Before you begin the process of looking for a new home, as a potential home buyer, you will want to carefully inspect your financial situation. Home buyers should be certain their current income and monthly expenses can support a healthy mortgage payment. There are several ways would-be home buyers can maximize the income they have and make certain they can afford a mortgage.

By following these few simple money saving tips, those wanting to purchase a home can make that dream a reality.

Tips for Saving Money:

1. Create a Budget – By determining your fixed and discretionary expenses, families can focus where they have some flexibility in their budget. Keeping a log of expenses will also help families understand how their money is spent each month and can assist them in making necessary changes.

2. Write Down Goals – When goals are written down they tend to become more real. Once goals are in writing, families are more likely to work towards those written goals. Keeping these goals in a plain view will provide the family with a constant reminder as to the purpose of their sacrifices. Consider hanging your goals on the refrigerator.

3. Eat at Home – One of the easiest ways to save money is to eat at home. Eat breakfast at home, and take a sack lunch to work. Preparing dinner at home will not only save money but provide the opportunity for family time as well. Are you currently eating out or cooking at home?

4. Make a Grocery List – Before going to the grocery store, families should have a list of ingredients they need for the week’s meals. This will curb impulse shopping and prevent unnecessary purchases which simply go to waste. Eating something before you go grocery shopping will prevent the “hunger buys” also.

5. Build in Treats – Living on a budget should not mean never eating out, getting a coffee, or going to a movie. Depriving the family of these special treats will make it impossible to stick to a budget. While going out to a movie every weekend or buying a coffee every morning may not be the best money saving ideas, building in opportunities for these occasional treats is crucial.

Mortgage lenders recommend that families seeking to buy a home first consider their financial situation and how this may affect their ability to obtain a mortgage.

We can work with you to create a plan of homeownership that is best for your long term goals. By adopting the above money saving tips, families can ensure their financial priorities are in order.