How to Save for A Down Payment

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.ca http://www.buildyourownhouse.ca

Family Money Management: The Importance of Agreement

Are you having problems with debt? Are you afraid to... Read More

Budgeting your Savings - Did You Let Your Piggy Bank Get Away?

I think most of us have at some point in... Read More

Financial Readiness: Preparing for BRAC (Base Realignment And Closing)

The recommendations for military base closings have been released and... Read More

UK Parents Inactivity Harming Their Children?s Future University and Mortgage Savings

The British government at the beginning of this year officially... Read More

Bankruptcy Chapters Explained

Chapter 7The potential chapter 7 debtor should understand that a... Read More

Expenses A ? What Are They And What Can We Do About Them

It is crucial as an individual who is striving for... Read More

Estate Planning Basics

You have probably accomplished a great deal with your life.... Read More

Credit Card Debt ? Watch Your Credit Report and Your Bill

Most consumers are aware of the importance of their credit... Read More

Government Grants - Beware of Scams

As the saying goes: "Buyer Beware". If you see ads... Read More

Stretching Your Grocery Dollars

Shopping for groceries is an inevitable fact of our ever... Read More

Healthy Eating On A Budget

It is possible to eat a healthy, balanced diet without... Read More

Basic Bank Accounts Failing the Basic Needs of Consumers

The lists of bank and savings accounts that are available... Read More

Retirement Income Needs---Less Than You Think?

It is widely written that you need 75% of your... Read More

College Expenses: Seven Ways to Save on an Education

Many people graduate from college owing thousands of dollars in... Read More

Live Green; Save Green!

Have you seen the recent article on a new "green"... Read More

Debt Management ? More Ways to Save on Gas Consumption

The price of gas continues to climb, and with continued... Read More

How Electronic Checks Work ? Will Paper Checks Eventually Go Away?

Traditional checks probably won't disappear anytime soon, but processing checks... Read More

I Want to Buy a Home - Now What?

If you were to ask 100 women "What would you... Read More

Budget Planning - Its Elementary My Dear Watson

Does it feel like you have to be Sherlock Holmes... Read More

Save Money Off Your Home Utility Bills

Many don't realize that our basic utility bills provide the... Read More

Understanding Your Finances Can Give You Power And Choice

What is finance and what do you need to know?... Read More

Avoiding A Nightmare On Renovation Street

You've decided you want a bigger, better and more desirable... Read More

Bank On It: Places to Hide and Invest Money

Today I passed a thermometer at a bank that read... Read More

What Are We Teaching our 2005 Graduates about Money?

Now that we are in the month of June I... Read More

Banks Are More Than Just A Place To Park Your Money

If you've been to a shopping mall lately, you've probably... Read More