Saving Tips for First Time Homebuyers
How you can set aside money for the down payment on your first home!
Trying to save money for a down payment on your first home? It can be hard to save for such a big goal that can be a ways off. Here are a few shortcuts that make it easier to grow that down payment fund. First, add an additional savings account to your PCCU account and name it to remind yourself what you're saving for, like "House Fund", "Down Payment Money" or even something fun like "Bye Bye to Mom's Basement $$$" or "Audios Landlord". Then automate your savings by having your direct deposit split and have a consistent amount put in there without having to think about it every time you get paid. You can also sign up for PCCU's E-Z Saver feature on your debit card. Every time you make a purchase with your PCCU Visa Debit Card we'll round up to the nearest dollar and transfer the difference to your savings account. The more you use your debit card, the more you'll save! Next, look at your monthly budget and see if there is anything you can cut out to direct more into savings. Maybe trim out the extra sports and movie packages from your cable bill. Try cutting back on name brands when you go shopping for groceries and consider buying the store brands. When you splurge on something like a premium coffee or drinks out, a meal at a restaurant, etc, put an equal amount in your savings. If you don't really have the money to do both then perhaps reconsider the purchase, or perhaps find a less expensive option.
Learn to cook! Sure it's quick to drive through and grab breakfast on the go. But it really doesn't take much longer to fry up a couple of eggs and make some toast at home for a fraction of the cost. Know you've got a long day ahead of you and you're probably not going to feel like cooking when you get home? Instead of ordering pizza fire up your crock pot and set something up to cook all day long, then when you get home you just have to serve and eat.
Keep track of your expenditures. To make it easy and take a photo of every receipt you get over the course of the month. Then at the end of the month review them all and see where you can cut back and save. Do you really need that venti late everyday?
These are just a few good tips to get you started. For more ideas, like and follow us on Facebook and you'll get our weekly financial tips on Mondays, money and time saving recipes on Wednesdays and Greener Living tips on Friday, that will all help you save money you can use for your down payment!
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