Quick Guide: Saving for a New Home
5/22/2018 12:00:00 AM
Are you thinking about purchasing a new home but not sure if you'll be able to afford the down payment?
We've got some quick tips to help you start saving now!
- Check both your own and your partner's credit score. Apps like Credit Karma make this easy and give you tips to improve.
- Figure out what type of loan you qualify for. Visit a few lenders and get their advice on what you will need to purchase a new home.
- Skip purchasing your morning (or afternoon) coffee and meals out. Instead try preparing them at home or at the office. Place the money you would have spent in a savings account. You'll be surprised how fast it adds up.
- Use an app like Qapital. It will connect to your bank account and allow you to set various rules such as the Round - Up Rule which will save the change every time you swipe your card, or the 52 Week Rule which will save $1 the first week, $2 the second week, and so on. All of these are done automatically so you don't even have to think about it. Yay!
- Are you crafty? Sell your unique creations on sites like Etsy or Facebook Marketplace and save your profits!
- Align with friends who are working toward the same goal. Share tips and encourage each other. The journey's always better when you have someone else in the car with you!
While it may seem out of reach, once you set your mind on a goal you'd be amazed at what you can accomplish. Just keep picturing your family in your dream home!
If you're in Chicagoland check out our coming soon community here Celebration!