Oct 8 2015 9467 1

Oct 8 2015 9467 1

10 Tricky Ways to Save for a Down Payment

Saving up enough money for a down payment on your first home can seem like an impossible task but it can be done.  You might try using a few of these odd little shortcuts to trick yourself into saving more and faster.  

Automatic Transfers from your checking account to your savings account can help make the process a little less painful.

The $5 bill savings plan.   Every time you receive a $5 bill as change, set it aside.  It took her 12 years but one woman claims to have saved $36,000 with this little trick.

Set aside raises, bonuses and tax refunds.   It's tempting to spend them but think of the excitement of moving into your own home.

Keep the change.   Put all you change away for a rainy day or ask your bank if it allows debit card users to sign up for a service that rounds up purchases to the nearest dollar and puts the change into a linked savings account.

Snag a few buck here and there.   Checking account balance a few buck over a round number?  Take the extra and transfer it to savings.

Keep the car and save the payment.   Paid off your car?  Resist the urge to buy a new one and save the monthly payment instead. 

Start fast and momentum will build.    Seed your down payment fund with a birthday check or other little windfall.  A quick start might motivate you to see the balance build.

Visualize your goal.    Put big, beautiful photos of our dream house on the refrigerator or in your office work space.

Use an app to track progress.    Using budgeting tools like Mint, SavedPlus, DollarBird or others may provide even more incentive to save.

Mike Dokos 

Homesmart Realty 




Edna Montijo - Owner Headshot
Phone: 480-999-1156
Dated: October 8th 2015
Views: 277
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