Grow a down payment

Buying a home is within everyone’s reach. Attitude and discipline will assist in reaching your goal. First time home buyers are creative people. You can grow a down payment within the means you are living with now. Home ownership will benefit your financial bottom line. You may be paying higher rent than a future mortgage payment calculates.Grow a down payment

Review your expenditures. For one week, write down every cent you spend including gum, candy, coffee, soft drinks, movies, drive-thru and impulse purchases. If you are buying $5.00 per day, for on- the- go coffee or soft drinks during a work week, it totals to $1,300.00 per year.

Toll road fees appear to be incidental to save 15 minutes of commute time. If the toll is $3.00 each way to work, five days a week – a one year total is $1,560.00.

How bad do you really want your own home?

Quit eating out. For the cost of a chef salad in your local restaurant, you can purchase salad ingredients at your local market for a few days of salad at home. Salads do not require a lot of “cooking” expertise. Learn how to cook your favorite eateries’ entree. Your down payment fund will grow exponentially. Create events such as picnics for a new view instead of the golden arches. Barbecuing in your new back yard can be a dream come true.

Do you own a boat, motorcycle, ski-doo, snowmobile, RV or classic car being stored? How often do you utilize these fabulous grown-up indulgences? Sell these items. Add up how much you will save in insurance, maintenance, storage fees and running costs. Grow your down payment. Buy your home. Buy another fancy schmancy fun extravagance to store in your new garage.

Eliminate debt, starting with the smallest balance first. Observe the amount of monthly interest you are being charged on the account. Paying off each bill will allow that dollar amount to be saved toward your goal of home ownership.

One person’s junk is another person’s treasure. Consider a garage sale or selling unused items on Ebay, Craigslist or other auction sites. If the motivation is to own your own home, think of getting rid of “things” as less to move when you switch to your new house. Less stuff to move will also lessen the moving expense. Your down payment will grow with each deposit from the sale of possessions you no longer want or need. Do not buy anything you do not actually need until your down payment goal is met. Weigh the difference between “want” and “need”.

Each of these suggestions will take fortitude, tenacity and the extreme desire to reach your down payment goal. Increasing your income with a second job can expedite the process. It is still possible to make the dream of home ownership a reality in your near future.

Share your success- add a comment of any additional ideas you may have for growing your down payment.

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