How Millennials Can Save Up to Buy a Home in Boston

As you probably know, buying a home in Boston is one of the biggest investments you’ll make during your lifetime. Saving up enough money to cover your mortgage payment, homeowner’s insurance and utility bills, not to mention having enough cash saved in case of an emergency, can be a big adjustment for even the most financially equipped homebuyer. For Millennials, the struggle is even more challenging. Faced with crippling student loan debt and a weak job market, the goal of buying a home in Boston is an uphill battle at best. Although homeownership may not be realistic in the immediate future, there are some steps you can take to begin improving your financial situation right away.

Examine your spending habits

There are various websites and mobile applications that can help you track your day-to-day spending. Do you often eat out for lunch, or get a coffee on your way to work? Start grocery shopping and meal planning to see instant savings.

Consider getting roommates

If you’re currently renting, getting a roommate or two is an excellent way to reduce what you spend on rent and utilities. Who knows, you may even form a lasting relationship with someone who can help you pay your mortgage in the future.

Eliminate unnecessary monthly expenses

Make a list of your monthly expenses and start making some changes. Cancel the gym membership you never use, downgrade your cable TV package, and unsubscribe to all of those magazines that have been piling up.

Save your income tax refund

You may be tempted to spend your income tax refund on a new wardrobe or an elaborate vacation. However, putting that money towards a down payment will be much more gratifying in the long term.

Set up a new savings account

There’s nothing more motivating than watching your savings grow. Open a new savings account dedicated to your goal of buying a home in Boston, and set up an automatic deposit from your salary earnings.

Though the dream of homeownership may seem unattainable at the moment, these financial tips and tricks will have you on the path to buyinga home in Boston before you know it. Once you’re ready to start exploring the Boston real estate market, please get in touch with me. I’ve helped countless first-time homebuyers find their dream homes, and I would be honored to provide you with the same service. Whether it’s in six months or six years, I look forward to connecting with you!

Ken Snyder
Keller Williams Realty Boston-Metro
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