Saving for a Down Payment is hard work, so it's a good idea to really want to own your own home by the time you begin your Savings Account. It's difficult to turn down a weekend in the Bahamas (or Downtown at the Clubs!) when you don't have a definite goal.
Step One: Get a Job! This will definitely help you to find the money to save! ha,ha!
Step Two: Keep the Job -- longevity on the Job is a major factor the Financial Institutions look for when your trying to qualify for a Mortgage.
Step Three: Go over your spending habits with a fine tooth comb. (Please, this is strictly figurative! No yucky combs on your Financial Papers!) Ask yourself some very serious questions -- Do you really need to spend $5.00 for a cup of coffee five times a day? Even though it's fabulously delicious?? Even one cup at $3.25/day is $1186.25 a year. Five cups at price per day would be $5931,25. That's a lot of money, and often enough for a Down Payment.
It's a good idea to right down everything you actually purchase -- lottery tickets, coffee, lunches, snacks, clothes you don't really need -- it's the 'little incidentals' that really add up.
Step Four: Start a separate Bank Account, just for your 'house-to-be'. Anything you can put in there is good -- if you can manage $25.00/week, that's $1300. a year; $50./week gets you $2,600. a year, and if you can swing a $100./week, that's $5200. in a year.
You'll be shocked at how easy it is to piddle away $100. on all sorts of little things -- when you make the big decision to Buy Your Own Place, all of a sudden, you'll find yourself prioritizing...and that doesn't mean you have to slap your own hand to stop yourself from frivilous spending (which, sadly enough, happens to be the most fun type of spending! ha,ha!). You'll just make the decision one day that you need to Own Your Own Home so you can 1) Make Money, 2) Not hand over your money and have nothing to show for it at the end of the day -- say, Monday...yuff, yuff! 3) Secure your Future.
Step Five: Find out how much you can borrow for your new place. Click on-line so you can quickly determine this info. Especially if you're new to the Real Estate game, it's less stressful than heading in to the Bank, plus you don't have to make a special appointment!
Step Six: Start Looking for Your New Place! Check out the great new Condos that are all over the place, now. They have really good Payment Plans, and if you make your Purchase before they're built, you'll score a great deal.
Contact a Realtor to find out what's available in your Price Range -- they're there to help you, and can really help to narrow down the field and get you into something you can afford and love.
Remember that you don't have to live anywhere forever -- a lot of people fall into the trap that they can't buy because they're not sure where they'll be 5 or 10 years from now... even if you only have a year that you're sure about, go ahead and Buy. You can always sell it, and you won't lose money on Real Estate -- maybe you'll walk away with an extra $10,000. - $50,000. from the Property Values going up! Now, that ain't bad! Not bad at all!
Here's a little Tip for Women: You know, it's more common than you might think that a lot of women are 'waiting for a man' before they even start to think about buying a place. Forget that! Men, Schmen! Go get it yourself, Girl! And keep it until you're sure you really like him... In the 'olden days', like when I was in my twenties in the early 80's (!), there was a weird thing that if a woman had her own place, then she was putting out a message that 'she didn't need a man'..., and so a lot of women would wait until marriage before attempting to purchase a home.
Thank God those days are gone! Puh-leeease! It's always nice to have a man, but women don't technically need them ... for any length of time, anyway... and you can go ahead and get your own place without waiting for anyone. You can be comfy and cozy on your own no matter who you are... you can always sell it later and buy something different together, which is a healthier to do for a new relationship, anyway, right??
So start Saving and before you know it, you'll be moving into your very own home. Then you can start saving up to go to the Bahamas, and go dancing on the Island!
Ailsa Forshaw is a Writer, Builder, Website Owner & Manager, Teacher, Mother... all in Alberta, Canada. She is Married with Two Lovely Children, and one gorgeous wee dog. Her Website, http://www.buildyourownhouse.ca, is chock full of all sorts of useful & fun information to help anyone become Financially Successful, Slim, Trim, and Happy... what more could you want?? Pop in for a wee visit! http://www.buildyourownhouse.cahttp://www.theScottishDiet.com
Personal Finance: Booking Bamboozle Washington Post If you are making travel arrangements online, be sure to keep an eye out for a questionable but growing trend on booking Web sites: 'pre-checked' boxes that ...
PersonalFinance: Your guide to Coverdells FOXBusiness (Linda Stern is a freelance writer. Any opinions in the column are hers. You can follow Linda Stern's financial notes on Twitter at ...
The week's 10 best Personal Finance stories MarketWatch By MarketWatch With no federal tax credit to entice buyers, today's home sellers have to get even more serious about making a deal. ...
Pet insurance is no laughing matter Telegraph.co.uk Having made four claims in four years, The Telegraph's Personal Finance Editor decides the time has come to write about pet insurance. ...
Google News
RELATED ARTICLESSave Money on your Clothing Budget. Tame the Closet Monster!
Reducing the clothing budget was a serious challenge for me. Two pre-teen girls and a teenage girl certainly didn't make life any easier.
Retirement Income Needs---Less Than You Think?
It is widely written that you need 75% of your presentincome to maintain your present life-style in retirement. Ifyou make 100 thousand now, figure 75 thousand inretirement.
The Wonderful World Of Address Labels
Ever wonder where address labels come from? AveryŽ is perhaps one of the most well-known manufacturers of address labels. Rightly so in some respects.
Introduction to Australian Superannuation
Australians, in general, constitute some of the worst savers inthe world. Current estimates suggest that, on average, Australianssave just 4% of their income.
Expenses A - What Are They And What Can We Do About Them
It is crucial as an individual who is striving for financial freedom to be able to recognize the different type of expenses in our lives. It is a proven theory that it is easier to cut your expense than trying to earn more income.
Credit Card Debt - Watch Your Credit Report and Your Bill
Most consumers are aware of the importance of their credit report. This document, offered to consumers and lenders by the three major credit bureaus, offers a fairly complete list of financial transactions and debts incurred by a consumer.
Know Thy Finances
The first step to financial success lies in knowing your financial situation at any given time. There is an anecdote attributed to John D.
Strategies for Success
Holy Shenanigans! More STUFF?Loosing one's business due to lack of personal control is a sad thing. I've watched many people do just exactly that.
Your Dry Cleaner's Double Standard
Women are charged more for dry cleaning services. Don't fume, find a better way.
Learning the Basics of Handling Money
With prices increasing all the time, saving money can be harder and harder to do. Here are some solutions for saving a little so that you can still meet your needs and still find ways to trim off a little for the future.
Single Mother and Learning how to Save
Saving may seem easier if you were saving for a new car, or a vacation however when it comes to saving in general it may prove to be more challenging because you may not necessarily feel you are receiving a reward from it. However saving pays off, especially as a single mother.
Succession Planning
Have you ever thought about what you are going to leave your children when you pass from this earth? Wouldn't it be a great feeling to be able to give them a really good head start in life - without actually spoiling them?It really doesn't matter how old you are, it's something that you need to be thinking about and planning for now. In the process of planning your inheritance and blessing your children, you are really making YOUR life better and more financially secure because you'll enjoy these benefits before you pass them on.
Dramatically Improve Your Stock Trading Success
Get Access to Realistic profitable strategies & discover the mindset to dramatically improve trading success.* Avoid those confusing "cookie cutter" technical analysis tips and tricks that you can read anywhere else for free.
Five Secrets for Long-term Financial Success
Future financial success is not a guarantee that any one of us can rely upon, no matter how wealthy we are now or intend to become.There are however five future proofing financial steps that we can take to protect our current financial status, improve our future financial prospects and secure our long-term financial success.
Chex Systems - Why Every American Needs To Guard His Checking Account With His Life
Most Americans have been brought up to be concerned about a good personal credit rating, because of the role a positive rating can play in your long term plans; purchasing a home, buying a car, getting a business loan, etc. They have also been made to understand that the premier organizations that pretty much hold the key to their financial futures are Equifax, TransUnion and Experian.
Do You Know What Tomorrow Will Bring?
I've been sharing the following idea with people for a few years now, and realized recently that I had never written specifically about it. So here it is:"I cannot predict the future.
Safely Save for Your Childs University Studies Using An Education IRA!
This investment retirement account (IRA) is useful to you as an investor to understand because it may be a good way for you to save for your kid's education AND save on taxes. These plans are now called Coverdell Education Savings Accounts in honor of the late U.
10 Tips to Make Sure Your Financial Budget Will Succeed
You've analyzed your past expenses, put them into spreadsheets, loaded Quicken with all of your data and come up with a budget. Now what? The tough part! You actually have to stick to your budget and put your plans into action.
Knowing Me, Knowing You: Why ID Protection Plans Are Flawed For Fraud
ID theft is a major consumer concern, though there is apparently much confusion about proactive protection initiatives and apparently safe and unsafe spending behaviour. For example, many consumers remain reluctant about shopping online, but they may still give out personal details over the phone in a cold call, or they may have redundant or dormant accounts and financial products which are susceptible to fraud.
The Benefits of Banking Online
How many drawers did you have to look through to find a bank statement the last time you needed one? Chances are you did not lay your hands on it as readily as you would have liked. If that is a familiar scenario in your home, help has arrived in the form of online banking.
