AmericaSaves.org says: “Over time, these automatic deposits add up. For example, $50 a month accumulates to $600 a year and $3,000 after five years, plus interest that has compounded.” Before you know it, you’ll have enough for a down payment if you’re disciplined and thoughtful about your process. The 2019 Home Buyer Report conducted by NerdWallet says: “The truth: 32% of current U.S. homeowners put 5% or less down on their home, according to census data.” 3. Am I Practicing Living on a Reasonable Budget? As tempting as it is to settle in each morning with a fancy cup of coffee from your favorite local café, putting that daily spend toward your down payment will help accelerate your path to homeownership. It’s the little things that count, so start trying to live on a slightly tighter budget if you aren’t doing so already. A budget will allow you to save more for your down payment and help you pay down other debts to improve your credit score. A recent survey shared on Bankrate.com says: “70 percent of would-be first-time homebuyers will cut spending on spa days, shopping and going to the movies in exchange for purchasing a home within the next year.” While you don’t need to cut all the fun out of your current lifestyle, making smarter choices and limiting your spending in areas where you can slim down will make a big difference. Bottom Line If homeownership is on your wish list this year, take a good look at what you can prioritize to help you get there, and you’ll be one step closer to making your dream a reality.
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