Want your own place but don’t have the dough? Saving toward the purchase of a house doesn’t have to be a hassle. Here’s how to do it:
1. Set a goal and put it down in writing. For example, “I want to buy a house in two years.”
2. Look at your monthly spending plan (you can learn how to make one here) and allocate a portion of your spending towards your “owning a home” goal. Next to it put a dollar amount, say $200 a month. Start small-- you can always increase your savings over time. The important part is that you are disciplining yourself to save toward something you really want.
3. Open on online high-interest savings account at your bank and ask for an automatic transfer of $200 a month (or whatever dollar amount you decided in Step 2) from your checking account. Automatic transfers make it easy to save.
4. Use a vision board. Cut out pictures of the home you see yourself living in from magazines. Be creative; cut out pictures of the outside of the house, the decorations on the inside, the yard etc and pin these magazine pictures on a 12 X 18 cork bulletin board. Keep the board where you can see it several times each day. The board helps to keep your “owning your own home” goal right in front of you.
5. Review your savings account each month and watch your savings grow. Congratulate yourself with little rewards as you move closer and closer to your goal. You’re on your way to your dream house!
