Tips to save money?

Question

Within the next year, my boyfriend and I want to move closer to use family and will be buying a house in the town he’s from. 
What are some ways that we could save up some money for a down payment on a house? I’m thinking of getting a part time job to help save some.

Answer

Now that I am seriously saving money I always put $100 in savings every paycheck (my paycheck ranges from 200-350 a week). Sometimes it’s hard to get by and I can’t go out to eat or movies but I make sure I have enough for bills/gas/groceries then $50 for fun. 
So try and do some math to see how much you actually need to spend a week then save the rest. If that doesn’t work out still start by saving $5-$10 a week just to build something up!

Answer

You should look at how much the mortgages are where you want to buy. If you’re renting right now and it’s less than the mortgage, set aside the diffference from the rent and mortgage. That’ll show you if you’ll be able to keep up with the payments and you’ll have something set aside.

Use Mint.com and see how much you’re spending and where you can cut your spending and set that amount aside as well. Eat out less, make your own coffee, cut back on cable, things like that.

Pay down your debts, credit cards, etc as much as you can. Don’t buy a new car now or other things that can hit your credit hard, the debt ratio will hurt your ability to buy the house. Don’t have too many inquiries on your credit if you can help it too, especially closer to when you want to buy. Know your credit score.

A second job can help if you don’t really spend any of that and save as much of it if not all of it as well

Good luck! This is what I would coach clients for among other things

Tips to save money?

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