Move to Hawaii:
Home Saving Tips
Moving to Hawaii and buying your dream home doesn't have to be a lofty dream. Make it happen this year by using these simple savings tips to prepare for your big move!
1. Create a Monthly Budget—And Stick to It
Maybe you've tried budgeting before, but if you're serious about saving money and buying a home, then hold yourself responsible for sticking to your predetermined budget, no exceptions.
2. Create a Separate Savings Account
Separating savings specific to your home purchase can help you determine how much you've really got—and will deter you from dipping into it. Your monthly budget will determine how much money will go into this savings account each month.
3. Cut Big Expenses
Nobody wants to do it, but if you're serious about saving up for a home, then you need to be serious about cutting expenses, too. This might mean foregoing a vacation, expensive holiday presents, or a vehicle upgrade. But cutting large expenses is the easiest way to build your savings.
4. Cut Small Expenses
Not all your savings need to come from big cost cuts. In fact, you can actually save quite a bit of money in pretty simple ways. Here are some very simple ways you can cut down on your monthly bills around the home.
- Turn off the lights when not in use.
- Turn down the heat and bundle up in cold weather, or use fans instead of air conditioning in warm weather.
- Unplug electronics when not in use—make it easier by plugging into a power strip and simply switching off the strip at night.
- Replace your light bulbs with energy-efficient fluorescent bulbs, which can last up to 25 times longer.
- Cook at home and avoid going out to eat.
5. Remember, you don't always have to have a 20% down payment.
Actually, there are a number of government assistant programs that make it easier for first-time buyers or buyers who meet certain special criteria to close on their dream home. If you qualify for one of these programs, you might be able to purchase your home with a much lower down payment, or no down payment at all!
6. Review the Steps to Buying so You're Prepared
If you're thinking of buying a home on O'ahu, then it's time to review the steps to buying and contact RE/MAX Honolulu!