3 Strategies for Saving for a Seattle Home Mortgage
If you are in a position where you are scrimping, saving and budgeting for a Seattle mortgage, here are a few tips to help you out. Nobody ever said that it would be easy to save up for a down payment for a home, but as you know, the rewards are priceless.
Here are three simple tips that you can use to help you squeeze every penny you can out of your weekly budget to put towards your down payment.
1. Write down every expense
Most people write down their expenses but don’t take the time to list everything. This may take you a half-hour or more, but it must be done. A lot of money can be spent on small things like coffees or treats. When it’s time to add up all the small things they can make a huge dent in a weekly budget.
Write down all the time you stop and get a coffee. Think about all the small incidental things you need to purchase and how often. After you have a complete list you will have to separate it into two separate lists. One will be for items you really need and the other one will be for the things you can do without. Obviously at this point you will stop spending money on these small items you don’t really need and put the cash towards a down payment for your Seattle mortgage.
2. Don’t get fooled with your weekly budget
Once you have figured out all of the coffee money and perhaps see that you are spending $10 a week on coffee, don’t think that it is a small amount that can be sacrificed. If you are spending $10 weekly on coffee it means that you are spending $40 monthly. If you have two other small habits adding up to $10 a week as well, when all is said and done you are spending $120 per month on small incidentals.
Of course, you don’t have to give up coffee completely. Just invest in a top-notch coffee mug and brew some coffee at home. It’s just a matter of changing a few small habits to put some money where it really needs to go.
3. Stick to your budget
Okay, now that you have it all worked out you need to stick to it. This is the one place where people really have a hard time. One thing that you can do is ask a family member or friend in Seattle to help you stay accountable. You can go over your budget with this person once a week and talk it through. You’ll find that having to discuss your budget and what you have really spent your money on will help you cut down on expenditures. You’ll think twice before you buy things.
This blog is courtesy of Adrian Willanger at Coldwell Banker Danforth & Associates 206 909-7536 helping people buy and sale homes in the Greater Seattle area.
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