Leah Kelvin
Active member
A challenging but attainable goal is to save for a down payment. Here are some steps you can take to save for a down payment:
1. Set a target: Calculate how much money you need to save for your preferred down payment amount. This way, you will remain motivated and have a clear savings objective.
2. To begin with, prepare a budget: Determine what proportion of your monthly income is spent on essentials and identify wasteful expenditures that could be curtailed for the purpose of your down payments. Saving regularly by making it an unchangeable monthly charge in your budget might work.
3. Automated saving – if you link up salary or checking account to a savings account specifically created so as to be used when paying the deposit, then it would mean that there would be no more excuses for failing to consistently save.
4. Remove debt: Basing on which type of debited has accrued high interest first, pay off such borrowings like credit cards and personal loans. By doing this, one will reduce the level of indebtedness thereby generating additional cash flow thus encouraging saving towards paying future deposits.
5. Research alternative revenue streams: Getting extra sources of income like part-time jobs or freelance assignments may help address any potential shortfall in your financial plan geared toward ensuring that you have adequate reserves set aside meant saving towards down payments.
1. Set a target: Calculate how much money you need to save for your preferred down payment amount. This way, you will remain motivated and have a clear savings objective.
2. To begin with, prepare a budget: Determine what proportion of your monthly income is spent on essentials and identify wasteful expenditures that could be curtailed for the purpose of your down payments. Saving regularly by making it an unchangeable monthly charge in your budget might work.
3. Automated saving – if you link up salary or checking account to a savings account specifically created so as to be used when paying the deposit, then it would mean that there would be no more excuses for failing to consistently save.
4. Remove debt: Basing on which type of debited has accrued high interest first, pay off such borrowings like credit cards and personal loans. By doing this, one will reduce the level of indebtedness thereby generating additional cash flow thus encouraging saving towards paying future deposits.
5. Research alternative revenue streams: Getting extra sources of income like part-time jobs or freelance assignments may help address any potential shortfall in your financial plan geared toward ensuring that you have adequate reserves set aside meant saving towards down payments.
