Easy Ways to Save for a Down Payment

Buying your own home is one of the common things we all aspire to acquire. As we all know, a lot of capital is required to buy your own house. We mostly do not have such a huge amount of capital available. Thus, we take the help of a bank or other agencies in the form of home loans, who provide us with the credit and in return we have to pay them back the credit, every month. Many people think that it is impossible to save money for the down payment. But, given below are some policies, with the help of which, you can save your money for down payment.

  1. Make coffee at home:

Avoid going to coffee shops and spending an ample amount of money on a single cup of coffee. Make coffee at home in a beautiful coffee mug and enjoy your day, rather than spending it on a coffee shop. Suppose, a cup of coffee at a coffee shop costs about Rs.150, then money spent on 300 cups of coffee in a year is around Rs.45000. Thus, avoiding coffee shops can save a huge amount of money which you can use it to pay your down payment.

  1. Pack a lunch

Packing lunch from home is another greatest way of saving money. It is not only less expensive but also is healthier. Buying meals on a daily basis can cost you a huge amount. A full meal plate costs about Rs.500. thus, a plate of meal costs Rs.500, then 360 plates of a meal can cost Rs.180000. This amount can add to your down payment if you are planning to buy a property or a home. Now you can estimate how much amount of money you can actually save and use it to pay your down payment. So, start from today itself.

  1. Ditched the bottled water:

Many people have the habit of not carrying water bottles, instead, they buy it from shops on a regular basis. It is a very good advice for those people who regularly buy water bottles for drinking purpose, you need to start using water purifiers at home, and start drinking those water and even fill it in your bottles while traveling for work. In this way, you do not need to pay for the bottles. Each bottle costs about Rs.30. so, 365 bottles cost nearly about Rs.10950 in a year. So, if you save this money it will help you in paying your down payment.


  1. Review your cable package:

Most of us cable connections at our home. We all know, that there are plenty of unknown channels on our package, which we do not watch, but still are paying for it. Take a close look at the channels you do not watch, and remove it from your package. Why pay for such channels which you do not watch. You can cut off the channels according to your usage and pay less. For instance, the cost of the full package is about Rs.600. So, if you cut off unwanted channels you can save Rs.200 per month, then the annual saving upon cable packages will turn to Rs.2400.

  1. Limit dining out-

It is necessary to try things to enlighten our life and feel refreshed. Dining out occasionally is good, but it is not necessary to go out for dinner on a regular basis. Having dinner at restaurants costs a huge amount of extra money. It even costs more, when you dine out with your family members. You can save money by cooking at home instead. You can cook fancy stuff and create a party mood at your own house with the help of lights and candles. Saving Rs.14000 per month can save Rs.168000 in a year. This money can be used to pay your down payments.

The scheme is not only limited to buying a property or a house, but you can also apply this scheme to buy other home appliances like refrigerator, television, washing machine, etc., Thus, for every people, it is very necessary to save money every month, so that we can pay the down payment for the things we have bought.

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