget, that may be true. Knowing your expenses and where they are going is the first step in understanding what is coming in and what is going out and finding ways to save. 

Savings account

Make your savings account just that. A savings account. Just because you have money in there, doesn’t mean you should be using it. Make it something that you pay into on a bi-weekly or monthly basis and don’t touch it. Make due with your checking account if at all possible and only use your savings as an emergency. 

Automatic savings

A great way to discipline your savings is to do it automatically. It is pretty simple to set up a direct deposit into your savings account just as it is with your savings account. When the money doesn’t automatically come into your checking account, you won’t miss it. The budget your family sets up with not factor that in and in no time, you will see your savings increase.

Save in large amounts

It can be tempting to splurge on a vacation or more reliable car when you get a big chunk of money. Put that into savings toward the bigger goal. Those more substantial dollar amounts will get you to the place you want a lot faster, and remember that a home is an investment that can help you with those other things in the long term.

Look at Your Monthly Bills as a way to Save

Taking a look at your bills and seeing if there are discounts or items on the statement that you can do without is a way to save monthly. Call your cable, phone and internet provider and see if there is a way to bundle and save, or look at your home phone and see if that is something that is necessary. Car insurance is another thing to look at regularly as a way to save. Often, there are discounts you aren’t taking advantage of our other companies that are less expensive with the same coverage. Always be looking out for ways you can save on monthly bills.

These are just a few ways you can save. There are always opportunities to save money and make more money to get into a home. As an investment, a home is often a better purchase that will help you with other goals.