If buying a home is in your future, having the down payment is most likely one of the main hurdles you would need to figure out. It can be a challenge to get the funds to put down on a house, but there are some strategies that can help grow your savings more quickly. You might even need less money than you think.<\/p>\n\nHere are 10 beneficial strategies and options to save money to purchase a new home.<\/p>\n\n1. Set a goal - Having a timeline on when you want to purchase a home helps to determine how much you will need saved up. This will help to keep you accountable.<\/p>\n\n2. Review your finances - Come up with a budget to determine how much of a home you can afford and how long it will take you to save money.<\/p>\n\n3. Set up a special savings account - Have an automatic transfer set up to the account. Put aside a set amount from each paycheck into your savings account. Put any yearly bonus checks into the savings account.<\/p>\n\n4. Cut expenses – Take a look at your everyday expenses and find ways to cut back on spending money every month on entertainment, dining out, or monthly subscriptions. Switch to a cheaper insurance plan. Trim your clothing budget.<\/p>\n\n5. Increase your income – Take on a second job or volunteer for extra hours when available. Ask for a raise and put the extra money in a savings account.<\/p>\n\n6. Check your credit – Having a good credit score will help you get a better interest rate and more savings over time.<\/p>\n\n7. Refinance loans - Check into refinancing high interest loans to get a lower interest rate and monthly payment. Getting a credit card with a 0% interest for a certain time can allow you to transfer higher interest credit card debt. Both options can help save money monthly to put more aside for a house.<\/p>\n\n8. Move in with family or get a roommate to help with rent.<\/p>\n\n9. Ask for gift money from family if you can.<\/p>\n\n10. Look into down payment assistance programs to take advantage of.<\/p>\n\n <\/p>\n\n <\/p>\n\nSandy Johnson<\/strong><\/p>\n\nMortgage Services Loan Officer<\/p>\n\nTammie Hornik<\/strong><\/p>\n\nSr. Manager- Vendor Management\/Solutions<\/p>\n\n <\/p>\n\n <\/p>\n\n <\/p>\n\n <\/p>\n\n <\/p>\n\nThis blog is not on behalf of Peninsula Federal Credit Union.<\/span><\/p>\n
