Saving Up for a Bigger Home (and Bigger Family)

Mortgage

MortgageHaving a new baby may mean finding a bigger house. With the new addition co-mingling with a pre-planned purchase of a new property, people may find themselves in a financial tight spot. To families in this situation, do consider the following suggestions. After all, who said you can’t have both baby and new home?

Shopping Savings

It would help making a list for grocery shopping. Try to compute the estimated amount for all the items, and then bring just the right amount of cash to pay for it. Also, check for discounted and bulk items for added savings. Try to avoid the snacks aisle of the supermarket. Go to the fresh fruit and vegetables area instead and choose seasonal produce. Follow the same principle when shopping for clothing, appliances or any other items at the mall, supermarket or shopping center.

Utility Savings

Replace all existing light fixtures with LED and CFL light bulbs to reduce electricity bill up to 30%. Use programmable thermostats to turn off the HVAC system and then program it to turn on 10 minutes before your arrival. Utilities probably answer for half of all expenses, so slashing it bit by bit can contribute with the repayment of a mortgage loan. Whether in Salt Lake City or Los Angeles, that is a big help.

Spending Habits Savings

Giving up things requires discipline and sacrifice. The amounts saved by putting such luxuries aside will definitely help improve a person’s savings. If you like your Starbucks, try reducing the amount of coffee intake by one or two cups a day. Reduce showers to 3 minutes and gaming console use to an hour max. Having enough for mortgage loan payments will require a big sacrifice. Just think of that house, and it will be easier to deal with the sacrifices.

Cutting out a few things from the daily expenses, no matter how little they amount to, can mean a lot in the long run. Besides, it’s all worth it considering you will be able to have a nursery for your upcoming addition. This won’t be in a rental, but the family’s own home.