June 23, 2021
Saving for your dream home and not sure where to start? As you prepare for the home buying process, it is important to remember that the down payment you put upfront can play a role in your future housing expenses. That’s why OceanFirst Bank is providing tips that can help you.
- Develop a budget & timeline – a budget is a great way to help you track what you spend and save in a month. It can also help you gauge when you’ll be ready to transition into a homeowner. If you are looking for a budgeting tool, try our Money Management service, designed to help you set goals and view your progress.
- Establish a separate savings account – consider setting up a separate savings account exclusively for a down payment. If you can, make monthly contributions. By keeping this money separate, you may be less likely to tap into it if you’re tight on cash.
- Monitor your spending – keeping an eye on your account is easier than ever with online and mobile banking services available. From time-to-time check where your discretionary income is going and identify areas where you could cut back (e.g. ordering out, vacations, etc.).
- Celebrate savings milestones – this one is our favorite tip. Saving enough for a down payment can be daunting. To avoid getting discouraged, break it up into smaller goals and reward yourself when you reach each one. Consider treating yourself every $5,000 saved. By doing so, you will stay motivated throughout the process.