Tips for Saving Money towards Buying a Home

Money Saving Ideas to Save towards Buying a Home

Saving money for things like a downpayment, closing costs, or just moving expenses can sometimes be a challenge. When I saw this list provided in a Wells Fargo Home Mortgage newsletter, "The Mortgage Market Guide," I thought I would share just to provide some great ideas for saving that extra money for you to buy a home. 

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Boost Your Savings...Without Hardly Trying

These days most people would welcome the idea of having more money in their savings account. Here are a few ideas that can help make that possible. And the best part is...you'll hardly feel it!

Bring Your Lunch to Work - Most people spend $6 (or more) when they buy their lunch, yet spend $2 when they pack it themselves. That's a potential savings of $20 a week or $1,040 dollars a year.

Durable over Disposable - Using products like Handi-Wipes (semi-disposable rags) as opposed to paper towels, and a rechargeable razor rather than the disposable kind, can save about $200 per year.

Hold an Annual Yard Sale - You should have no problem making at least a hundred bucks. Besides, you'll get rid of all that household clutter in the process. Whatever you don't sell can be donated to charity and used as a tax write-off.

Ask for Discounts - From buying airline tickets to paying a medical bill, always ask if there's a discount to be had. The worst that can happen is you'll be told no.

Get a Library Card - As opposed to buying a book for $20 or renting a DVD for $4, get it for free. If you average 3 movie rentals a month, you'll save yourself over $140 a year.

Watch Those Utilities - Changing over to energy-saving light bulbs and low-flow showerheads is a great start. Also, most utility companies offer a home audit you can complete online. If not, go to http://hes.lbl.gov for a virtual inspection of your home. You may be surprised to learn how much energy (and money) you could be saving.

The good news is that suggestions like these are merely a start. Taking the time to discover inefficient habits in your household and making a few minor adjustments can lead to more savings opportunities than you may realize! And that's great news, both today and in every kind of economy!

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