Saving For The House Of Your Dreams?

Answer 1

It is never too late to turn your home owning fantasy into reality. The following tips will give you tools and insight necessary to start being a super saver.

Saving Blueprint

Saving is nearly impossible when you do not have a plan for the goal you would like to achieve. Brainstorm ideas for the kind of home you would like to have, the location, and a timeline for your success. Browse potential homes of interest to give yourself financial examples. Play with the

Zillow mortgage calculator

to put into mind how much mortgage payments will be based on the price of your new home and the down payment you put forth. When you have decided on a down payment goal, calculate how long it will take you, given your current earnings and debts that need to be paid, and you will then have your blueprint for saving.

Save, Save, Save

Sign up for a high interest savings account that will be used solely for your future home, and decide on a

reasonable amount

of money that you will be able to commit to saving without withdrawals.

Stick To A Budget

You may be adding money to a savings account, but you are probably over-spending on excess dining, entertainment, and material goods. Use a savvy budget manager such as

Mint

to help stay on track.

Mint

allows users to sync their bank accounts and credit cards to their software, and boasts an interactive budget maker for your needs. Whenever your transactions go overboard, this clever website sends email notifications as gentle reminders for budgeting.

Minimize

Selling the items you no longer need will aid you in maximizing savings. Make a list of things you could live without, such as excess furniture, electronics, and musical equipment. Schedule a garage sale and make it public through ads in your local newspaper and on

Craigslist

. Be sure to price items reasonably in order to rid yourself of excess things quickly, and you will notice that the profit from your sale will flourish in a short amount of time.

Skimp On Extras

Attempt to live frugally through skimping on the extras. Focus on what you need, and not what you want based on impulsivity. Be creative and resourceful, and seek out inexpensive activities and goods.

Keep The Change

Put all spare change in a piggy bank or jar to deposit into your home saving account every month. If you are more of a card-swiper, consider signing up with

Bank of America

for their

Keep the Change

program, which automatically rounds transactions to the nearest dollar and deposits the “change” into a saving account.

Keep Your Eye On the Prize

Saving can be exhausting and difficult, but the prize in the end is completely worth it. Remind yourself of your goal constantly, using inspirational quotes, friend and family support,and images of dream homes.