It seems kind of silly to have to ask the question, "is that a bedroom?" when you see what obviously looks like one. Our friend, you might just be surprised that what you see might NOT be a bedroom
Is Your Piggy Bank Broke
One of the most difficult things in buying a home is access to down payment money. If you are currently renting, it may seem as if you will never have extra funds after rent to save money to put down on a home of your own. Today, we look at ways you can start saving, and be another step closer to stop paying someone else's mortgage, and start investing in yourself.
Set a target goal. Figuring out exactly how much house you can afford is key, because it allows you to determine how much you’ll need for a down payment. Once you know about how much house you can afford, put together a detailed plan for saving money. Studies prove that if you set specific savings goals, you'll do a better job at putting away savings funds.
Assess your spending habits. Look at your bank and credit card statements from the last three months to see where your money is going. Are you excessively shopping, or going out to eat more than once a week? Things to consider.
Shrink your TV package. Cable bills have become unpredictable in the past few years, on average about up about 39% since 2010. Take a look at your cable bill. Could you cut the bill to just internet, and use a streaming device? With the latest technology moving more in favor of the cord-cutters, streaming devices are an excellent alternative to a lofty cable bill. If you just can't live without cable, try calling the cable company to negotiate your current plan rate.
Downsize. If you're serious about saving money for a home of your own, consider moving from the expensive condo you're currently renting to a smaller apartment for the time you're trying to save money to buy. Not only can you save in rents, smaller spaces have less to heat and cool.
Get a side job. This one, is easier than ever in the technology age. Companies like Uber, Lyft, and other online opportunities are out there for the taking, some are even available to do without even leaving your home.
Open a high-yield savings account. Instead of keeping extra cash in a checking account where it's not earning interest, consider moving your monies to a high-yield savings account where you'll have daily accrual of interest.
Get a cash rewards credit card. Check with your financial institution on best options for credit cards that offer cash back for purchases. A word of caution, be sure to ask about the interest rate on any card you choose, some rewards cards may have higher interest rates. If you do get a rewards card with higher rates than your current card, just be sure to pay the balance on time, and in full every month.
Save your tax refund. While it’s tempting to spend a tax refund, this is an excellent source of cash that you haven't had in the budget. Mark that money as down payment money!
We hope you will consider taking The Shields Team as a partner if you are renting, and let us guide you to new home ownership. Your goals, are our priority! Call us at (423) 433-6517 or come by our office inside Keller Williams Realty, 1033 Hamilton Place in Johnson City TN.
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Wes Shields, Team Owner and Listing Agent for The Shields Team at Keller Williams Realty of Johnson City Tennessee, has a long and very impressive list of accomplishments in his 10+ years in the real ....
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