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Creative ways that you can use to save for your down payment

 

If you are ready to go from being a renter to a home owner, you are propbably cracking up your brain wondering how you can save enough money to pay for your down payment. Leave alone looking up  for a loan assistance program like the FHA loan program, you can still do the saving yourself. You are not alone in this dilemma. The fact is all around the city of El Paso and the USA at large, saving up enough money for a down payment is the biggest challenge. Paying rent is tough enough. Paying rent and still saving for a down payment is a burden not many can carry.  So if you are really maotivated to carry out your home buying process then you should look into these tips for saving money.

  1. The old-fashioned way of saving

Make a plan and be patient enough to invest your time. Saving up one dime at a time is a very good way of funding your down payment for a FHA loan or more. It is actually the most common way that people use to save for their down payment. It isn’t easy ant it is time consuming. It becomes a drag when you have to wait for several years before you have enough money to purchase a home. You will need to have the best patience ever. 

  1. Selling your clutter

No matter the time of the day or the season, the time is always good to clean up your house. You can start by selling off your old clothes. The furniture and electronics that you do not use. This can bring you a lump sum of money while still helping you clear out the clutter in your space. Look up online at the sites that can help you sell your things. If it is not your thing, conduct a garage or yard sale.

  1. Cutting back

You have a cable package, do you really need to pay for an additional 60 channels? The internet speed in your space, could you possible down grade it to something cheaper? Cut back on all the subscriptions that you can live without.  These are some of the things you will need to live without if you are planning to save up enough money for your future home. When you cut back on your monthly payments you could save money faster.

  1. Live small

It can prove to be very tough but the benefits are worth it. Down grading your space so that you can pay less monthly rent can help you put away some extra money each month. Swing from a one-bedroom to a studio or from renting a house to renting an apartment. This will add up your savings quickly.

You should also ensure that you spend less and also asking friends and family members to crowd-source you. You can even try getting extra jobs to earn more money.

 
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