If you are planning on buying a house anytime soon, it is best that you start saving up. However, that is easier said than done. What makes earning for a home hard is the long term commitment you have to put in at the same time the many financial problems that might arise during the long period of earning.
An average sale price of a brand new house is estimated at $358,200, that sum broken down for the down payment, closing, inspection and all processes that will follow soon after. Let’s say that you need 72,000 to start a downpayment. Even with that massive cut, you still will have a hard time earning for such a house since it will again take a long time to haul that much money.
Yes, Saving a fro a house can be intimidating, some would even say that it is impossible because of the factors that it has. But you should not worry. If you are determined enough and would like to hear us out, you can be better equipped for the challenge at hand. We have compiled a list of tips on how you can save for a house.
If you have already found the dream house that you wanted, it is best to start of this venture with research as well as having a general idea of the house that you are aiming for, including the best mortgage lenders Corpus Christi so you can prepare earlier.
Start by figuring out the overall downpayment of the said house and then start up a monthly budget around it. Assess your financial situation, Understand your spending habits better and set a goal and follow for as long as you set it out to be.
Sticking to the plan is easy. Living with the financial constraint is what makes it hard, so make sure that even though you are setting aside money for a house, you can still live life to the fullest.
Creating a Dedicated Bank Account
Setting aside a considerable amount of money in a small piggy bank is not an option at all! Rats might come in and ruin your day.
So what’s a better way to do it? Bank Accounts! What’s the best way to do it? A separate bank account!
Yes, if you are dedicated to buying a house, you should create a dedicated bank account for your housing fund. Set up automatic transfers to the said account and make sure that your payroll department knows the set amount you want to be sent to it.
It also allows you to earn more and save even more effectively by cutting out your impulsive decisions, sure you can save using your current bank account, but we will never know if you come across a Dolce and Gabbana bank or a night out in Las Vegas.
Just create a dedicated bank account and put it in a safe and never your wallet.
Have a small pocket change? Put it in the bank. You cut out on beer this month? Put it in the bank. Whatever the case is when you have small, big or huge save you put it in the dedicated bank account. This would accumulate into something that is far more worth it.
Take a look at your financial status. If you can adjust, or even cut out a few habits like cigarettes, that would put you in a position closer to buying that dream house you always wanted.