Great Saving Strategies for First-Time Carlisle Homebuyers

Great Saving Strategies for First-Time Carlisle HomebuyersIf you are focusing on the goal of purchasing a home in Carlisle you are most likely saving some money to help you out with that purchase because purchasing a home will require some personal funds like a down payment and money toward closing costs. 

Helpful Savings Strategies for a First-Time Home Purchase

Send Money Straight to Savings

Instead of putting your entire paycheck into your regular account set aside a certain amount to go straight to savings where it is harder to spend. If you see the money in your regular account it can be tempting to think you can use the money on whatever. Instead when you get your paycheck build a habit of automatically sending a certain dollar amount for your house fund right to savings when the money comes in. There is something about sticking money in that savings account that makes it harder to pull out unless you absolutely need it. 

Tighten the Screws on Spending Habits

If you are serious about getting to your home savings goal faster consider cutting out extra things for a short period of time. Items like that gourmet cup of coffee, a fun pair of summer sandals, watching a movie in the theater, or going out for drinks (probably the most expensive of them all) on the weekend. You might be surprised at how much you could save to get you to your goal even faster.  You might decide to really tighten things up and get rid of some magazines or a streaming service for a little while. Also, make sure to check your subscriptions to things, you might be paying a monthly fee for something you don't even use. It's a great way to find money for your savings. 

Donald Payne of Vision Realty shares this on finding ways to save in a blog article:

"This could mean opting to eat in instead of going out to restaurants nightly or on the weekends. It could also mean choosing to make a hearty bowl of soup instead of a steak"

Put Gift Money to Good Use

If you are given money as a gift on your birthday or a holiday consider putting it toward your home fund. Or when someone asks what you want as a gift let them know you are saving up and help toward your savings would be the ultimate gift. 

Consider a Side Hustle

If you are determined to get to your home ownership goals faster picking up some extra work is a great way to rake in some extra dough. Make sure to have a disciplined mindset with this paycheck. If you have the ability to set up an electric transfer for payment give your employer your savings account number so 100% of your take-home earnings go right to your home fund. 

There are many different side hustles that offer flexible hours and even the ability to pick up extra work while you stay at home. Everything from personal shopping to record keeping can become an extra job on the side until you meet your goal.

If you are ready to purchase your first home in Carlisle or other areas of central PA, I am here to help. Contact me any time with any central PA real estate needs. 

Post a Comment