21 Ways to Save Money and Buy Your Own Home
Here is a list of ideas to help you save money and buy your own home. With the right tools, you can save for a down payment and reach your goal of homeownership. Keep in mind that not every idea will work for every person. See if you can fit a few of these ideas into your life. Add your own ideas to the list.
- Pay yourself first: Auto pay from your paycheck into savings account every month. Whether you save 10% of your paycheck or $10, the result is that you are developing a savings habit. Make sure you save money in an account that is “easy to put into” and “difficult to take money out of” if your goal is to use your savings for your home buying or financial life goals.
- Catch coins – collect your spare change in a jar
- Freeze credit cards – literally!
- Explore phone cards or cell phone plans for long distance
- Review insurance coverage/deductibles – if you raise your deductibles, your premiums will go down. Evaluate whether you are adequately insured and explore options.
- Review your W-4 exemptions
- Use consignment shops or shop at garage sales
- Save on utilities by conserving energy and water
- Budget for occasional bills such as car insurance, vacations, and holiday gift giving
- Note which habits cost you money and re-evaluate their importance
- Plan and limit your ATM withdraws
- Eliminate non-sufficient fund charges by using a budget and know which checks pay which bills so you never have to pay a late fee
- Establish a gift giving agreement with friends and family during the holidays
- Circulate kids toys
- Call your credit card company and request a lower rate
- Use the library instead of bookstores
- Use a list when grocery shopping
- Have separate checking and savings accounts
- Treat yourself to small rewards
- Use compact fluorescent light bulbs to cut your electric bill dramatically
Remember, Homewise offers a FREE class to help you think through the decisions you want to make in your own financial life.
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