Premiere Plus Realty Co.
Richard T. Dingfelder, Premiere Plus Realty Co.Phone: (239) 961-9896
Email: [email protected]

Saving for a Down-Payment

by Richard T. Dingfelder 09/29/2019

You've assessed your budget, changed your habits, and made spending cuts but you still need to reach your down payment faster. Consider these significant steps to help you get there.

  • Take on a second part-time job. If your work schedule allows you to add a second job find a part-time option that will enable you to earn one or two thousand dollars more each month. If you are part of a couple, each partner can get a light part-time job without feeling overloaded. Bonus—occupying your time more does help lead to less spending and more saving! Tutor students, pet sit, or take a steady part-time gig!
  • Move back home, move in with extended family, or get a roommate. If your family is on board with the changes you need to make to meet your financial goals, consider moving in with someone in your family to pay lower rent and save tens of thousands over one year. If family help isn't an option, consider getting a roommate or moving into a two-bedroom apartment and adding a roommate to lower your monthly rent.
  • Review your belongings for big-ticket items you can sell. Do you live in an area with excellent public transportation? Consider selling your expensive, gas-guzzling car or getting out of your costly lease. Do either you or your spouse work at home, but you both own a car? See if you can help fund your savings by downsizing to one vehicle for the next year to save more.
  • Sell unworn jewelry and have broken pieces melted down for cash.
  • Skip vacations for a year, or even two! And during your vacation time, take on an extra job so when you head back to work you’ve earned a bit chunk to add to your savings kitty.
  • If your owning a home in the near future is a top priority, take a break from your retirement fund at work and redirect those funds into your savings account. (Only take this step if you are completely committed to reaching your down payment goal within a year or two at most since you lose the value of compounding those funds toward your retirement for the life of the account.
  • Direct all your tax refund and any annual bonuses into your savings!

Remember, this isn’t a forever deal. You’re not signing on for an austere life ongoing. It’s just temporary to reach a goal. Your real estate professional can help you get started by determining how much you need to set aside for your down payment.

About the Author
Author

Richard T. Dingfelder

Rick’s strong communication and negotiating skills, extensive marketing knowledge and professional integrity are just some of the attributes that set him apart as a REALTOR®. Rick is a driven, goal-oriented, licensed REALTOR® that will professionally manage all aspects of your transaction, understanding the importance of a real estate transaction. His clients can rely on more than 10 years of experience as well as a unique marketing plan customized to stand out from the competition. An impressive 45% referral rate as a REALTOR®, Rick credits his willingness to go the extra mile, winning attitude and drive, as just some of the elements that make him successful. Rick specializes in beach, gated, waterfront, planned, resort, retirement and new home subdivisions in his exclusive territory. Adding to his commitment and persistence, Rick loves where he lives. A recent area resident, he has been visiting southwest Florida for 30 years, crediting the beautiful weather, the friendly people and the countless recreational opportunities as a few of the reasons why it’s a great place to call home. Rick is very energetic in his community as an active church and competitive tennis league member while playing golf, fishing, scuba diving and traveling in his free time. While Rick holds CRS, GRI, ABR, SRES and ePro designations, as well as memberships in NAR, NABOR and FAR. His reputation is built on a foundation of hard work and helping his clients achieve their goals. The distinctive combination of business experience, broad marketing knowledge, and superior customer service prove that Rick personifies his commitment, as “Proactive – Experienced – Professional.”