Motivation for Saving for Your New Homes Down Payment

Need some motivation to save up for that down payment? Want to put more back into your mortgage? You’ve likely heard many other tips and tricks for saving: buy in bulk, stick to a budget, the list goes on and on. We have taken some time and collected some tips you likely haven’t come across yet, to give you the extra help you need to reign in your spending so that you can make some headway on purchasing your home.

1. Get healthy. Paying closer attention to your own health and wellness could be the most overlooked strategy for giving your bank account a boost. There are many reasons that being physically healthy will make you financially healthy. To start, being healthy means you’ll be able to work more days, which can lead to more money in your bank account. It could also means less costly health insurance premiums, doctor’s bills and some medications. Also replacing just a simple quick bit from your favorite restaurant once a week could also help put money back into your bank account.
2. Try no-spend days.  If you just pick one day a week or even just a few days a month to have a no-spend days, it can end up being a powerful weapon to have in your arsenal of frugality. A no-spend day is one where you spend zero dollars on non-essentials.  Non- essentials would be eating out at your favorite restaurant, clothes shopping (unless absolutely required), going to the movies and so on. No-spend days require planning, which is why they are so effective. When you plan your days, weeks, and months ahead of time, you have less room for impulse purchases and end up using what you already have on hand.
3. Save your impulses. If you can be really mindful when you’re about to engage in an impulse buy, this tip might be right up your alley. The next time you’re at the checkout counter at the store and you reach for that candy bar or soda, give yourself a second thought . Record what the price of that item is, and transfer what you would have spent on it from your checking account into your savings account.
4. Never new. Try making the bulk of your purchases pre-owned. This would include clothing, household items, cars, and just about anything else. When you’re getting together a down payment, it only makes sense to make saving up that chunk of change your first priority. It will also make you take a second look at what you’re spending money on: maybe you can live with your current bedroom set after all. You might find, unexpectedly, some great outcomes from buying used.

Saving up for a down payment doesn’t have to mean giving up everything. With planning and discipline, there’s no reason why you shouldn’t be able to budget a down payment into your financial plan. Do you have your own insights to share