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How Many Coffees Would It Take To Save For Your Down Payment
How many Starbucks coffees would it take to pay for a down payment on a new home?
Let’s use Stephanie located in Reno, NV, as our example. According to Starbucks pricing, a Vente Caffe Latte is $4.15. The Reno/Sparks Association of Realtors list the average sold price in Greater Reno/Sparks in June 2017 at $340,000; so 20 percent of the average home sold in Greater Reno/Sparks would be $68,000.
So it would take you not purchasing 16,386 Vente Caffe Latte’s to put a down payment on a home in the city in Reno, Nevada. That’s a lot of years of no Starbucks, right?
Putting down 20 percent is not an easy task (and it isn’t always necessary to put down that much!) But doing so requires cutting back in other areas of your life and focusing on saving every penny to reach your goal of homeownership.
Add to this some other small cost saving tips and techniques, and together they may make all the difference in coming up with the money to make the purchase of a lifetime. Here are a few ideas to suggest to save money.
Ways to save money inside the home
Eliminate your cable bill for one year
Stop buying coffee outside the home
Buy generic brands at the grocery store
Cancel magazine subscriptions
In-source everything household: Clean your own home, do your own weeding and mowing, etc.
Make gifts for people versus purchasing them for one year
Consolidate student loans
Downgrade to a cheaper cell phone bill; there is usually always something better if you call in
Request a credit card rate reduction
Try buying used books when purchasing from Amazon for just one year
Ways to save money outside the home
Try uberPOOL instead of uberX
Cycle or walk to work if possible within two miles
Only eat out one time per week or month
Stop smoking or drinking, if this is something you do regularly
Keep the tires on your automobile properly inflated; every two PSI of air you’re able to add to your tires can improve your gas mileage by 1 percent
What ideas can you come up with to save money?
Credit: Inman, Cheryl Spangler
Amy Lang started her real estate career working as an assistant to a top producing real estate broker where she learned how to manage a demanding work load and large volume of inventory. Soon after b....