On a Tight Budget? 3 Ways to Save for a Down Payment
Just because money is a little tight doesn’t mean you can’t save up for a down payment on a house. Consider some of these money-saving tips.
Scale Back on Your TV Service
This might sound like a tough ask, but cutting back on some of your TV services can be just the right move to help put money back into your pocket. Before you panic think about the cable channels that you pay for but really don’t watch. They can easily be jettisoned to save cash. You might even consider opting for a streaming service, which may provide a variety of entertainment options at a lower cost.
Work on Paying off High-Interest Debt
It doesn’t sound flashy, but it’s the facts. High-interest debt on things like credit cards can weight down your wallet. According to a consumer credit report published by the Federal Reserve in March, the average annual percentage rate on credit cards in November 2019 was nearly 17 percent. If you’ve got high-interest cards paying them off or paying them down significantly can save you a considerable amount of money.
Examine Your Dining-Out Expenses
Ordering pizza on a weekend can be enjoyable, especially after a long, stressful week. And getting takeout on a Tuesday might be okay, just to keep things interesting. While there’s nothing wrong with ordering in or eating takeout every once in a while, dining out regularly can become expensive. The money you spend on Sushi Saturdays can be saved if you cook at home, and no takeout meal is going to be cheaper than yesterday’s homemade leftovers. If you order in or get takeout three or four times a week try scaling back to once a week, or once every other week, and save that unused cash.
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