5 Helpful Tips on How to Save for Your First Home

You've gotten to that point in your life where you are tired of renting, so you are beginning to think about buying your first home! Between your student loan payments, rent, and other monthly bills, you're just not quite sure how to go about saving for a home. Don't worry, believe it or not, it can be done. Our bank at the Lake of the Ozarks is here to give you 5 helpful tips on how to save for your first home.

5 Helpful Tips on How to Save for Your First Home

Determine how much money you need to save 

How much money is needed for a down payment? You may not have your dream home picked out yet, but you can browse through real estate listings and see on average what the down payment looks like on the homes you are interested in. You'll also want to save for the unexpected, such as a plumbing issues or maintenance issues that may arise.

Budget, budget, budget

Know your budget and stick to it. When saving for a home, don't waste your money on frivolous things such as impulse buys or things you don't absolutely need. Focus on your main goal, saving for your dream home.

Better your credit score

Try to lower your debt as much as possible. For example, make regular payments on credit cards and student loans or any other personal loans you may have. Making regular monthly payments on your credit cards or personal loans can help improve your credit score and hopefully better your chances of getting a lower interest rate on your mortgage loan.

Analyze your spending

Take a look at how much money you are spending every month and record it. Look for things you are spending money on that you don't actually need or you can find for a cheaper price somewhere else. For example, do you absolutely have to get your coffee every morning at that fancy coffee shop? Do you have to go shopping for new clothes as much as you do? Do you really have to eat out at restaurants every week? Analyzing your spending this way can help you cut back and possibly save more money to put toward your dream home.

Open a separate savings account

Organize your savings. Open a savings account that is strictly for money that you are saving for your first home. Opening a separate savings account can help you to focus on your main goal, saving for your first home. Once you put that money into your savings account meant for your dream home, you can train yourself not to touch it or use it for other things.

Looking for a Bank You Can Trust with Your Savings?

If you are looking for the best bank at the Lake of the Ozarks, search no further. First Bank of the Lake can assist you with opening up your savings account for that first home. Come in and visit with our friendly bank staff, we can't wait to meet you.

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Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway
Suite 100
Osage Beach, MO 65065

(573) 348-2265