Friday, July 8, 2016

Tricks for Saving Down Payment for Lexington Home!

Money-saving tips for Lexington homebuyers
Have you been wanting to buy a Lexington home but find the task of saving up a down payment too daunting to actually make it happen? You’re not alone! However, as your Lexington real estate agent, I want to remind you that there are many mortgage options out there, some with the option to put as low as 2 percent down. Contact a mortgage lender to learn more about your options!

Also, there are some sneaky ways that you can trick yourself into saving money automatically, so you don’t actually have to consciously and manually save that money each month. Here are some suggestions that Trulia recommends:
  • Move money into separate account. Impulse buys will be harder when your money isn’t just sitting around in a checking account, ready to be used. Move excess money into a separate account without a debit card attached to it. Only leave what you need to pay bills, groceries, etc. in your everyday checking account. The higher the interest rate on your new account, the better!
  • Automate your savings. Who remembers or wants to take spending money out of their main account to put in another account? By doing this manually every month or paycheck, you are sure to forget or skip a few rounds. Instead, set up an automated account that diverts a certain amount of money each month into a savings account. That way, it’ll feel like you never had it to begin with.
  • Remind yourself of your goal. If you have a hard time saying no to immediate gratification, remind yourself of your long-term goal of buying a Lexington home. Hang a picture of your dream home on your fridge, nightstand or desk. Create a vision board all about buying that home. Pin money-saving quotes and home-buying quotes on your Pinterest board. The more you see the reminder, the better!
  • Match impulse buys. If you just can’t say no to some impulse purchases this summer, promise yourself that every time you buy something that isn’t a necessity, you’ll match that spending with an equal amount put into your down payment savings account. This will either deter the purchase or help you build up that savings account!
  • Save any bonus money. If you purchase something on sale, put the amount that you saved on those sale items into your savings account. Receipts will usually show you what you saved at the bottom, so use this to your advantage. Also, if you get a raise, or you come into money as a gift or inheritance, immediately save this money as if you never even had it.
For more money-saving tricks, check out this Trulia article. Use these tricks and you’ll have a significant amount saved up for a down payment in no time! Every little bit counts. When ready to buy a Lexington home, contact me, your Lexington real estate agent! Let’s make your dream of homeownership a reality.

Theresa D'Antuono

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