February 15, 2018 | Barb Huntley
Cut Your Expenses – If there’s ever a time to embrace living frugally it is now. If you want to save enough in four months for a down payment, you will need to cut out all access expenses from your budget. Put every penny saved in a down payment fund. Cutting expenses like cable, Spotify, Netflix are small items but will add up. If you opt to rideshare more than drive on your own, you will save on gas costs. Have you considered looking at your options for a cheaper phone plan? A cheaper home internet plan? The more you can save on your everyday expenses, the more your down payment fund will grow. Another large expense that you may not be tracking is dining out. Limit the number of times you dine out over the next 4 months. Dinner and drinks can cost $15 to $30 per time out. Do you do that more than twice a week? That’s $30 to $60 per week you could save. Think about your coffee expenses, going out to lunch at work, etc. You could be saving thousands by making most of your own food the next four months!

Declutter & Sell - If you plan on moving in the next six months you might as well start your decluttering process now. But now as you declutter you can also sell! Items that are no longer useful to you may be valuable to others. Sell any quality items you are getting rid of via Craigslist or Facebook Marketplace. Place all money from sales into your down payment fund. One large item to consider selling is your car. If you own a new car think about selling it and buying a quality used car. This could be a quick way to get a couple thousand dollars into your savings.

Make Automatic Payment Plans – Make sure you have a certain amount of your paychecks going into your down payment fund. This way you will be saving money without even seeing it arrive in your bank first – you won’t be able to spend it in on other items!

Saving for a down payment in 4 months is hard but doable. Stick to your plan, remember your end goal, and embrace a short period of simpler living. 


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