Tips for Saving Your Down Payment




These are some great tips I read on Trulia and I wanted to past them along.



1. Plan for progress – Your Dream Budget . Savings isn’t all dollars and cents it’s a little emotional. That’s why we recommend finding a few visuals to remind you why you’re in the savings game. They could be photos or a list of features of your dream home. Keep this in a place to remind you of what you’re working for.

2. Slow your spending –  The 10-day rule.  the biggest enemy of spending is the impulse buy. so for purchases over $25 exercise some self-discipline and giving yourself 10-days to decide. Is the purchase for a real Need or a Want?

3. Avoid the convenience.  Your mother was right, good things take time and so do cheap things. From coffee on the go to lavish meals out, most consumers are paying quite a bit for convenience. Try to avoid your local convenience stores and become friends with your kitchen to help your bottom line.

4. Drink more water.  According to the National Soft Drink Association, the average American Household spends about $850 annually on sweetened drinks. In contrast water costs just a penny per gallon. Do this and you’ll start your life as a Homeowner not only richer but a bit healthier too.

5. Track Expenses  – Face your truth. We searched the net and all the experts agree, the only thing more powerful than creating a budget is actually reading and tracking it. We suggest you schedule some time with yourself every week to face the truth about your spending habits and find new ways you can save.

6. Eliminate the excess spending. Locate the excess in  your budget and slash it. Trade the gym for home workouts, expensive movie nights for checking out free videos from the Library and keep an eye out at the end of each month for services you aren’t using.

7. Tax Refund:  You know it’s coming, why not use it toward your down payment? If you’re really serious about home ownership, talk to an accountant about tax planning to make sure there is a little green at the end of the year to help you with your down payment.

8. Borrow from the 401K; It’s not losing your retirement, it’s more so using a piece of one investment to make another. First-time homebuyers can one-time borrow up to $10,000 from their individual Retirement Accounts without paying the early withdrawal fees. Talk to your 401K or IRA administrator to find out how it will affect your retirement.

9. More Work:  Yes, we said it: more work. If you’re serious about reaching your own payment goal, consider spending a few hours working part-time. 10 hours/week at $10 an hour all year will get you $5200. closer to your goal.

10. Payroll Deductions: One of the best ways to save money is to hide it from yourself. Payroll deductions or allocating a piece of your direct deposit to a special savings account can be a great way to trick yourself into saving.

These are a few softer practical strategies to help you come up with the cash you need for your down payment.


For more tips and ideas contact me;   Donna Bishop   (239)  560-3149   or  email me;








Awesome Service: I make dreams come true. I am a Real Estate Consultant. I place great value on the needs, expectations and goals of all my clients whether buying or selling. By helping they find their perfect solution. I will truly listen to you. I have 33+ years experience in all phases of real estate. I am a Loan Modification Specialist, a Short Sale Expert, and a Successful Negotiator. A certified Senior Real Estate Specialist. Former Owner/Broker of A & B Mortgage Brokers of Fl. Plus a former Appraiser. A Professional Realtor. This experience and knowledge gives me the confidence to advise you correctly. I want you to have an Awesome Experience so you will recommend me to all the people you care about. After all, a referral is sending someone you care about to someone you respect.

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