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Down Payment Tips 1 & 2

#1  Build a Budget

The first step in the saving process is budgeting.  If you don't know where your money goes every month, it's impossible to divert money to your down payment.  Start reviewing your bank statements and all your credit card payments.  Consider how much you spend each month on nonessentials.  After you categorize your expenses, look for areas where you can cut back.  Set a definite yet realistic budget for each category and stick to it.  Consider your savings a non-optional expense. 

#2  Consider Downsizing

One fast way to save more money towards a down payment is to downsize. Downsizing is the process of reducing your expenses and living below your means while you save. When you downsize, you reduce the amount you pay for necessary expenses and instead divert that extra money into your savings account. Moving into a smaller apartment, or selling an extra vehicle are all great ways to downsize.  A simple life may be more than you expected!