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10 “Skips” That Will Help You Save for a Down Payment

Start saving now with these 10 simple tips.

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When you’re saving up for something as big as a down payment for a home, some monetary sacrifices must be made—and I’m not just talking about saving the leftover money on your paycheck. To make your dream of homeownership come true in months instead of decades, you’ll likely have to make some simple changes in your day-to-day expenditures.

To help you get started, here are 10 things you can skip that will make a big difference in your bank account:

1. Starbucks. Buying a $4 latte every day can easily cost you over $1000 a year. Even if you go with a cheaper $2 option, that’s still around $500 you could be saving annually. Try brewing your own coffee.

2. Going out for lunch. It’s just a quick meal to keep you going, but eating out each day adds up quickly. Try bringing a homemade lunch to work with you.

3. Your commute. Is there a way you can carpool with co-workers or work from home a few days a week? Either of these will save you on gas and vehicle wear and tear.

For something as big as a down payment for a home, some monetary sacrifices must be made.

4. Dry cleaning. There are many ways you can save on dry cleaning. The first step is to check out these 19 ways to dry clean at home.

5. Car washes. The average price of a car wash is $7. A weekly car wash means $364 a year. Get out the hose and bucket and spray your way into savings.

6. The gym. The average gym membership is around $54 each month, but you can avoid this payment by doing home workouts, where you can still achieve the same results!

7. Cable TV. Simply cutting cable out can save you $1,200 a year. You’ll most likely need an alternative for your TV-watching needs, so subscriptions like Netflix and Hulu will cut into this amount.

8. The movies. The average ticket price is around $9, but if you’re a movie buff, how can you avoid seeing the latest and greatest shows on the big screen? Well, it’s not the ticket that gets you—it’s the popcorn, drinks, and candy that can send a family of four’s movie-going expenses into the hundreds. Stick with the ticket and you’ll save.

9. Living alone. Renting your own place alone can be incredibly expensive. Just adding one roommate could instantly cut your expenses in half! Generous family members may even be willing to let you move in for a period of time, allowing you to put any rent money into your down payment stash instead.

10. Giving gifts. Though we’ve just passed the holiday season of 2018, think about how much you spent. Was it a lot? If you’re trying to save in 2019, perhaps think about going for heartfelt gifts instead of expensive ones. Crafty creations and thoughtful cards make for gifts that can stand out—without costing a fortune!

If you have any questions or need more information, feel free to reach out to me. I look forward to hearing from you soon.

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Our agents write often to give you the latest insights on owning a home or property in the Greater Houston area.

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