Discover Some Creative Ways to Save and Reach Your Financial Goals Sooner Than You Think
This month, we look at some creative ways to save money and achieve those financial goals that you have always wanted. In this challenging financial climate, it’s probably the last thing anyone wants to think about deeply. Sometimes, the toughest thing about saving money is knowing where to start. However, this month’s free download includes some savings strategies to reach your financial goals and offers some great tips on creating your savings goals.
Redhead Luxury Properties Are Here to Help
As you probably already know, Redhead Luxury Properties is in the field of helping our contacts buy their perfect home or ideal investment property. We also know that realistically, you will need a sizeable down payment to make that desire manifest, and it can be tough on the family wallet or company finances. So you’ll be pleased to know there are a few creative ways to save for that property deposit:
3 Creative Ways to Save for a Down Payment
1. Set up a Down Payment Fund
Once you figure out what you should save each month, create a savings fund that can track your savings and help you reach your goal.
Save yourself from yourself and that temptation of taking a trip to Europe on your savings fund, don’t store your down payment money in your regular bank account. Use a separate savings account or a money market account instead.
2. Throw in Extra Money
If your expenses are so high that you can’t save as much as you’d like, it might be time to cut back on your spending. Identify non-essentials that you can spend less on, such as entertainment and dining out.
Look for Ways to Save
There are many ways to shave little savings here and there. Look for ways to save on your fixed monthly expenses like television and your cell phone, too.
Trim Your Budget
Trim your budget so you can put more toward your down payment. Here are some ideas for cutting everyday expenses:
- Cancel memberships you don’t use, especially if they renew automatically. For example, quit the gym while you are trying to save.
- Cut cable subscriptions unless you really can’t live without them. You’ll be surprised how one-off purchases add up too. If you’re not watching, you won’t be tempted.
- Commit to eating out only once a month. Try places that fall into the cheaper food category for a while.
- Pack your lunches at home. Those desk sandwiches and tacos add up over a month!
- Make coffee at home. Take out coffees drain a staggering amount of money from your budget every day. So how much is that coffee habit costing you? If you buy a simple cup of joe from Starbucks every day, here’s what a 300% markup looks like, according to USA Today’s coffee calculator and why each point is worth pondering over:
- Firstly, you will spend $63 every month – That’s a lot. Some may disagree but let’s see how that adds up…
- So secondly, think about you doing that every day for a year, that’s a spend of $766.50 in a year. Oh yes, it all adds up doesn’t it.
- Thirdly, and most importantly, over the course of 30 years which is the average term of a mortgage, you will part with $22,995 of your hard-earned cash. Moreover, that figure rises when you add the odd cake or sandwich hear and there.
- So in conclusion, if you really must have that cup-o-joe to kick start your day, you can see that a good investment might be in a decent home coffee machine!
- Work overtime. Federal and state laws require most employers to pay overtime. The overtime premium is 50% of your usual hourly wage, in other words, ‘time and a half’ can help your savings pot in a shorter period.
- Start a side business. Think about your expertise gathered in your professional and life to date. You’ll be surprised at how easy it is to start your own business online. Somebody out there will pay for the convenience of knowing what you know!
- Get a second job. Staying on the theme of working, you could also get yourself a part-time job utilising some of your free hours. For instance, sacrificing those hours spent in front of the TV will be well worth it down the line.
- Resist shopping temptation. Give yourself a “cooling off period” before being tempted into buying a non-essential purchase. Wait a few days. You may be glad you passed on that urge to have your desires immediately satisfied. Sometimes, if you wait and want something, it comes around again at a lower price.
3. Watch Your Savings Grow
Review your budget as often as possible, and check your progress every month. Not only will this help you stick to your personal savings plan, but it also enables you to identify and fix problems quickly.
Inspiration as You Go
Understanding how to save money may even inspire you to find more ways to save and hit your goals faster.
Take a look at our free download for FOUR MORE ways to save to reach your financial goals…
This Month’s Free Giveaway!
Download this month’s free savings guide for some tips and ideas…
Get this month’s free download and discover 4 more creative ways to save to reach your financial goals – your dream property is closer than you think!
4 Easy Ways to Reach Your Financial Goals
Whether you’re saving for retirement, a down payment on a home or your children’s higher education, these strategies will help get your funds where they need to be.
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