During the Holidays, it’s common for people to lose sight of their long-term financial goals. Increased spending on gifts, gatherings and decorations is usually what gets people in trouble. As this season emphasizes family, friends, and giving, it is hard to avoid dishing out money on gifts for your loved ones. Here are a few tips to follow for you to be able to afford a down payment and still enjoy the Holidays to the fullest:
- (S)He’s making a list…: Make a list of everyone you want to buy a gift for and how much you want to spend on their present(s). The trick? Actually sticking to your list so you don’t go overboard.
- Homemade gifts are just as thoughtful: Have an awesome cookie recipe? Get baking and pass those cookies around. A batch of cookies is a lot cheaper than a $25 Amazon gift card, and a lot yummier! Do you knit? A warm scarf or gloves is also a perfect gift to give this time of year. Check out Pinterest for homemade gift ideas.
- Take advantage of sales: Chances are you are buying multiple gifts, so take advantage of those buy one get one free coupons and buy one get one half off sales. Check online before going to a store to see their deals, this will prevent impulse purchases.
- Holiday hosting: The best part of the Holidays is getting to spend time with family and friends. This often involves hosting, which means, spending time and money on cooking. That said it’s okay to ask your guests to bring something such as a bottle of wine, dessert, or appetizers. As the host, the main course is usually your responsibility; however, your guests can help with the rest.
- Watch the energy bill: Decorating is fun, and oftentimes people brighten homes with ropes and ropes of decorative lights. Although pretty, it’s not always a wallet friendly option as excessive lighting uses a lot of energy. If you are concerned about spending, limit your lights to the ones on your tree or wreaths and opt for electric-free decorations.
Whether you celebrate 1 day of Christmas, 8 nights of Hannukah, or 7 days of Kwanzaa, you can save money for a down payment for a new home. Holidays are a wonderful time of year so enjoy, save, and stay warm!
If you are trying to save for a new home, it is best to discuss your financial options with a mortgage professional. Contact a member of the Housing Buzz team to get started with the process today.