Thinking about buying a home can be a lot of fun. No more renting or living with family, and the freedom to paint and decorate and landscape just the way you want to. That’s important, and can give you a number of opportunities that you might not have now. But you have to know how to budget to buy a home, so you don’t end up spinning your wheels financially and really not getting anywhere. You don’t want that to happen. You also don’t want to end up saving so much that you never do anything fun. Here are some ways you can budget to buy a home and save money, without making any major changes to your lifestyle.
1). Make your coffee at home.
When you save small amounts you don’t miss the money that you would have spent. That coffee you’re buying each morning on the way to work is a small amount of money, but those little amounts definitely add up to big expenses over time. Rather than spend that $3.00 or $4.00 each day, make your coffee at home. You can even buy a nice travel mug to carry it in. The cost of the mug will quickly be offset by the fact that you’re not spending so much every day just to have coffee. It’s a great way to save.
2). Explore free nearby entertainment.
If you like to go out, you don’t have to stop. There are plenty of interesting things to do that are close by and that don’t cost you anything. Look for free and reduced cost events, so you can save money and still have adventures. Get together with friends and family, and take them to all the great, interesting places you’ve found. They’ll be pleasantly surprised, and you will have saved a lot of money that you can use to put toward your home-buying dreams. That’s a winning situation for everyone involved.
3). Go to the library.
Because buying a home can be stressful, it’s important that you take some time to relax. If you like to read, you might want to put your book-buying habit on hold for a little bit. Of course, that doesn’t mean you should stop reading. Just go see your local library, and explore all the great books they have available. Chances are that they have plenty of things you’ve never read before, and you can learn new things, read a funny story, or pick up anything that interests you. Set a reminder on your phone or computer to let you know when the due date is. That way, you won’t spend your money on library fines for late books.
4). Consider eliminating cable.
If you have an expensive cable bill, reducing or eliminating it can mean that you will be able to save your down payment money even faster than you might have expected. Check Netflix, Hulu, and Amazon Prime to see if your favorite shows are available. They cost a lot less per month than cable does, and they also have shows that are exclusive to them. You could find a new favorite thing to watch and save a lot of money in the process. It can be hard to give up cable, but there are times when it’s definitely worth letting go of.
5). Pack your lunch.
Getting everyone involved in the process can make saving money much easier and a lot more fun. If you routinely pack your children’s lunches, why not pack your own? Going out to eat for lunch every day gets very expensive, and you can make some great meals at home for a fraction of the cost. With all the tasty choices you’ll have to consider, you’ll wonder why you never packed your lunches before. You can control your portions to reduce waste, and keep your cooking skills sharp, but your budget won’t be suffering from any of that. Instead, you’ll see the amount you have saved for your down payment start to really climb.
6). Utilize a change jar.
When you find the right home to buy, you become very focused on getting that down payment money. That’s where the change jar can come in. If you’ve been putting your change in a jar instead of spending it, you could have quite a bit in there. Roll it up and take it to the bank, where you can deposit it in your account. Since you just put it in a jar each time you brought some home, that change was hanging around, waiting for its chance to help you out. You might be surprised how much has accumulated.
7). Consider the length of time you have to save the money.
The length of time you have to come up with the money is important. You might not have to make hardly any changes at all if it’s going to be a long time before you want to buy a home. If you plan to buy fairly soon, that could require more sacrifice. Only you can decide how much you want to change in order to buy a house, but there are ways to get your down payment money over time, that won’t require you to make big changes to the lifestyle you currently have. That will help you feel better about saving, and keep you on track with your house buying goals.
2 Point Highlight
When you save small amounts you don’t miss the money that you would have spent.
Getting everyone involved in the process can make saving money much easier and a lot more fun.
