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6 easy ways to save for a home down payment – The Washington Post

  • December 3, 2019
  • By: Greenpath Financial Wellness

Excerpt from The Washington Post article, 6 easy ways to save for a home down payment

Featuring Katie Bossler, financial wellness expert

If your plans for 2020 include buying a house, focus now on keeping your spending in check and building up your savings for a down payment, closing costs and moving expenses. We asked Katie Bossler, a financial counselor with GreenPath Financial Wellness, to share simple tips for reduced spending and increased savings.

 

Here are Bossler’s suggestions:

 

1. Don’t transfer money from your savings account to your checking account unless it’s an emergency. If you find yourself doing this often, consider having a checking and savings account at two different financial institutions. It takes longer for the transfer to go through, and the extra barrier can help you avoid unnecessary purchases.

 

2. Read the fine print when signing up for a new subscription or service. Otherwise, you may find that you enrolled in a service with an automatic payment plan. Review your credit statements each month to make sure you didn’t unknowingly sign up for a service. Don’t forget to include monthly and annual subscriptions when planning your budget.

 

3. Auto-deduct savings from your paycheck each month. If your employer offers direct deposit, have your deposit split into two different accounts: a savings account and a checking account. If you are paid biweekly, depositing $150 from each paycheck will net you almost $4,000 per year.

 

Continue to The Washington Post for Katie’s additional tips for savings and spending tips.

GreenPath is Here to Help

At GreenPath Financial Wellness, we are working to make it easier for people to spend less and save more. We can help you gain a better understanding of your financial habits, and we can help you create a spending plan.

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