What’s up everybody, this is Jon Schoeller with A&C Properties and this is Jon’s Money Moments. Last week we talked about building your Charleston WV credit in order to purchase that first home or your forever home.
This week I wanna talk about how to save for your Charleston WV down payment. Whether that’s a Charleston WV down payment here in Charleston, West Virginia or anywhere, the process is the same.
Down payments can range anywhere from 0% up to 20%. Usually around 5%, 20% lets you dodge mortgage insurance which is super helpful and saves you a lot of money.
But it’s usually around 5%, so 5% on a $200,000 house would be around ten grand. How do you save that much money?
Well guys, just like anything else, whether you’re saving for a car, or clothes or shoes, it’s just a bigger number so you have to create a budget and stick to it.
So luckily you have me for some tips and tricks. Now this is what I start off every one of my clients on. It’s called a budget book.
2018 budget book, you’re gonna do it by month. So at the top you write April 2018, and then you’re gonna categorize it.
You’re gonna do it by entertainment, bills, gas, groceries. And I know there’s apps for this, I don’t wanna hear about the apps.
‘Cause those keep it out of sight out of mind. This is gonna hold you accountable and you’re gonna have to write it down every single time you spend something.
So then at the end of the month I want you to add all this up, and I want you to remove the things that are unnecessary.
Movies, eating out, things like that. Guys, you gotta prioritize, what do you want more, do you wanna eat out at the Mexican restaurant, that’s a trick question, everybody wants to do that, or do you want to save for your down payment.
Then at the end of the month you’re gonna get rid of what I call your wants versus needs, you’re gonna get rid of your wants. This is gonna help you save super fast, you’re gonna create a goal and a separate account for that money to help keep you motivated.
Name that account my forever home goal, and you’ll get to that five or $10,000 in no time. Alright guys, I hope that helps.
If you ever have any more questions, feel free to contact me and I appreciate your time in watching, thank you.