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Buying a new home can come withextraordinary expensesbeyond the sale price.
In addition to closing costs, you will want to budget for property tax, homeowners insurance and upkeep.
Here are seven tips to downsize your budget if youplan to buy a home this year.
Cut the Cord
A big cost saver for many potential homebuyers is cutting the cord.
As reported by U.S. News & World Report, the average monthly cable package is $217.42.
Getting rid of cable can save you over $2,600 per year.
Streaming has become increasingly more popular as people flock to lower prices and more personalized services.
Subscriptions can add up quickly.
According to CNBC, many people underestimate the amount they spend on streaming and other services.
Over half of the respondents believed they spent $100 or more less than they actually spent.
Dine Out Less
Another way to save a substantial amount of money is by dining out less.
AsGOBankingRates previously reported, the average American spends approximately $166 per month eating out.
For a couple, this means that nearly $4,000 a year is spent on dining at a restaurant.
By choosing to make your meals, you might stash significant cash to help with your down payment.
While you might be saving on service costs, you could be overpaying for groceries.
Certain stores are pricier than others, so it is important to shop around to find the best deals.
you’re able to also cut costs by buying in bulk and using coupons.
Instead of flying abroad, consider doing a staycation or buying a day pass for a local hotel.
Then it’s possible for you to place each expense into a necessary or discretionary category.
Discretionary expenses are those that may be unnecessary.
They are wants vs. needs.
Many people do not realize they are overpaying for insurance they may not need.
A quick comparison could save you hundreds.
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