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Saving Up for a Jacksonville Home

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Saving Up for a Jacksonville Home

Saving up for a Jacksonville home doesn't mean that you have to live like a hermit.  You just have to make a few adjustments to your spending habits.Do you want to be a Jacksonville homeowner?  Now is definitely the time!  You’re going to need a down payment, though.  Many financial experts suggest that you have at least 20% of the purchase price saved up to put down on a home.  Banks are beginning to loosen up their lending requirements, however, and are lending to people with less than 20% down.  What steps do you need to take when saving up for a Jacksonville home?

Set Your Goal

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First things first: you will need to set your end goal.  How much do you want to save?  Write that number down either on a piece of paper or in a note on your smart phone.  You want to have it in a place that it is easily accessible when the desire to spend money on unnecessary things starts to get overwhelming.  Then, you will need to figure out how much per week or per month you will need to save to get to that figure.  Remember that the more money you have to put down on that Jacksonville home, the lower your monthly payment will be and the better you will look to a lender.

Make a Plan…and Stick to It

We tend to underestimate the amount of money we spend every month.  Little purchases we make every day can add up to big bucks that could easily go into your savings account.  Track every purchase you make each day for two weeks in a notebook, including your morning latte runs, gas, entertainment, meals out, etc.  Sit down at the end of two weeks and look at what you have spent.  You may find that there are some cuts in your spending habits that will be easy to make.  For example, if you currently eat out for lunch every single day, bring a sack lunch from home Monday through Thursday and make it a treat to eat out on Friday.  Do the same with your Starbucks runs.  If you currently spend $5 a weekday on your morning latte, you could save over $1000 a year by only going once a week.  Nothing tastes better than owning your own home.

Living Life in the Meantime

Saving up for a Jacksonville home doesn’t mean you should become a hermit.  There are tons of free or low cost things you can do to get you outside while saving up for a home.  Pack up a lunch and some chilly drinks and head to the beach for the day.  We have literally hundreds of miles of ocean beaches within minutes of Jacksonville.  The City of Jacksonville constantly plans community events throughout the year that they offer for free to the public.  You can rent a movie instead of spending a fortune at the movie theater.  Spend some time socializing with friends and family.  Anything that will keep you from spending money while getting you out of the house will be good for your spiritual well-being as well as your pocketbook.

You don’t have to hide yourself away from the world when saving up for a Jacksonville home.  Take an honest look at your finances, create a plan and stick with it.  Before you know it, you’ll be ready to buy a Jacksonville home of your own.  When you’re ready to start looking, contact your Jacksonville real estate specialist.

Featured Jacksonville Area Home for Sale

6185 Eddystone, Jacksonville, FL - Click here to find out more about this Jacksonville home for sale

For more information on this and other homes for sale in Jacksonville, please visit our Featured Jacksonville Listings page.

Christina Welch, The Welch Team, Keller Williams Jacksonville Realty, your Five Star Professional Real Estate Agent in Jacksonville

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