I Need A Down Payment To Buy A House and I just can't seem to get there!!!
So you've been hearing about the First Time Home Buyer Tax Credit; up to $8000 tax CREDIT if you haven't owned a home in the last 3 years and buy before Dec 1, 2009. Who wouldn't want 8K in FREE MONEY?
But you need to come up with the 3.5% down payment in order for the deal to work. You've been saving and you are Close, but not quite there yet.
Try these ideas:
- Sell Some Stuff - Do you have DVDs, CDs, or Video Games that you don't use anymore? You can sell them back to a 2nd hand gaming or CD store.
- Sell More Stuff - Do you have furniture, bicycle, whatever that you can sell on e-bay? There is an e-bay store in the Wal-Mart shopping center on HWY 150 in Hoover if you don't want to do it yourself. There is always the yard sale - I say that last because I hate yard sales, but I've known people that have made some bucks selling used stuff.
- Get a second job - We're not talking about forever, just until you get some money saved up and if you work retail at somewhere where you get discounts on stuff for your house, you can furnish your place at a discount. Have you looked at how much money you can make delivering pizza or babysitting? Also, it is October and the leaves will be falling soon. You can make some MONEY raking leaves.
- Cut Off Your Cable (if you are not under a contract that hasn't expired yet) - This is only temporary. When you get the new house, you can get it back, but think of how much money you could save without say 6 months of cable payments?
- Car pool. Depending on how far you live from work, you could save hundreds each month by sharing a ride - and get to know some friends really well in the mean time.
- Check You Phone Bill - Do you have the right plan for the type of calling you make? You may need to cut back if you are paying extra.
- Stop Eating Out - Most people waste a lot of money eating out. Eat Breakfast at home, bring your Lunch, Don't buy drinks and snacks out of the machine, and limit your Dinners out to a budgeted amount. Keep track of the money you spend eating out for two weeks. Most people are totally shocked at how much they spend of food.
These are just a few ideas. For ideas about saving money check out this article.
How much can you save in a month? Set a goal and see what happens. If you can't make the 3.5% by the end of November, then you will have a good chunk saved and can build on it. They keep talking about extending the tax credit for 1st time home buyers and if THAT happens, you'll be ahead of everyone else. DON'T GIVE UP. Saving money to buy a home is a terrific goal. Once you buy a home, the value will increase and you will build equity which is also a means of saving.