But...I can't save money for a down payment.
WE all hear this statement from time to time. Bill has outlined some ways to help people see where extra money can come from.
He talks short term and long term.
Take a look and see for yourself. it may open doors for a few clients.
I again heard this from a client. We have him qualified, and all he needs to do is save $2000. He has $1000.
He cliams he and his wife have no extra money to save.
"How bad do you want to buy a house?" I asked them both.
"WE would do most anything," they both said. So we started.
Week day for work. Both have office jobs. Both buy all their drinks and meals from work or another restaurant. When I explained that they did not NEED 5 latte's in a day. Bring candy bars and chips from home. They could also brown bag it a couple days a week. We came up with a saving between them of just over $300. A WEEK!
WE looked at Cell phone contracts and use. We looked at cable TV.
A big one was car Pooling. They work 5 miles apart. And start and get off work within a 1/2 hour. Instead of driving separately they will ride together. Savings of $20 a day just on gas not to mention oil changes.
This couple ate out 4 days a week on average. Now, 1 day for a night out, and set a limit on the amount they would spend on a meal. About 1/2 of normal meals.
This was some of the short term things we looked at.
Long term:
Deductibles on car, home and health ins.
Adjustable thermostats for heat and cooling.
Run their current cars for an extra two years.
Turn off lights and replace worn equipment with energy efficient ones. ie; appliances.
This is just a small amount of saving that can be had. Many of us, me included spend on things that we want, not NEED.
My hats off to this couple. The first 2 weeks, they have saved just over $900. We are now actively looking to buy!
I wish more of my clients had the same drive as this couple does.
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