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Resolve to Save Money

By Kimberly Shane
Resolve to Save Money
Resolve to save money blog.jpg“A New Year, A New You” “365 New Chances” “A New Year is the Beginning of Anything You Want” When I looked up quotes about a new year these are a few I found. They all center around possibility and positive change. For one, I’m not big on new year’s resolutions because I know for me, if it is really something I want to change about myself then why wait until January 1st to start? But for the rest of the world I know they are out setting goals for 2018! Many have a resolution to become better with money habits, including saving up for a down payment to purchase a home.
           
I get it, saving money while renting and having everyday life expenses is hard. That is not even debatable but it is possible to save while paying rent. According to an article published on Go Banking Rates site, “by cutting down on monthly expenses and putting focused financial strategies in place, you can get closer to homeownership more quickly than you might have thought before.” It goes on to share twenty ways to save for a house, if you would like to read the full article I’ve included a link at the end of this entry but have also shared a few of my favorites below:
 
Find a Gym-Free Workout
When you are at the gym do you end up spending most of your time on the treadmill? Do you like the Zumba classes? If you chose to run outside or got a couple Zumba videos to do at home, you could put the $30 you spend on your gym membership into your savings account.
 
Use Autopay
Late fees are not just irritating they will destroy your budget! Setting up auto pay will help you to avoid these late fees. Worried you won’t have enough in your account to cover it? Then it sounds like you need to write down a budget. If you know how much is coming out each month, then it is simple, just make sure you have enough in there to cover it.
 
Bill Yourself
This suggestion is my favorite! Treat your monthly savings as important as you treat your other bills, such as water, rent, etc. If you can, have a portion of your paycheck be deposited into your savings account;, if that isn’t an option, consult your bank about being able to automatically withdrawal from your checking to savings monthly.
 
Stay Healthy
Doctors’ visits and medications are not cheap, even with good insurance and can wreck a budget when they come up unplanned (which happens often, unfortunately) so anything we can do to keep ourselves healthy is a plus! Make sure you are ingesting vitamins whether it is a multivitamin or through your diet. Get the sleep you need. Wash your hands. Do all that you can to keep yourself healthy!
 
Just Say, “No”, to Cable
There are so many options for entertainment out there that you can easily overcome your reliance on cable television! I know for us, when we cancelled cable and went to just watching Netflix and PlayStation Vue we saved $110.00 a month. It was hard to make the decision to do it but honestly, my husband and I didn’t miss it cable at all once we made the transition!
So, with just these 5 tips, if you could apply all of them how much more would you be able to put into savings? It will be worth the quick calculation; I’ve included some figures based on my expenses from several years ago (when I was much less responsible) to give you an idea!
 
Gym Membership $45 + Cable $110 + Late Car Payment Fee $35 (I could never pay this one on time)
= $190 a month
 
I could have saved $2,280 a year just by making these small adjustments! So, what does that mean for people wanting to save up for a home? Well, there are loans available with little to no down payment, dependent on qualifications, of course. It is certainly worth talking to a mortgage banker about to see what kind of goal you should set! Give us, at Stockton Mortgage Corporation, a call! With our 99% customer satisfaction rating you can count on us to guide you in the right direction! Stockton Mortgage Corporation 1-888-914-2276.
 

Tags: Finances, Money, #SMCsmartmoney