Save 10k in 1 YearOne of the biggest challenges to buying a home is saving up for a down payment. The size of the down payment you’ll need depends on which type of mortgage you choose. You’ll likely need at least 3% down, but it varies depending on the type of loan. One thing is for sure, you will need to save some money to purchase a home. Here are some easy ways to save over $10,000 to put towards a down payment in just one year or LESS!
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Skip the fancy morning coffee
A small espresso drink costs around $4.00 at most coffee shops. That adds up to $1,460 a year! Buy a bag of gourmet coffee and make it yourself. Or get your caffeine fix at the office where the coffee is free.
$4.00 day x 365 days = $1,460/year
Eat in
The average American family spends $225 a month eating away from home. That’s $2,700 a year! Invest in a good cook book or search the internet for recipes and make your dinners at home this year. Don’t forget to pack lunches too.
$225 month x 12 months = $2,700/year
Cut the cable
This year the average cable customer will pay an astonishing $130 per month for pay-TV. By contrast, a basic Netflix subscription is only $10.99 a month. Cutting the cable and replacing it with a cheaper streaming TV subscription can save you over $1,400 in just one year!
$120 month x 12 months = $1,430/year
Cancel the gym membership
Your health should be a top priority but the average gym membership costs $60 per month per person and two-thirds of people that have gym memberships don’t use them! Instead of wasting money on a gym membership that you don’t use, get your exercise by walking/running around the block or utilizing the equipment at your local park. Most parks have basketball courts, a swimming pool, or tennis courts that are free to the public.
$60 month x 12 months = $720/year
If you’re a couple, double the savings!
Cut back on entertainment
You can have fun without spending a whole lot of money. Instead of going to the movie theater, hit up the RedBox or Netflix and supply your own snacks. Many cities have local parks or attractions for low or no cost. Check your local library for free classes, lectures, and book clubs. The average person spends $150 a month just going out!
$150 month x 12 months = $1,800/year
Shop for Car Insurance
The average person is over paying $50 a month for car insurance and even has less coverage while paying that higher cost. Contact a local insurance broker and they can shop you around to get your best price.
$50 x 12 month = $600/year
Save back $25 a week from your paycheck
It’s easy to save money if it never makes it into your pocket. Set up an automatic withdrawal from your checking account to your savings account on the same day that you get paid. $25 a week will add up to $1,300 in just one year! If you can double that, you could save $2,600 in a year!
$25 week x 52 weeks = $1,300/year
Total Savings from Above = $10,010 in just 1 year!
Other areas that you might be able to save, include:
Cell phone - You may be able to save hundreds by switching cell phone providers so be sure to shop around. Some providers will even buy out your current contract, so be sure to ask.
Health insurance - If you’re married, you may be able to save money by opting into your employer’s health insurance rather than being on your spouse’s plan. Be sure to compare costs during open enrollment.
A small espresso drink costs around $4.00 at most coffee shops. That adds up to $1,460 a year! Buy a bag of gourmet coffee and make it yourself. Or get your caffeine fix at the office where the coffee is free.
$4.00 day x 365 days = $1,460/year
Eat in
The average American family spends $225 a month eating away from home. That’s $2,700 a year! Invest in a good cook book or search the internet for recipes and make your dinners at home this year. Don’t forget to pack lunches too.
$225 month x 12 months = $2,700/year
Cut the cable
This year the average cable customer will pay an astonishing $130 per month for pay-TV. By contrast, a basic Netflix subscription is only $10.99 a month. Cutting the cable and replacing it with a cheaper streaming TV subscription can save you over $1,400 in just one year!
$120 month x 12 months = $1,430/year
Cancel the gym membership
Your health should be a top priority but the average gym membership costs $60 per month per person and two-thirds of people that have gym memberships don’t use them! Instead of wasting money on a gym membership that you don’t use, get your exercise by walking/running around the block or utilizing the equipment at your local park. Most parks have basketball courts, a swimming pool, or tennis courts that are free to the public.
$60 month x 12 months = $720/year
If you’re a couple, double the savings!
Cut back on entertainment
You can have fun without spending a whole lot of money. Instead of going to the movie theater, hit up the RedBox or Netflix and supply your own snacks. Many cities have local parks or attractions for low or no cost. Check your local library for free classes, lectures, and book clubs. The average person spends $150 a month just going out!
$150 month x 12 months = $1,800/year
Shop for Car Insurance
The average person is over paying $50 a month for car insurance and even has less coverage while paying that higher cost. Contact a local insurance broker and they can shop you around to get your best price.
$50 x 12 month = $600/year
Save back $25 a week from your paycheck
It’s easy to save money if it never makes it into your pocket. Set up an automatic withdrawal from your checking account to your savings account on the same day that you get paid. $25 a week will add up to $1,300 in just one year! If you can double that, you could save $2,600 in a year!
$25 week x 52 weeks = $1,300/year
Total Savings from Above = $10,010 in just 1 year!
Other areas that you might be able to save, include:
Cell phone - You may be able to save hundreds by switching cell phone providers so be sure to shop around. Some providers will even buy out your current contract, so be sure to ask.
Health insurance - If you’re married, you may be able to save money by opting into your employer’s health insurance rather than being on your spouse’s plan. Be sure to compare costs during open enrollment.
