Ways to Save for a New Home
System - Saturday, April 20, 2013
A home is often the biggest investment most people will make in a lifetime. Saving for a down payment can be a lengthy and disciplined process. Taking advantage of federal tax incentives and low interest rates are great ways to reach your goal of owning a home. Here are some small ways that can really add up to big savings.
- Make coffee at home instead of buying a daily brew. Prices on lattes, coffee and espresso have gone through the roof.
- Eat at home instead of going out. When you dine out, consider lunch instead of dinner and avoid purchasing alcohol at meals.
- Consider taking on a roommate or smaller apartment to cut down on rent. Eliminate extras like premium cable, expensive DVD rental plans, and excessive cell phone plans.
- Use coupons at the grocery store and look for sale items. Shop for groceries and household cleaners at retailers that offer major discounts on items sold in bulk.
- Cancel your overpriced gym membership fee and work out on your own.
- Program your thermostat so heat is lowered at night or during the day when occupants are not home.
- Turn off the lights when you leave a room and use fans instead of air conditioning to keep your electricity bill low.
- Carpool to work, buy low octane fuel and avoid taking costly taxis.
- Purchase generic medications and toiletries instead of brand names, often, the same active ingredients are used and the items are a lot less expensive.
- Pack a sandwich and bring it to work. Work lunches and office take out can be a drain on your budget.