Saving For a Down Payment? Cut Out These 4 Things
/Saving for a down payment on a house could mean you're stressing out, wondering how to come up with the money.
Depending on the mortgage rate you have, creditworthiness, and the home you desire, a down payment can be anywhere from a few thousand dollars, to tens of thousands of dollars.
This can be a daunting burden, especially if you have not developed healthy spending habits.
Besides being sure to set a strict household budget while you're saving, there are 4 "money wasters" that are sucking hundreds of dollars from your pocket each year.
...Hundreds of dollars you could be putting towards the purchase of a new house.
Saving For a Down Payment? Cut Out These 4 Things
Watch this fun video from Realtor.com to learn what these 4 "money wasters" are!
1. Daily Coffee Break
Did you know the average price of a medium latte is $3.65? That can easily add up to nearly $1,000 out of your pocket each year if you go just 4 times a week. This is a great way to cut expenses and save for a down payment!
2. Gym Membership
The average gym membership costs $58 per month. Multiply that by 12, and that's almost $700 each year. If you're saving for a house, maybe take a year off from the gym and research some home body workouts you can do.
3. Premium Cable
The average monthly cable bill is $99 (and I know I'm guilty of having a much higher one than that). $99 x 12 months a year = $1,188! Consider downsizing your cable package to help save that money for a house down payment.
4. Not Packing Your Lunch
If you're spending $10-$15 a day on lunch for yourself, that can be up to $3,000 a year! By comparison, the average cost of a packed lunch is $4. By packing your lunch, you could save about $2,000 for the down payment on a house.
Do you think you could cut out these 4 money wasters?
Answer in the comments!
