5 Creative Ways for Burlington Home Buyers to Save Up A Down Payment

Mortgages, bank loans, and down payments. Oh, my! Burlington residents looking for the money to purchase a new home probably find themselves feeling overwhelmed. When you’ve set yourself into a certain routine and budget for months or years, it can be hard to change, but it is possible. A few creative changes will have you saving up to buy a home in no time!

Automatically Save Money

Chances are, you have your check direct deposited into your bank. Chances are, you have a savings account that never hears from your checking account. Change that. Set up your direct deposit to automatically put a specified amount into your savings account each pay period.

Try Some Crowdsourcing

Ask people for money. Now, I don’t mean go panhandling in front of the local Walmart. Ask you family and friends for gifts of money toward your dream. Every dollar helps and gifts will be much better for your credit score than a loan will be. You can receive up to $12,000 per person annually before you need to report the money as income. Some websites even allow you to start a crowdsourcing website. Imagine if you created one of those and it happened to go viral. Stranger things have happened!

Stop Going to Subway

Sure, it’s convenient, and when you’re buying a $5 footlong, it doesn’t seem like much, but you need to think of the big picture. Say you eat Subway for lunch three times a week, spending $8 (you can’t forget the chips and a drink!) each time. That’s $24 a week, or $96 a month, or $1,152 a year. Now, imagine if you cut out other dining out treats as well. You could have a down payment in no time.

Become a Coupon Queen

Clip coupons, find them and print them out online, and take advantage of every sale you can. There are coupons for everything, from groceries to haircuts. If you typically spend $75 on a haircut and you find a coupon that allows you to get it for $45, automatically put the extra $30 into your savings. Your money will start piling up.

Go Real World…Without the Crazy

If you have the extra space, think about getting a roommate. Perhaps you have a friend that you trust to share costs with. If you’re single and super adventurous, you can even find roommates on Craigslist as long as you follow some safety precautions. If you take on a roommate or decide to room with someone else, put the savings you have each month directly into your house fund.

Saving money to buy a house doesn’t have to be scary and doesn’t have to take away from your current quality of life. A few simple adjustments is all it takes to be well on your way to home, sweet home.

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