How to Save Money for Your First Home

How to Save Money for Your First Home

Saving money does not have to be difficult as long as you follow a few simple rules.

Steps

1. Create a budget: write down how much money you bring home each month; write down the payment amounts for each of your monthly bills; subtract your expenses from your income to determine how much extra money you have each month.
   
2. Save as much of your extra money as possible in an interest-earning savings account.
   
3. Curb your spending. When you go shopping, ask yourself if you really need the item you are thinking of buying. If you don't need it, don't buy it. Put the money into your savings account instead. Remember that small amounts of money add up to large amounts of money!
   
4. Find ways to cut costs: bring your lunch to work instead of buying it; bargain shop at the grocery store; rent a movie instead of going to the theater, etc.
   
5. Each time you are tempted to spend money on something other than a necessity, remind yourself that you are prolonging your goal of buying your first home by doing so. If it is not worth it, don't do it.

Tips

Post your budget in a visable place where you will have to look at it every day - it will help you remember your goal.

Tell your friends and family that you are trying to cut back on spending to save for a home and ask them not to tempt you by inviting you to spend money with them.

If you are married or in a relationship, make sure to agree on a plan with your partner. If you work together it will be easier to reach the goal.

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