Saving money is a lot like losing weight. It’s no fun, requires sacrifices and no one at a dinner party wants to hear about your plan. For many first-time homebuyers, trying to save enough money for the down payment on a house can seem like a diet that won’t end.
Fortunately, if you’ve ever tried to lose weight, you already know how to save money. While most weight loss results are temporary, buying a home is something that won’t disappear if you skip the gym for a week: You’ll be living in a home you own, building equity and moving closer to financial independence. So, here are some tips to get you moving toward that down payment, based on what you already know about trimming your waist:
Don’t bite off more than you can chew
One of the biggest mistakes new homeowners make is buying more house than they can realistically afford. At Sikorsky Credit Union, we want to get the right loan for you so that you can move into a home that’s comfortable and fits your lifestyle.
No matter how long you run, you can’t burn off that midnight cheesecake
You may be making sacrifices and saving as much as you can, but still not feel like you’re getting any closer to your dream home. You’re not alone. Unlike their parents or grandparents, today’s typical middle class family has more than one job, and a surprising number of those families has three or more sources of income. Don’t be that person who’s too embarrassed to go to the gym because they don’t want anyone to see them get healthy. There’s no shame in working towards something you want.
You can’t lose weight without a scale
Most people keep track of their weight every day while dieting. Some keep a food log. Some count calories, points or carbs. You need to be able to see how you’re doing so you know when you can splurge and when you need to cut back. The same is true when saving for a home. Make a budget and stick with it. If you have a bad month, don’t get frustrated. Instead, commit to doing better next month.
Bottom line is if you want to own a home, you need start somewhere no matter your financial position.
Interested in learning more? Give us a call at 203-377-2252 ext. 4 or fill out our easy form here and we’ll help you figure out what type of home you can afford. Our plans are always easier to swallow than a kale smoothie. But then again, what isn’t?