One concern of many first time home buyers is saving money for a down payment. Saving, after all, can be difficult to do when you’re already paying rent, right? Wrong!
Daniel Bortz gives several tips for renters who are aiming to squirrel away money for a down payment on their home. Take a look at this list compiled by the Zillow Porchlight contributor and see if there are areas where you can scale back towards savings:
- Begin by setting a target goal. Detailing a savings plan can go a long way, according to the article, and those who have a specific goal in mind are more successful at saving than those who don’t.
- Take a look at your spending habits. Consider what is a necessity is and what is a luxury, and go from there.
- Scale back your TV package. You may be able to save a pretty penny by streaming or cutting the cord altogether.
- Bank your tax refund. If you get a tax refund, roll that money toward the down payment of your dream home!
- Part with stuff. You’ve been sitting on your in-the-box, mint-condition action figure collection since you were seven-years-old. Posting them to Craigslist or eBay might be painful at first, but you may be pleasantly surprised when your plastic childhood friends play a role in closing on your first home!
- Check out more ways to by checking out this link.
Source: http://www.zillow.com/blog/payment-savings-tips-renters-199041/