Easy ways to save for a downpayment

Real Estate Agent with RE/MAX Whatcom County, Inc.

Ok, saving for a downpayment is a bit intimidating. I know, I've been there. But if you break it down, it actually is pretty easy, and here's how to do it.

Let's plan on buying a $200K house next year. We need a minimum of 3% for the down payment.

Home Price = $200,000                                                      

Downpayment = $6000

Timeline One Year = Save $500 a month, stay with me here.

So, $500/month = $125/week = $17.85/day.

So, now we just look at where we could save $17.85 a day. Here are few common costs that we cut back on, eating out, drinking, recreational drugs, carpooling, moving somewhere with less rent, paying off the car.

Open yourself a seperate savings account and title it (your name) Homefund. Litterally, put that $17.85 into that savings account everyday.Now you can send your family and friends to the bank to contribute to "your housefund" instead of gifts. Have your wedding guests, birthdays, baby showers, engagement parties all contribute annonymously instead of buying you gifts. This will get you there really fast.

Happy Savings

Comments (2)

Jade O'Malley

Recreational drugs?!

Mar 23, 2009 08:09 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

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