How to Quickly Save Up For a Home

Whether you are interested in being a first time homeowner or a current homeowner who wants to purchase another home, Balboa Realty has tips on how to buy a home sooner than later. The key is to decrease your spending and increase your savings. You then can funnel this extra savings into a specific fund for your future home's down payment. This sounds simplistic, but saving can be harder than you might think without proper planning. Balboa Realty, a leader in Orange County Property Management, has expert ideas on how to purchase a home of your dreams in no time.

Ready to buy home in Orange County? Call Balboa Realty today: 949-386-8310 

Prioritize Your Needs

Think of the necessities of living and where you do need to spend your money such as paying off credit cards, pay monthly rent and utility bills, groceries, car payments, medications and any other daily necessities. Making sure you're up to date on all of your bills and credit cards will improve your credit score which is essential for buying a new home. You'll quickly save some money by making it a goal to cook and eat in more often. Go online and research free and fun activities in your area such as bike rides, hikes, parks, free museums, local festivals etc. This doesn't mean you have to put your social life on hold and stop having fun, but you might want to save your luxurious trip to Hawaii for next year. Before you buy something, make sure it's something you need and not just something you want.

Be Mindful of Utilities

Some small changes in your daily habits can really reduce the cost of your bills. Start by turning the lights off when you leave a room and be sure to install energy efficient bulbs. You can even go the extra mile by turning the lights off all together and lighting some candles. If you have a high efficiency dishwasher this is good news because it actually use less water than hand washing, but be sure to only run the dishwasher when it's full. You can also try washing your clothes in cold water instead of hot/warm water and on a smart cycle to save money on your utility bills.

Time to buy a new home in Orange County? Let's chat: 949-386-8310 

Increase Your Income

Picking up a side job is a great way to increase your income and in turn increase your savings. If you aren't able to save enough with you current job, the majority of money you earn from a side job or project can be set aside for your future down payment on a house. Pick up a shift bartending, babysitting or dog walking. If picking up another job isn't in the cards for you, have a garage sale or sell items online to earn some extra cash.

Set Up Automatic Transfers

determine how much money per month you are realistically able to save and have a specific amount taken out either weekly or monthly. You won't even know it was there. You won't have to set a reminder to do it and it's less painful than doing it manually. You can always go into your account and update the amount you want to transfer.

Published on Thursday, April 19, 2018