Tips for Saving For Your Home
Many of us want a home and the dream is one we share. Owing our own home is an individual decsion while some might say renting is best for them and don't want the responsibilities that come with being a home owner. While owniing is not for everyone and some of us are more inclined than others there are some good tips that I have seen out there that make a lot of sense.
My new blogs have been about practical things of life and although I have been all over the map befoe I would like to offer up some basic advise for basic lift stuff. Things we all worry about and things we all think about like buying a house or getting into or out of a realtionship.
Todays topic is about preparing to own a home and how to go about saving as well as things pertinent to preparing for becoming a home owner if you feel ready. The main thing is to let go of the fear and allow yourself to visualize the possiblities by:
Make a Vision Board:
Make a vision board with pictures of a home and the items you would like to see inside of it. Work on it with your spouse or loving partner. Think big or go home as they say. Include all the beautiful things and the comfortable items you would like, like a garage and a family room with a large screen TV. Have it laminated and hang it up in your office or den. Look at it every day and think to yourself "Soon my beautiful dream home will be a reality".
Determine What You Can Afford:
Typically this entials that you talk to a mortgage broker or a realtor and a percent of your income or joint income. My suggestion is to make it affordable on one income in case one person becomes unemployed, although we do hate to think that way. There are experst at your bank who can help you to decide how much of your income should go into your mortgage and other expenses.
Plan Your Savings and Goal:
It is best to establish a seperate savings acount for a home. That account needs to be sacred and less apt for one to take monies out of it. Name your account with a kind of holy name like "Our Sacred Home Account". Keep that money completely seperate.
Celebrate Your Milestones;
Every one in a while celebrate that you met your savings goal. Take yourselves out to dinner or yourself (you can be single and buy a home, FYI). Keep celebrating by buying a little item for your home or a new shirt, even new socks. It will keep you motivated kind of in the ssme manner that you would feel after quitting smoking like I did.
Look Into Local and State Programs for buying:
There are programs like FHA that allows you to put less money down. Look into your state and local buying program options. President Obama had so great options that were federal ways of reducing your mortgage as well. Google this and find out what the options are you your area and even in local banks. Remember to do this because it could save you money, but be careful not to borrow more than you should and have too high a mortagage payment monthly. Your local bank can be helpful in this area and might help to find you the best program for your situation and income.
Monitor Each Other's Spending:
Have a system where you check weekly on what each person is spending. Approve of spending prior to buying something and consult with your partner or spouse or with yourself. Look online at oyour backing statements and see if there is not some way you could do even better at saving and not spending as much.
Try to Reduce Your Monthly Bills:
The best way to do this is to look at what the new deals are that are being offered on cable or your cell service. Some people don't keep track of this. At times if you sign a new contract you could receive three months to a year of service for a fraction of what you are paying. Rent your car instead and maybe consider leasing it if that works out better financially and will cut costs. Find ways to save on your monthly expenses. There are lots of ways to do this.
My new blogs have been about practical things of life and although I have been all over the map befoe I would like to offer up some basic advise for basic lift stuff. Things we all worry about and things we all think about like buying a house or getting into or out of a realtionship.
Todays topic is about preparing to own a home and how to go about saving as well as things pertinent to preparing for becoming a home owner if you feel ready. The main thing is to let go of the fear and allow yourself to visualize the possiblities by:
Make a Vision Board:
Make a vision board with pictures of a home and the items you would like to see inside of it. Work on it with your spouse or loving partner. Think big or go home as they say. Include all the beautiful things and the comfortable items you would like, like a garage and a family room with a large screen TV. Have it laminated and hang it up in your office or den. Look at it every day and think to yourself "Soon my beautiful dream home will be a reality".
Determine What You Can Afford:
Typically this entials that you talk to a mortgage broker or a realtor and a percent of your income or joint income. My suggestion is to make it affordable on one income in case one person becomes unemployed, although we do hate to think that way. There are experst at your bank who can help you to decide how much of your income should go into your mortgage and other expenses.
Plan Your Savings and Goal:
It is best to establish a seperate savings acount for a home. That account needs to be sacred and less apt for one to take monies out of it. Name your account with a kind of holy name like "Our Sacred Home Account". Keep that money completely seperate.
Celebrate Your Milestones;
Every one in a while celebrate that you met your savings goal. Take yourselves out to dinner or yourself (you can be single and buy a home, FYI). Keep celebrating by buying a little item for your home or a new shirt, even new socks. It will keep you motivated kind of in the ssme manner that you would feel after quitting smoking like I did.
Look Into Local and State Programs for buying:
There are programs like FHA that allows you to put less money down. Look into your state and local buying program options. President Obama had so great options that were federal ways of reducing your mortgage as well. Google this and find out what the options are you your area and even in local banks. Remember to do this because it could save you money, but be careful not to borrow more than you should and have too high a mortagage payment monthly. Your local bank can be helpful in this area and might help to find you the best program for your situation and income.
Monitor Each Other's Spending:
Have a system where you check weekly on what each person is spending. Approve of spending prior to buying something and consult with your partner or spouse or with yourself. Look online at oyour backing statements and see if there is not some way you could do even better at saving and not spending as much.
Try to Reduce Your Monthly Bills:
The best way to do this is to look at what the new deals are that are being offered on cable or your cell service. Some people don't keep track of this. At times if you sign a new contract you could receive three months to a year of service for a fraction of what you are paying. Rent your car instead and maybe consider leasing it if that works out better financially and will cut costs. Find ways to save on your monthly expenses. There are lots of ways to do this.
Comments
Post a Comment