10 Ways to Save for Your Down Payment

Hoboken Real Estate Podcast with Brian Riolo

My team and I often hear from people who want to buy a home but are afraid they can’t afford the down payment. If this sounds like you, I’d like to offer you some advice. Today, I’ll be sharing 10 tips to help you save for your down payment. 1. Set a target goal. Talk with your accountant and a mortgage representative so that you can put together a plan to meet that goal. 2. Assess your spending habits. The new year is a great time to reflect on where exactly your money is going. Once you really look at your habits, you’re likely to find that there are several ways you could be cutting back. 3. Shrink your TV package. A great way to save money is by considering affordable alternatives to your current plan. Streaming services are a great option. 4. Drop the gym membership. A run around the block will be a lot cheaper than paying an expensive monthly fee. You don’t need to visit a gym to work out. 5. Sell some items. You would be surprised how many items in your home you would be willing to part with. Even selling small items can really add up. “Once you really look at your habits, you’ll see that there are several ways you could be cutting back.” 6. Downsize. If you’re in a position to do so, the switch to a more compact home could help you save. 7. Get a second job. If you have the time to take on another job, the extra paycheck will really help. 8. Get high-yield checking and savings accounts. Doing this will help you make money on your money. 9. Get cash back on your credit cards. There are a ton of cash-back options that can help you earn a little extra while you spend. 10. Save your tax refund. When you get your tax refund, don’t go out and spend it all. You should be saving your tax refund instead. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.