‘Tis the season: pumpkin spice, gingerbread and peppermint mocha latte season, that is! If you’re a die-hard lover of stopping at your favorite coffee shop regularly, this one’s for you. With the average holiday latte going for anywhere from $5-7, (depending on a few determining factors like quality and location), treating yo’ self to a cup of joe all the time can get a little pricey. But you don’t have to give up enjoying your coffee to start saving for a new home – here are some ways you can do both.
Set a Financial Goal
Sticking to a financial goal can be tough, but it’s easier if you create a plan. Evaluate your spending to figure out where you can cut back or eliminate extras. After evaluating, create a budget including some freedom for an occasional coffee drink instead of buying one every day. Cut back even more by packing your lunch or eating at home during the week. Create a plan within your budget to commit to stowing away a certain amount of your income each paycheck into savings for a down payment.
Switch to Energy Efficient Bulbs
Let there be light! Spending less on your energy bills by switching to energy-efficient bulbs can help get you closer to your savings goal. ENERGY STAR-qualified LED bulbs use only 20-25% of the energy and last 15 to 25 times longer than the traditional incandescent bulbs you’ll be replacing, according to the Department of Energy. Combine the energy efficiency over time, and you’re on your way to savings!
Sell Old Items
Score some extra spending money by selling gently-used appliances you no longer frequently use, pieces of furniture that don’t fit your style anymore, or clothes in your closet you no longer wear. That way, you can put a few dollars into your savings, but still have enough for a trip to your local coffee shop.
Cut Recurring Monthly Subscriptions
Recurring monthly expenses can sometimes be overlooked if they’re automatically taken from your account via a subscription. Paying for things like Netflix, Hulu, gym memberships or magazine subscriptions can add up quickly when you’re trying to save. Not sure how to break the ties? Try sharing the costs of a streaming account like Netflix or Hulu with a roommate, creating a new workout regimen that you can do at home, and reducing your magazine subscription to only one you can’t live without.
Enjoy at Home
If all else fails, bring it in-house (so to speak). An in-store coffee is delicious, but why not save a few dollars and go from handmade to homemade? This recipe is sure to stand up to your local coffee shop’s version of the pumpkin spice latte!! Obviously, you get a few extra bonus points for being your own barista (we bet it’ll taste better in your new kitchen, too).
Ready to turn your savings into a new home? We provide the perfect blend of home loan expertise and support. Contact a PrimeLending loan expert today to get started on your homebuying journey!