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So you’re looking at buying your first house.  Or maybe upgrading your current house to a bigger one for your growing family.  You’re not sure how to get started.  You know you’ll need a down payment, but you’re not sure on how to save for it. 

 

 

1) Decide on your budget for the house (not sure how to do this?  Talk to your accountant.)
2) Create a monthly living expense spreadsheet to figure out how much you can save
3) Determine your time frame to have your down payment saved
4) Set up automatic savings withdrawals from your checking account

 

While going through these tips you may realize that the amount you can save each month and your time frame don’t exactly match up.  That’s okay.  Take another look at your monthly expense budget and see if there is anything else you can cut out.  Maybe limit your eating out to only one time a week instead of three, carpool with friends or family when going out of town to save on gas money, or make homemade DIY presents for birthdays and Christmas to lighten your spending. 

 

If you have removed everything from your budget that you can and your time frame is still not reachable then it’s time to be realistic.  Stretch out your goal a few months.  You don’t want to stress yourself out and lose sight of the end goal.

 

If you would like more help before buying your home then give us a call at 573-686-3053.  We can take a look at your financial situation to help you set a realistic and reachable goal.