Down Payment Spent? A Strategy to Re-Start Your Savings

Down Payment Spent? A Strategy to Re-Start Your Savings

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savingsSaving while owning a home is a very important part of the homeownership process, as you never know when the need to make a large purchase will come up. However, if you just purchased the home, re-starting your savings process can be difficult. Below are four tips to help you get back to building up that savings account.

Competitions Can be Fun

If you like competitions you may need to make the savings process enjoyable in order to reach your goal. One way to help you save money is to set aside a certain amount each week. This number can either stay the same or can increase throughout the time until you reach a certain date or amount. You can also implement “no spending months” where you only spend money on things you absolutely need, completely cutting out impulse buys in the process. You can put whatever money left over into your savings account.

Keeping Yourself in Mind

Emergencies funds are very important but so are you! During this process it is important that you don’t forget about yourself. Make sure this does not happen with little rewards. Once you have reached a certain amount, spend a portion of that amount on yourself. This can help you focus on the goal more intently because you will see (and receive) a positive at the end.

Make a Note of It

When saving money, especially if it is your nest egg, it can be difficult to remember your goal during your everyday spending. In order to avoid getting off task, make sure you remind yourself of your goal daily. You can easily do this by putting reminders everywhere. Place these notes anywhere you can think of – on your cards, in your house, in your car and even at work.

Change The Way You Think of Savings

If you only think of savings as a place that you are putting your money you may not be fully into saving the way you could be. A better way to think of savings is as allowing yourself to have freedom in the future. In having an emergency fund you will not have to worry about what could happen if you didn’t have that money. A solid savings strategy helps ensure that you will be prepared for any surprises.

Saving is an imperative part of owning your own home. Without an emergency fund you could find yourself in a tough situation should something go wrong. Avoiding this and preparing for your future – while even having a little fun – can be a great way to make saving more enjoyable.

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