Saving Tips

FINANCE CORNER

By Nykole Wyatt

Recently, I went live on Facebook with one of my preferred mortgage lenders. These lives are to answer questions regarding buying or selling real estate and becoming a real estate agent. These lives are a series called “Ask an Agent”. In the recent live, someone asked “what’s a good amount to save when planning to purchase a home.” Of course, I wanted to scream “as much as possible”, however that may not have gone over well with the audience. Instead I answered by advising that I do not work with clients that do not have at least $3,000 saved for up front expenses and that does not include down payment and closing costs. The amount is much higher when you factor in those costs. The upfront fees are for inspections, earnest money and in some states, due diligence fee. Keep in mind the higher the price point, the more “up front” money one would need to save. With that in mind, here’s four tips to help you save.

1.     Develop a budget

2.     Avoid impulse buying

3.     Track your spending

4.     Have a separate savings account

Look at savings as a short-term sacrifice for a long-term gain. You’ve got this!

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