You may have seen the headlines lately:“Home prices are dropping.”“Denver is leading the decline.”“More than half of major metros saw year-over-year price drops…
Buyers: Saving For Homeownership Challenge - Wrap Up
Dated: February 6 2024
Views: 72
That's a wrap on our "Saving for Homeownership" Challenge! I put together a checklist for you to save or screenshot with more tips to help you continue on your savings journey!
Here are some additional details on each one:
1. Schedule "no spend months" throughout the year - try one this month where you don't buy anything that isn't a necessity and see how much money you can put away into savings from that alone!
2. Use an envelope system - Dave Ramsey is known for his envelope system where you categorize all your expenses including entertainment, clothing, groceries and break down your budget with a specific amount for reach category. Once that "envelope" is used up, you can't spend anymore money from that category. It will help you better manage money and not spend it on unnecessary or unplanned things. I think people either love or hate this one - what do you think? I'm not a huge fan of this one, but some people are so I just wanted to throw it out there ;)
3. Set up a monthly money review process - This is like doing what we did on Day 2 of the challenge and making it part of your monthly routine! I think this is great for keeping an eye on what you're spending money on so you can cut back where needed!
4. Use the 72 Hour Rule - This one is my favorite! If you have the idea to purchase something - whether it's that one click buy from Amazon because you really wanted that new book that Amazon "suggested" or that gadget you just have to have for your kitchen...well instead of hitting that one click buy, hit add to cart, then wait 72 hours to make the decision to buy it! Stop the impulse shopping in its tracks - this has done A LOT for my Amazon addiction.
So now that i've shared all my tricks... what are your saving tips and tricks?!
Angelica Olmsted
Angelica’s path into real estate is rooted in a life full of diverse experiences and a deep appreciation for what “home” means. Growing up as an Air Force brat meant constant moves, and later, h....
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