5 Ideas to Save for a Down Payment for Your First Home

Advice for First-Time Home Buyers in the Eau Claire, Chippewa Falls, and Menomonie WI Area

Do you know one of the most common recommendations made by successful people? Choose attainable goals.

We might think about goals as these enormous accomplishments and forget that almost any big goal is actually reached by lots of smaller goals being met. This is certainly true when it comes to buying your first home. You don’t just attend a couple of open houses or call a building contractor and write a check. It takes planning and saving in order to buy that first home, and for many of us, we may go through the process a few times on the path to our dream home—the ultimate goal.

As one of western Wisconsin’s most trusted custom home builders, R. Tews Construction and Design has helped to make many dreams come true—and it all starts with a vision! So if you’re ready to start saving for that first home, we have some simple tips to help you reach your goal.

  • Skip date nights out: If you and a partner are saving up, skip the night at the movies, the dinner before or afterward, and so on. Instead, cook your favorite foods at home and enjoy a new release via streaming services like Amazon or Netflix. For pennies on the dollar you have as much fun and pocket the savings.
  • Brown-bag it: You can save up to $3,000 a year just bringing lunch to work or school instead of buying out.
  • Coffee at home: That $4 latte every day adds up, and making coffee at home – even gourmet coffee – is substantially cheaper.
  • Monitor your impulse spending: Always shop with a list, and avoid spending your recreational time in shopping environments like the mall. Speaking of lists, jot down your potential purchases in a notebook, and set a 30-day waiting period. Don’t buy unless they pass the “want versus need” test.
  • Get rid of the plastic: If you can’t pay your credit card’s full balance each month, think about canceling it. Nothing rescues a budget like paying with cash. This will help reduce those “one click” buys online, too.

Take it from your friendly Chippewa Valley home builders at R. Tews: Follow these easy steps and you can have that down payment banked in no time—or that new kitchen or bath too, for that matter! It’s all about having a plan and setting attainable goals.