Create a budget – and stick to it
Even if you’re lucky enough to score a house under the $200,000 mark, you’ll still have to pay 20% down, in most cases. TexasLending.com mortgage bankers explain that the best way to have the cash on hand is to evaluate your current spending habits and make adjustments. Apps like Mint are great ways to track your spending and watch your budget in real time.
Open a new bank account
You need a place to store all the money you’re saving from your new financial plan and the best place is in an account you don’t access often. If you’re saving $200 a month, that’s $2,400 in just a year. It would be really tempting to spend that cash if it sits around in your regular account, warns the reps from TexasLending.com. If possible, open the account at a bank you don’t typically use and have a set amount direct deposited there each paycheck.
Save small to save big
Savings is where small lifestyle changes really have an impact. According to TexasLending.com, even forgoing a daily Starbucks habit could help you stow away big bucks. At $4 a day, five days a week, switching to a homebrew could net you an extra grand in savings. Reevaluate subscription services, such as the gym, cable, cell phone, and Internet package. You could be paying a lot less for these services and still get the most out of them. Simply dropping cable and moving to an online television service could save $40 a month or more.
When you’re ready to make the leap into homeownership, visit TexasLending.com for information on interest rates and more.
TexasLending.com
4100 Alpha Rd
Suite# 112
Dallas, TX 75244
NMLS# 137773
NMLS# 138112
