If you’re like most people, you don’t have a pile of money sitting in your bank account for a down payment on a home in Lake City, an equestrian property or any other type of residence – but saving up for a down payment is tough.
What are you supposed to do?
Tips for Saving Money for a Down Payment
While saving money for a down payment takes time, with the right attitude – and the right plan – you’ll be able to make it work.
The first step, though, is being committed to keeping your savings exclusive from your “regular” money. You can’t use it for bills, rent or insurance. Naturally, emergencies are another story… but you should quarantine it, according to author, editor and financial pro Jeff Reeves.
Pinching pennies is one thing, but it may be a better idea to cut out big expenses (or avoid them altogether). It may be a bad idea to make major purchases, such as cars, furniture and other big-ticket items, when you’re trying to save up for a down payment.
It might also be a good idea to stop contributing so much to your retirement plan. If your employer matches your contributions, but there’s a cap on what they’ll match, only contribute that amount. Remember, a house or property is an investment, too; you’re still stashing away for your future, just in a different way.
Save every penny that you receive that isn’t part of your paycheck; if you inherit money, get a tax return or score a holiday bonus, put it in your down-payment savings.
Are You Moving to North Florida?
Whether you’re looking for a home for sale in Lake City or you want to buy equestrian property in North Florida, we can help. Call us at 386-243-0124 or contact us online to tell us what you want from your property and we’ll begin searching right away.
