Saving for a down payment on a home, along with all your other expenses, can feel overwhelming. But simple adjustments to your budget can make it happen. In this ongoing series, we offer tips on how to save for that down payment and meet your homebuying goals.
Today’s tip: Weed out your subscriptions.
Magazines, streaming platforms, media websites, meal kits delivered to your house…These all cost monthly fees that siphon money from our bank accounts. We might barely notice the money slipping away, but it can add up to bigger numbers than we think. “Nearly 90% of consumers underestimate how much money they spend on subscriptions, often by hundreds of dollars,” concluded a recent study, as reported by a CNBC website. The website suggests studying a year’s worth of credit card statements, identifying those services that renew automatically each month, then canceling the services you no longer use. The money saved, calculated over time, is sure to get you one step close to that home!