Owning a home – this is the year that you’re determined to make it happen. All you need to do is cut back your spending and put a little extra towards that down payment every month. You also need to stick to your budget.
Easy-peasy right? But wait – it’s summertime and the livin’ is easy! From vacations and entertainment to kid’s daycare and other activities, expenses in the summer can really add up and make sticking to your budget a tricky feat. Here are 5 crazy easy ways to make sure you stick to your budget during the warmer months and make that dream of home-ownership a reality.
1. Plan ahead
There’s still lots of summer left! Planning ahead for the remainder of the summer will help you avoid debt and stick to your budget. One easy way to get organized and do this is to think about all the extra expenses you might encounter and see if you can squeeze them in your budget. If there’s not quite enough wiggle room, it may be necessary to choose to move these expenses to next summer or cut back in other areas.
2.) Use a budgeting app
Although the living is easy, your schedule is likely action-packed in the summer. Keeping track of your spending can be tricky when you are constantly on the go. To make it easier, consider using a smartphone app to track your spending and help prevent you from spending more than you should this summer. Apps like Mint are great because they simplify the budgeting process. They can even help you track your progress as you work towards your financial goals.
3. Enjoy a stay-cation
While an out-of-town vacation is certainly a fun way to spend your time off in the summer, it’s not always the best option when it comes to your budget. Instead of travelling to far off places, you may want to consider a stay-cation in your hometown instead. Barrie, for example, has quite a few events, attractions and fun things to do that are certainly worth sticking around for. Check out our recent blog about all the great (and budget-friendly) things happening in Barrie this summer.
4. Find free fun
Fun doesn’t have to be hard on your finances. If you are determined to stick to your budget and not overspend this summer, it’s time to get creative. A day spent at the beach, camping, hanging out at a public park or heading out for a stroll downtown – create a list of all the free, fun things that you can do this summer and then make them happen. Before you know it, you’ll be telling everyone what a fantastic summer you had, without the hefty credit-card bill afterwards.
5. Set your priorities
When the weather is nice, it can be tempting to enjoy and splurge. When temptation hits, always remember your financial priorities and your goal of owning your own home. This will help you stick to the plan and say no to any summer overspending.
Once you’ve saved for that down payment, it’s time to choose a mortgage solution that best fits your needs. Working as a mortgage broker in Simcoe County, I’ve had the pleasure of helping so many clients find a mortgage that works best for them. For help finding your best mortgage, contact me today at (705) 315-0516 and let’s chat!