By: Megan Bohannan
Make Time For You
Hyper-focusing and storing away as much cash as possible into your savings is a quick way to burn out. It's essential to set aside time to appreciate life and allow yourself a chance at fun every once in a while. Don't let saving for a home to prevent you from hanging out with friends or taking that much needed holiday break.
Keep A Consistent Pace
Having a plan and saving at a consistent pace will help you from becoming discouraged. Crunch numbers and find out how much you need and set aside every week to meet the first goal for your future home deposit. Once you know that magic number, it's all about consistency from there.
When your enthusiasm for saving starts to wane, It's important to build yourself up and become your own cheerleader. Keep yourself motivated by picturing the day you finally move into your dream home! Like marathon runners who often imagine themselves crossing the line first or breaking a long-held record, you too must will your goals into existence.
Live Like Tomorrow
Live as if you are already paying the mortgage on your dream home. This means putting the difference between your rent and assumed future mortgage payment into your savings account, in addition to your rent, and treating it as you would any other monthly bill. This practice will make you used to the thought of paying a bigger mortgage while saving for your future home at the same time.