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Tips For Saving For A Down Payment From A Denver Real Estate Agent

October 12, 2016

Are you trying to buy your first home, but unsure of how you will save enough money for the down payment? Start putting money aside to fund your dream home by following these tips provided by a local Denver real estate agent at the Giving Back Group.

Skip the gym

If you currently pay a monthly membership fee to a fancy gym in your neighborhood, why not cancel it until you have saved enough for a down payment? A gym membership can set you back several dollars every month, and although that may not seem like much, it adds up over time. Get your exercise by running outside, working out at a playground or following workout videos on YouTube and skip the monthly payment for the next six months to a year.

Put some aside from your paycheck.

Talk to your payroll department at work and make some changes to how you receive your paycheck. Ask that a certain percentage be automatically placed into your savings account so you never have access to it, and therefore can’t spend it on unnecessary items. This will help you gradually save up money you would have otherwise spent on your morning coffee, happy hours with friends, and that beautiful blouse you’ve had your eye on. Remember, out of sight—or in this case, out of your checking account—out of mind.

Talk to your cable provider.

Most people spend more on cable than they should. If you’re really pinching pennies to save as much as possible for your down payment, call your cable provider to see what you can slash off of your services. Chances are, you have hundreds of channels on your cable package but only watch a handful of them. See how much you can save per month by cutting out the channels you never use.

Create a budget.

Sometimes, to start saving money you have to first understand where your money is going. This can be done by sitting down and creating a monthly budget that will ensure all of your bills are paid while you are saving for a down payment. Start by calculating how much you are taking in every month and how much you have to spend on rent, utilities, taxes and other expenses. The difference between what you are earning and what you are spending is your discretionary income, and this is what you need to watch closely. Try to track what you are spending money on every month so you can see where you need to cut back. If you realize you’re spending $500 a month on going out to dinner and drinks, cut this in half and put the extra money aside. Learn more about the many secrets behind successful budgeting.

Once you’re ready to buy a home, it’s time to find a Denver real estate agent! At the Giving Back Group, we are committed to providing exceptional real estate services to the Denver community. We help both buyers and sellers, and our goal is always the same: to provide exceptional service that exceeds our client’s expectations. We are also committed to our community, which is why our brokers give back to the charity of their client’s choice after every real estate transaction! Contact us today at 303-881-4881.