Budgeting Tips to Help You Save Up for a Down Payment

Check out our cost saving tips to help you save for your dream home!

1. Put a Little Away Each Month

Look at each month's pay check and calculate how much you make every month excluding overtime. If you do not have a set pay check, write the minimum amount that you are guaranteed to receive each month. Next, determine your debt­to­income ratio by adding up your monthly expenses (utilities, groceries, gas, rent, etc.) then subtracting that total from your monthly income. Plan to put some of the leftover amount into savings each month to help you save up for your down payment.

2. Create a Monthly Budget Calendar

Now that you have determined your debt­to­income ratio, write expense due dates in your calendar to help you stay on track with payments. Also, list all social events you will be attending on your calendar such as going on a date or eating out. By doing this, you can plan for these expenses and decide how much money in advance you will spend on each event to stay within your budget.

3. Create a Grocery Budget

Do you ever get stuck spending too much money at the store because of unneeded items? Make a weekly or biweekly grocery list of what you will need to help you stay within your budget! Stick to the list when shopping so you'll know exactly how much you are spending. Also, use store and manufacturer;s coupons to cut down on your grocery bill.

4. Earn Easy Money

In need of some extra money to meet your down payment goal? Here's how you can make easy money from the comfort of your own home! A few options include blogging, babysitting and reviewing consumer products online. All of these options are easy to integrate into your everyday life, and just think how much extra cash you will be earning!

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