UNITED STATES, Dec 03 — For many people, buying their first home is only a dream. They simply can’t come up with the money for a down payment. But if they really looked at how they spend their discretionary income, there may be several areas where they could adjust or cut back and still enjoy life. You may be surprised to see where your money goes every month
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or many people, buying their first home is only a dream. They simply can’t come up with the money for a down payment. But if they really looked at how they spend their discretionary income, there may be several areas where they could adjust or cut back and still enjoy life.
Everyone will have their own methods of changing their spending habits. It will still take time to save, but it can be done. Here are some ideas for saving money, one bit at a time towards the big picture – your new home.
Many of these tips are as old as time, but if they are followed, you will see the numbers start adding up in your savings account.
- If you have a gym membership and don’t use it regularly, cancel it. You can buy inexpensive DVD’s for home workouts.
- Stop buying specialty coffees every day. Choose a small or medium size of regular blend or bring a thermos of your favorite coffee from home.
- Take the bus to work. This may get you lower rates on car insurance.
- Collect and use coupons. It really works!
- Take your lunch to work.
- Ask for a reduced rate on your credit card.
- Pay off your credit cards every month.
- Pay for basic cable channels only.
- Rent movies instead of going to the theatre. Homemade popcorn is better anyway!
- Read magazines online, at the library or your doctor’s office.
- Find a bank that offers no fees on checking accounts, without requiring a minimum balance.
- Pay car insurance semi-annually, or annually to avoid extra charges.
- Stop smoking! This can add up to hundreds, if not thousands of dollars every year.
- Choose a slower Internet service that is less expensive.
- Sign up for free customer rewards programs. This saves money and gives you free goods on a regular basis.
- Write a shopping list and stick to it. Do not go grocery shopping when you are hungry.
- Invite friends over instead of meeting at a restaurant.
- Make your favorite dish and freeze portions. This also helps when you don’t have time to cook.
- Shop at consignment stores for clothes and household items.
- Your local dollar store has everything from greeting cards to socks, and sometimes food that you buy regularly.
- purchase cards, wrapping paper and gifts for the following year after the holiday at half price, even Mother’s day and Valentines Day.
- buy generic or house brand products. It is often made by the same manufacturer as the name brand, but costs less.
- become an expert at mix and match wardrobe purchases.
Another trick is to set up a Finance Journal and record your spending every day. You may be surprised to see where your money goes every month. How much of that could have been put in your savings account to buy your first home? It doesn’t take long, and soon you’ll be picking out new paint, or furniture for your very own home.
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