If you want to achieve your 2017 goals…

As you come to the end of the year and you start to think about planning for 2017 one of the simplest ways to make next year a great year is to improve your goal setting. Here are three tips about setting goals which will increase your probability of success.

Write Them Down And Share Them

Hard to believe but it’s true. Just the act of writing down your goals and sharing them increases the probability of achieving them.

According to the research by Dr. Gail Mathews, at Dominica University, her studies show that if you write your goals down, you increase your probability of achieving them by 44%.

And even better, if you share them, you increase your chances of success by 78%.

Now who wouldn’t want to benefit from that.

Keep Your Goals To a Minimum

To many people get goal fever and end up setting themselves far too many goals for themselves or their companies. When that happens people become overwhelmed and they start to lose focus, because when everything becomes a priority, nothing is a priority.

We often recommend keeping goals to a maximum of three.

We know that doesn’t sound like a lot, but big goals tend to have the habit of breaking down into many smaller goals, and if you set more than three goals when that happens you can end up back in the situation where you have too many goals.

Keep your focus and keep your goals to a minimum.

Set smart goals

Finally, set SMART Goals, these are Specific, Measurable, Achievable, Relevant, and Timely.

We love to set bold goals, but they need to be achievable. Setting impossible goals just leads to frustration and demotivation.

Stretch goals are great, but you need them to be bounded by reality.

The goals also need to be relevant to your overall strategy or vision, if they’re not then they just become a distraction, even if you successfully achieve them.

You need to make sure that the goals we define are specific. That they are as clear as possible, with little to no ambiguity. They need to be time-bound so that you know exactly when they need to be achieved as that allows us to put the right plan in place to achieve them.

If you want to generate $200k revenue in your business, the plan to do it is different if you want to achieve that in six months compared to 12-months, so make sure they are time bound so you can create the right plan.

The goals also need to be measurable, and this is important for three reasons.

1) if you can’t measure it how will you know whether you have been successful or not.

2) how can you track and monitor your performance so that you can make the right adjustments if you start to fall behind schedule. The answer is you can’t.

3) With no progress tracking, you lose the opportunity to increase motivation as you start to see progress being made and the finishing line starts to come into sight.

The better your goal setting the higher the probability of you achieving them.

Let’s make 2017 great by setting great goals.

Source: inc.com by Gordon Tredgold

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Golden Tips for Selling Your Home During the Holidays

The season does have its advantages, holiday buyers tend to be more serious and competition is less fierce with fewer homes being actively marketed.

Attract homebuyers even during the holidays with these useful tips.

1. Deck the halls, but don’t go overboard.
2. Hire a reliable real estate agent.
3. Seek out motivated buyers.
4. Price it to sell.
5. Make curb appeal a top priority.
6. Take top-notch real estate photos.
7. Create a video tour for the Web.
8. Give house hunters a place to escape from the cold.
9. Offer holiday cheer in the form of financing.
10. Relax; the New Year is just around the corner.

Source: hgtv.com

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HOW TO SELL YOUR OWN HOUSE

Whether you’re selling a home for the first time or simply want to know how to do it even better than you did before, nothing beats a good game plan.

1. Clean out your home. As soon as you decide to sell your house, thoroughly clean it from top to bottom. Don’t forget rarely-cleaned areas such as baseboards, blinds, roof gutters and window wells. A clean home will help an appraiser see your house in a better light and value it more highly, as well as appealing to buyers.

2. Have your property evaluated. As much as you’d like to set the price of your home as high as possible, you have to be realistic. Many for-sale-by-owner listings fail to sell because owners persist in thinking their home is worth more than the market will offer, or because they have already settled on a set amount of money that they want and refuse to budge. Having a professional, third-party assessment of your home’s worth will help you get comfortable with a price range, in addition to providing you with a solid reference point if a buyer or realtor accuses you of setting the price too high.

3. Have your home inspected. Many standard real estate contracts are going to give the home buyer the right to inspect the property, so be prepared. Have your home inspected before you advertise. Under a general inspection you might be obligated to make major repairs to appliances, plumbing, septic, electrical and heating systems, etc. You can expect your home’s roof and foundations to be inspected, as well. Follow the recommendations and make necessary repairs. Additional inspections requested by the buyer are customarily at their expense.

4. As much as possible, get your home in move-in condition before you put it on the market. Buyers of homes are inherently lazy. If they feel like they’ll need to do extra landscaping, plumbing, appliance and electrical work before they can enjoy the house, they’ll balk when it comes to buy, even if the rest of your house is an absolute steal. So make it easy for them. Hire a handyman or general contractor to get the home as ready to move into as possible.

5. Know your selling points. Before you start marketing your home, write up a list of special selling points you think will attract buyers. Potential items include good school districts, recent renovations, benefits that have been grandfathered into the property, energy-saving windows or insulation and new appliances. Highlight these items in your ads, when you talk to people about your home or while you’re showing it. Memorize them so that you don’t forget anything.

6. Time it right. Be aware that the real estate sector sees a noticeable uptick in business over the summer — people prefer to move when it’s warm, and they’re reluctant to have their children change schools in the middle of the school year. Start trying to sell your home in April or May and continue to promote it throughout the summer. If you haven’t sold it by late fall, scale back your efforts and begin marketing more intensely when the weather warms up again.

7. Get your property ready for a staging. A staging is an especially important part of selling your house. During the staging, potential buyers begin mentally imagining their own items, and their lives, in your home. If they can’t make the imaginative leap because the house is too cluttered, dirty, colorful, or quirky, you’ve probably lost their business. Best to stage the house to be as spacious, clean, bland (yes, bland!), and typical as possible.

8. Market your home. Staking a “For Sale By Owner” sign in your yard is good if you live in a high-traffic neighborhood, but you can go further.

• Advertise online.
• Put up fliers.
• Fish out potential buyers.
• Rely on word of mouth.

9. Know how to show your home. When potential buyers or their realtors contact you and want to see the home, try to be as available and flexible as possible. Be aware that many people will want to see the home in the middle of the day, when you might be working. If you can’t be home for appointments, try to arrange for a close friend or family member to be there.

10. Give yourself a timeline to lower the asking price if no serious bids have come through. Many sellers price their homes too high. And then they keep them too high for too long, all while paying for maintenance, upgrades, and property taxes. Before you start in earnest, set a timeline for how you’ll lower the price of your home if you’re not getting any bids: “If I haven’t gotten a bid within two months, I’ll lower by $25k; and if I haven’t gotten a bid within 6 months, I’ll lower by another $75k,” for example. Having a pre-determined outline of how you’ll lower the price in the absence of bids will help take emotion out of the decision and ultimately help you sell you house more quickly.

11. Put yourself in the buyers’ shoes. Take a walk around the neighborhood if you aren’t getting any bids. Put yourself in the buyers’ shoes and ask yourself, would I want to buy my home or another home given their prices? Remember to be as honest with yourself as possible. If you come to the conclusion that other homes around the neighborhood might be better options, it’s time to lower your asking price in order to make your home more appealing.
12. Offer an incentive. Find a way to sweeten the pot a bit. Don’t underestimate the power of a small rebate, a security blanket, or simply a kind gesture. Here are some things that you can do to make the deal more attractive:

• Offer a credit on the closing costs, or offer to pay them entirely.[3] Closing costs can get expensive quickly (upwards of several thousand dollars), so this becomes a great incentive.
• Give a transferable home warranty to cover home appliance malfunction. These typically only cost $300 to $500, but give the potential buyer peace of mind that if anything goes wrong, they won’t have to shell out extra for it.
• Offer expedited closing on the home. Many buyers who see their dream house want to live in it right away. If you can assure potential buyers that closing will only take 30 to 60 tops, this could swing the balance in your favor.

13. Navigate financing. Most sellers assume that the buyer has been through the process and know the stages of buying a home. The fact is, that this is one of the many valuable services that a Realtor would normally provide, but now it is left to You, the seller, to walk them through choosing a mortgage broker to getting to the closing table. By aligning yourself with a local mortgage company first, you are giving the loan officer leads in return for assisting you with the transaction, a virtual win-win. Mortgage brokers often have clients that are approved but have yet to find a home; this is a great way to tap into their client list to find a qualified buyer.

14. Be prepared to negotiate. If a buyer says he or she likes your home but is not sure about buying it, again, this is your opportunity to sweeten the deal. Did you notice the buyer looking longingly at your new barbecue? Throw it in. Did they seem dismayed that the patio hadn’t been varnished for a while? Say you’ll come down $500 to cover the cost of re-varnishing. Giving up an appliance or making a small concession for home improvements could cost you less than continuing to pay a mortgage on a house you don’t want.

15. Try to close cleanly and quickly. Once the buyer is making offers and negotiating, try to close the transaction as quickly as you can. Make sure you’ve provided all the necessary disclosure documents required by your state. If you don’t like the buyer’s offer, don’t just say no. Always make a counter offer. Try to accommodate the buyer wherever you can afford to. Also, consider taking the offer to a lawyer for professional evaluation. Once everything is settled, move out as quickly as you reasonably can. Source: wikihow.com
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KEY FACTORS WHICH EFFECT PROPERTY PRICES

There are several factors, which determine house prices, some are logical, based on economic theories, location and population density and some are based on more intangible factors, like the feel of a neighborhood and expectations for future growth.

Here are the key factors which effect property prices and how they are determined.

1. Supply and demand

Put simply if demand for houses increases faster than supply, then house prices go up. For house prices to fall the demand needs to fall.

2. Interest rates

When interest rates rise, mortgage lenders generally increase the cost of variable mortgage payments. These higher interest rates in turn make home buying less attractive. Since the majority of Australian homeowners have variable mortgages, even a small change in interest rates can have a big impact on the affordability of buying a house.

3. Economic growth

As the economy grows and wages increase more people can afford buy a house, this inturn increases overall demand, which increases prices. See number 1.

      4. Demographics

As levels of migration increase so does the population and more people means more demand for homes. Another factor is changes in demographics; for example rising divorce rates have increased the number of single people living alone and our old friend demand is an issue again.

5. Location, location, location

This is an obvious one. Homes that are closer to the beach, closer to the CBD or closer to transport tend to sell at a higher price.

Australia is a vast and varied country but if you look at any map you’ll see a high concentration of housing around the city centres .The majority of people want to live close to where they work, shop and go out to enjoy themselves and this naturally causes higher demand for property prices in these areas.

6. Room to move

The potential for growth is a key issue in determining the value of a property. This relates to the potential to add on a second storey, increase the number of bedrooms or add a room above a garage or in the garden. Increasing the floor area, will increase the value. This relates back to the value of Location and land size in determining house prices.

7. A second bathroom

If two identical properties were for sale in the same street, the one with the extra bathroom would sell for more. Simple. However, the value of the bathrooms relates directly to the number of rooms in the property. For example a second bathroom in a two-bedroom house would be less desirable than in a five-bedroom house.

8. Parking

We all know that parking is at a premium in our big cities so if a home has parking or even a garage this can significantly increase the value of a home.

9. Home improvements

Updating kitchens, replacing flooring, repainting walls and adding landscaping can add to the value of a home. However often homeowners spend too much and don’t get the return on investment when they sell the house. Before making drastic improvements to your house, be sure to talk with your real estate agent so that you use your money wisely on your investment. Source: homeguru.com.au

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HOW TO TELL IF YOU HAVE TERMITES

If you are a homeowner or ever plan on being one you should take the time to learn how to tell if you have termites. For something that could be considered more financially destructive that tornadoes, hurricanes, and many other natural disasters these little critters are largely ignored by homeowners until serious damage is done.

Warning Signs:

– Swarmers: Keep an eye out for winged termites. They look like flying ants but they have two sets of equal wings

– Termite Tubes: These are protective tunnels that termites will build over exposed areas to protect them from light and predator

– Damaged Wood: Perform a tap test. Take a screwdriver and lightly tap it along any infestation suspected timber. Anything that sound considerably more hollow than the rest may mean you have some termite activity. Termites tend to bore out wood from the inside. Source: mytermitetreatmentcosts.com

Did you find something? Call the Termite Inspector now!

Don’t forget… Evidence that termites are present, will vary form home to home

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¿Como planear una divertida cacería de Huevos de Pascua?

Los días feriados de semana santa son una oportunidad ideal para crear un momento especial con familiares y amigos. Como la búsqueda de los huevos de Pascua es el festejo de primavera más esperado por los pequeños, puede aprovechar la ocasión para divertirce con sus hijos desde el momento que empiecen los preparativos.

Aquí le dejamos algunas ideas útiles para ayudarle a disfrutar esta actividad en familia.

Calcule al menos seis huevos y una canasta por participante. Hacer los huevos en casa es una manualidad trabajosa pero al mismo tiempo entretenida y educativa. Anime a sus hijos y a sus amiguitos a que participen en la selección de los materiales para decorar el jardín o área de juego y diseñar los huevos. Guíelos durante el proceso, sugiriendo algunos materiales como tinturas para colorear, acuarelas y pinceles de brocha fina. Además, proporcióneles retazos de tejidos y papel en colores para recortar, y lentejuelas y pedrería que pueden usar para desatar la imaginación. Si en lugar de crear los huevos de Pascua, prefiere comprarlos ya elaborados o de plástico, le recomendamos tener mensajes de pascua, estampas y dulces para rellenarlos. También es una linda oportunidad para personalizar las canastas con adornos o iniciales de cada niño.

Junto con los dulces y las golosinas que tradicionalmente se compran para la fecha, puede preparar unas deliciosas galletas en forma de conejitos y patos. La masa se consigue fácilmente en el supermercado y los moldes también; si no, de todos modos puedes obtenerlos por internet. Para adornar las galletas puedes usar besitos de chocolate, malvaviscos y algodón de azúcar de diferentes colores.

La decoración alegórica durante el festejo no puede faltar para completar la fantasía. Empiece por elegir invitaciones con motivos y mensajes típicos de la Pascua. Use los conejos, los patos, las flores de Pascua y los colores pasteles como tema principal para las servilletas, platos y vasos desechables. La serpentina de colores, los globos y los posters (mejor si son elaborados por los niños) le dan el toque final a esta actividad temática.

Para hacer el festejo de manera diferente este año puede invertir las reglas del juego. Deje que sean los pequeños los que se encarguen de esconder los huevos de Pascua y disfruten al ver cómo los adultos se esfuerzan por encontrarlos. Otra idea es organizar dos turnos para que todos tengan oportunidad de disfrutar la emoción de la cacería.

La búsqueda de los huevos de Pascua es un buen pretexto para que sus hijos se diviertan al aire libre y de paso aprendan la historia de la tradición.

¡Feliz cacería! Source: bienvenidos.com

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SHOULD YOU MOVE OR IMPROVE?

What do you do when your family outgrows your house, or when the quirks of the place you once found charming aren’t so charming anymore?

Is it smarter to move or improve? Here’s some advice to help you decide.

Selling Has Gotten Easier

Existing-home sales were at their highest levels since 2006, and the median home price hit $197,100 at the end of 2013.

 

Right now, it’s taking just over two months, on average, for homes to sell. If you’ve been holding back on selling waiting for the real estate market to recover, you may find it’s recovered in your area.

 

As you prepare your home for sale, consider what homebuyers want right now. Hint: energy efficiency. Demonstrating that your home is weather-sealed is a great selling point.

 

Also, if you’re only up for a minimum amount of work, focus on curb appeal, which REALTORS® say is critical to attracting buyer attention; your kitchen (even tweaks can make a big difference); and pricing your home right. The offers will come.

 

Improving Has Gotten Pricier

During the economic slump, home improvement spending slowed, so contractors were willing to cut deals to stay busy. Today, they’re less willing to bargain on price and too busy to accept low-profit jobs.

 

In addition, the cost of construction materials may be going up. In a recent National Association of Home Builders survey:

• 81% of contractors were concerned about rising materials prices
• 65% were concerned about rising labor costs

 

As a general rule, improving costs less than trading up. But it depends on what kind of improvements you’re doing.

 

Figure paying somewhere between $100 to $200 and more per square foot for new construction or a major remodel, depending on the scope of the project and labor costs in your area.

 

Now more than ever you need to make sure that you invest your money wisely. In other words, will your $75,000 kitchen remodel increase your home value by $75,000 — or by anything close? Not likely. But at resale you may be able to recoup some of your remodeling costs.

 

To assess what’s right for your particular house, let your neighborhood be your guide. If there’s any chance you’ll move within the next 10 years, keep your improvements in line with those of other houses on your block, or risk losing the money when you sell. Of course, don’t discount your enjoyment factor. If it’ll make you happy to install an in-ground pool in a neighborhood without pools, go for it.

 

Critical Considerations

Your house isn’t just your largest investment; of course, it’s also the place where your family lives. Financial considerations aside, the question of whether to move or improve should be decided by the things you can’t change about your current home:

 

– School district

– The amount of traffic on your street

– Size and layout of your yard

– Commute time

– Access to markets and malls

– Neighborhood quality of life

 

If you love the spot, improving makes sense. But if a different location would be an improvement in its own right, then trading up could be the way to go.

Source: houselogic.com by Oliver Marks

 

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IMPORTANT DATES FOR HOMEOWNERS

JANUARY 1

• Taxes become a lien on all taxable property at 12:01 AM.
• First day to file affidavits and claims for exemptions for real property.

FEBRUARY 1

• Second installment of real estate taxes is DUE (DELINQUENT after 5:00 PM on April 10).

FEBRUARY 15

• Deadline for timely filing of affidavits and claims for exemptions (late after 5:00 PM; a postmark before midnight is considered timely) for real property, including Veterans’ and Disabled Veterans’.

Last day to file for the Homeowners’ Exemption claim (late after 5:00 PM; a postmark before midnight is considered timely) to receive the maximum exemption ($7,000 of assessed value).

APRIL 10

• SECOND INSTALLMENT¹ OF REAL ESTATE TAXES BECOMES DELINQUENT AFTER 5:00 PM (a postmark before midnight is considered timely).
• Annual payment on the Installment Plan of Redemption is due.

1The property tax year (fiscal year) runs from July 1 to June 30. Property is taxed as of January 1 for payment in the following fiscal year.

JUNE 1

• Mailing of delinquent tax bills for current year and supplementals.

JUNE 20

• Last day of the property tax year (fiscal year).
• DELINQUENT property becomes TAX DEFAULTED for nonpayment of taxes. If delinquent taxes are not paid in full, the property is subject to the power of sale after five (5) years for residential property, and after three (3) years for non-residential commercial property. Last day (prior to 5:00 PM) to open an installment plan of redemption on those parcels in their fifth year of delinquency.

JULY 1

• First day of the property tax year (fiscal year).
• First day affidavit and claim for homeowner or renters assistance may be filed with the State Franchise Tax Board (if funding is available).

JULY 2

• First day to file an application for a “Decline-in-Value Review”.
• First day to file an Assessment Appeal Application for equalization of assessment.

SEPTEMBER – FOURTH MONDAY

• Assessment Appeals Hearings commence.

OCTOBER 1

• Beginning day of annual secured tax bill mailing (by Treasurer and Tax Collector).

OCTOBER 15

• Last day affidavit and claim for homeowner or renters assistance may be filed with the State Franchise Tax Board (if funding is available).

OCTOBER 31

• Last day of annual secured tax bill mailing (by Treasurer and Tax Collector).

NOVEMBER 1

• The first installment of real estate taxes is DUE (DELINQUENT after 5:00 pm on December 10).

NOVEMBER 30

• Last day to file an ASSESSMENT APPEAL APPLICATION for reduction of assessment made in regular period in Los Angeles County. If November 30 falls on a Saturday, Sunday, or a legal holiday, an application is valid if either filed or postmarked by the next business day.
• Last day to file an application for a “Decline-in-Value Review” with our office. If November 30 falls on a Saturday, Sunday, or a legal holiday, an application is valid if either filed or postmarked by the next business day. This should be done if you feel the market value of your property is below your Proposition 13 value.

DECEMBER 10

• FIRST INSTALLMENT¹ OF REAL ESTATE TAXES BECOMES DELINQUENT AFTER 5:00 PM (a postmark before midnight is considered timely).
• Last day to file late Homeowners’ Exemption to receive 80% of the exemption.
• Last day to file late Veterans’ Exemption to receive 80% of the exemption.
• Last day to file late Disabled Veterans’ Exemption to receive 90% of the exemption.
• Last day to terminate Homeowners’, Veterans’, and Disabled Veterans’ exemptions.

1The property tax year (fiscal year) runs from July 1 to June 30. Property is taxed as of January 1 for payment in the following fiscal year.

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WHEN YOUR HOME WON’T SELL

Say you’ve had your home for sale for months and not a single home buyer has decided to make an offer to you. You’ve spent a lot of money on home advertising, made a number of price reductions and nobody calls you.

Maybe your agent now has an expired listing. It’s possible that you’ve even buried a St. Joseph’s statue in your yard, and that didn’t bring any offers, either. What can you do when it’s plain that your home isn’t selling?

1.) Postpone Home Selling

Could it be that now is not the time to sell? If it’s a buyer’s market, perhaps you should take your home off the market and wait for inventory to drop. When there are fewer homes for a buyer to choose from, your home may be snapped up.

Selling during the holidays is especially tough because buyers expect bargains. You may lose money if you try to negotiate during holiday stresses.

Selling in the winter is more difficult than during warmer months because there are typically fewer buyers.

If you can afford to wait, selling in spring might bring an offer because spring months bring more buyers into the marketplace.

2) Take Out a New Mortgage

If your need to sell is based on financial needs, it might make sense to take out a home equity loan, providing you can afford to pay a higher monthly payment. If your existing loan is an adjustable rate mortgage, and a higher interest rate has raised your payment to the extent that you can no longer afford to pay it, you might be able to renegotiate a loan modification plan with your lender or convert that ARM into a fixed-rate mortgage at a lower interest rate.

Before you decide to borrow more money, through a refinance of your existing loan or by taking out a second mortgage, first meet with a trusted adviser to discuss your financial situation. Don’t talk with any real estate professional who has a vested interest in your affairs. Speak with a tax accountant or your real estate lawyer.

3) Rent Your Home

Some home sellers have no choice. For a variety of reasons, from job promotions to family-related matters, a home seller might be forced to relocate to a new area and leave an existing home behind.

Even if you can’t receive enough rent to cover your mortgage payments, paying a small amount of negative cash flow every month might be easier on the pocketbook than forking over thousands of dollars for a vacant house.

Here are a few tips about renting:

Be aware that many homeowner insurance policies do not cover a vacant house for more than 30 days; however, you may want to talk with your insurance agent about changing the policy to insure only the structure without contents.

Hire a reputable real estate management company to screen tenants and hire tradespeople if repairs become necessary. You don’t want midnight calls from tenants if a toilet leaks.

Ask neighbors to keep an eye on your home and to notify you if they suspect problems. Give them your e-mail address or cell phone number to call in the event of an emergency.

4) Consider a Short Sale

If you’ve purchased your home within the past few years, it’s possible that you owe more than your home is worth. A real estate agent who specializes in short sales might be able to negotiate with your lender to accept less than your mortgage balance. Before you consider doing a short sale, here are a few things you should know:

Discuss the ramifications with a real estate lawyer to make sure you understand the consequences. Moreover, not every seller qualifies for a short sale, and not every lender will accept a short sale.

Realize that short sales affect credit, and redeeming a pre-foreclosure on your record could prevent you from buying another home for a while.

You may owe the IRS taxes on a short sale. You may receive a 1099 from the lender for the amount of forgiven debt.

5) Offer Your Home on a Lease Option

You might talk to your real estate agent about doing a lease option purchase versus an outright sale. Lease options are appealing to borrowers who, for a variety of reasons, might not be in a position to purchase a home through conventional financing. Maybe they can’t decide whether to buy or rent. Make sure your lawyer reviews all documents before you agree to a lease option.

Lease options give a tenant the opportunity to later purchase your home at a predetermined price. For a tenant who is on the fence about buying a home, it lets them live there while deciding whether to buy.

Typically, lease options payments are higher than a regular rent payment, which might eliminate negative cash flow for you.

A tenant who has a stake in the home might take better care of the home, and sometimes lease option agreements make the tenant responsible for all repairs.

Source: about.com By Elizabeth Weintraub

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How to Save $20,000 for a Down Payment in Just 2 Years

Making the move from renter to homeowner is challenging for nearly everyone, and the highest hurdle for most first-time buyers is saving enough money for a down payment. If your No. 1 priority in the next few years is to become a homeowner, financial experts say you’ll likely need to make some aggressive moves to cut your spending, boost your income, or both.

To get started, set a timeline and break up your savings goals, you’ll need to save $833 a month for the next 24 months. This is how you will do it:

1. Create an account

Create an account that will hold only savings designated for your new home, this can help keep you organized and track your progress.

2. Start Big

If you’re truly committed to buying a home and can handle some big changes in lifestyle, you could move in with family for a defined period of time. You could also move to a smaller apartment. Going from a two-bedroom to a one-bedroom can drop your rent by 25 to 30 percent, depending on where you live.

For a significant boost to your down-payment fund, consider more substantial cost-cutting and money-raising measures, such as selling your current car and trading down to a lower-cost vehicle.

3. Small Steps That Add Up to Big Savings

Finding other expenditures to trim requires creating a household budget to see where your money is going.

Some of the easier expenses to reduce or eliminate include new clothes, shoes, and other stuff; daily expenses like your morning specialty coffee; monthly expenses like a Netflix subscription; and gas and parking costs. “Keep in mind when you’re in super-saver mode to ask yourself out loud, ‘Do I need this or want it?

Take a critical look at all of your expenditures, gym memberships, vacations, entertainment, to see where you can cut back to meet your savings goal. While you don’t want to drain all the enjoyment out of your life, you can keep spending in check without sacrificing much. For example, if you like to go to restaurants with friends, limit your meals out to one a week, and invite friends over for potlucks instead.

4. Where to Stash Your Cash

When you’re saving for a short-term goal, financial experts recommend you stick with a low-risk investment such as a high-yield savings account or a CD. A credit union or an online bank usually offers better interest rates on savings than most traditional banks.

While it is tempting to invest your down-payment savings for a higher return, be aware that there’s always a risk that an investment will lose money.

Whether your goal is to buy a house or meet some other financial obligation, you’ll need discipline and an aggressive savings plan to achieve it. But following the savings tips above will help put your goal within reach. Source: Dailyfinance.com Michelle Lerner

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