Is your New Year’s Resolution to purchase a new home in 2020? If so, you likely will need to save some money for a down payment. Here are some quick ways to cut your spending and send the savings to your down-payment fund.
1. Focus on priorities
Paying off rent and credit card debt should be your priority. This will improve your debt-to-income ratio when buying.
2. Automate savings
Once you determine how much you can save, automatically transfer that amount into your savings weekly.
3. Generate more income
It pays to turn your spare time into money-making time. Sell unneeded items online or have a yard sale.
4. Track daily expenses
Before pulling out your credit card, ask yourself how badly you need something. Using cash also helps reduce spending.
5. Reduce utility costs
Wash clothes in cold water, skip the dryer and turn down your water heater to 120 degrees. Small tips like these can lead to big savings.