Fill your savings back up after wiping them out with your down payment!
Saving up for a down payment is a major undertaking for most homebuyers. After months of discipline, you finally got to use all of the money you had been setting aside, and are now settling into your new home. Congrats!
Purchasing your home has likely left your savings with a little to be desired, and thinking about saving aggressively so close on the heels of saving for your down payment might sound a little overwhelming. The good news is that there are a few things you can do to make getting back into the saving habit a little easier. Here are a few tips to use.
- Treat Yourself: Even though you’re loving your new home, you are probably not too keen on reverting back to the restricted life you led when trying to save. You don’t have to! Set savings goals, and then decide on what percentage of the saved amount you get to spend on a splurge once you hit your goal. With these kinds of incentives, you’ll find yourself saving in no time!
- Get Competitive: If you need motivation to save, why not enter into a savings challenge? There are some that encourage you to save a small amount of money ($1 in the first week, leading up to $52 in the last of the year) and some that set aside periods where you don’t spend at all. Either way, by entering into a competition with yourself, you can make savings more engaging and (dare I say it?) fun!
- Remind Yourself: Plant reminders of what you’re saving for (a simple sticky note will work) around your home, workplace, and in your phone to encourage savings.
Are you still on the other side, trying to save for your down payment and get the mortgage you need? To talk to a California home loan expert who can help you get the financing you need to join the ranks of homeowners this year, contact Andraya Coulter. Serving Pleasanton and all of Northern California, I can help you buy this year!