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Look up home prices in your area to see how much you need for a down payment.
Setting a clear goal ensures you align your savings strategy with your financial reality.
Start by reviewing your income and expenses.
Shavon Roman, investment advisor and founder of Heal.
Zero-based budgeting is the best option because you assign a task to every dollar, said Roman.
Maximize Savings With Strategic Tools
To build savings faster, consider high-yield savings accounts for better returns.
Each time you get paid, set up an automatic transfer for a certain amount into aseparate savings account.
Roman added a practical tip to curb spending temptations.
The easiest way to save is to put money where you cannot see it.
Unlink your savings account so you cannot see it online.
You will not spend what you cannot see, she said.
Additionally, explore credit-building strategies like reporting your rent payments.
Roman recommends using tools likePinatafor credit building while renting.
This can improve your credit score and make qualifying for a mortgage easier.
Roman emphasizes the value of patience and persistence.
Purchasing a home takes time.
It took me seven years to save up formy home purchase.
You are not behind you just need a plan.
Leverage Assistance Programs
Many first-time homebuyers are unaware of the resources available to help with down payments.
Youll be surprised at the grants available in your city, county, or state, she said.
Tayne also advises exploring your employers benefits for programs like downpayment assistance orchecking government grants and low-interest loan opportunities.
Regularly reviewing your progress and adjusting as needed can keep you on track.
Roman advises patience above all else.
Purchasing a home is a big decisiondont rush into it.
Youre not behind; you just need a plan.
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