Five Easy Ways to Start Saving for Your Dream Home

Thursday, September 30, 2010

As couples begin to have children, they often also begin to consider buying a home. Some envision homes in the country, surrounded by woods and meadows, while others might long for the bustle of life in Jersey City condos or warehouse-like lofts. Wherever your dreams take you, financial planning is needed to make your new home dreams a reality.

Five First Steps to Saving for Your Dream Home

1. Take control of your finances by creating a budget.
Sit down together and add up everything you spend money on such as your rent or mortgage, insurance premiums, credit card and installment debt and utilities.

Don't forget anything. These are your "outs".  Add together all of your income. This sum is your "ins" total. Subtract your "outs" from your "ins".  If you have more money going out than coming in, it's time to start adjusting the things you spend money on until you have more money coming in than going out.

2. Decide how soon you want to buy a home and how much you want to save to use as a down payment.  Continue adjusting your budget until you can afford to save for your down payment on a monthly basis.

3. Find ways to make sticking to your budget easier.  You might consider things as simple as freezing credit cards into a block of ice so you have a hard time using them.  Use cash instead and leave your credit card at home.

4. Consider paying off your credit card and installment debt.  Money that you no longer owe to creditors can be used to speed your way to your financial goal.  Pay off your smallest debt first.

5. Keep track of your progress by creating a chart or spread sheet that you can see every day.  Remind yourself that the sacrifices you are making are bringing you closer to your goal.

 A Mother's thoughts is the most precious of all. Join me as I Journey to Life. Photobucket

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