Buying a home for the first time is a major financial expense. Not only are you having to pay for the home itself but you are also needing to worry about having enough funds to pay your closing costs; which includes a down payment. Paying for your home’s down payment is a certain percentage of the overall purchase price. This is a large cost that needs to be provided by the buyer, and cannot be borrowed from any financial institution. Therefore, it is important that you start saving now if you are looking to buy your first house.
To help you get started, your local Fayetteville mortgage Lender, Jeff Wilmoth with Homestar Financial is here to list the top 3 budgeting apps to help you save for your first down payment.
#1: Mint
Mint is a free budgeting app that was created by the company TurboTax. Here you can easily manage your money in one place. Not only does this app allow you to budget your expenses, but you can also track your finances. You can upload your bank accounts, bills (credit card, student debt, car payment, etc.), and your investments (stocks, bonds, etc.) in one place. You are able to assess how much you are spending monthly and what your net income would be. This is an excellent tool to help you manage your money so you can start saving for a Fayetteville mortgage and your home’s down payment.
#2: Mvelopes
Mvelopes is a budgeting app that you can try out for free for one month. With this app, you can include your financial incentives and they will help you stay organized and on track to meet your goals. This app uses the old school, reliable envelope method to help you organize your common expenses, and they will provide feedback on how much you are spending and what your remaining balance is. After your free one month trial, you can opt in a basic monthly subscription of $3.99/ month or a plus subscription for $18.99/ month. For more details on what’s included in each subscription, please contact your local Fayetteville mortgage lender at 404-597-5662.
#3 You Need A Budget
You Need A Budget (YNAB) is another money-saving app that is set up in four simple rules:
- “Give Every Dollar A Job”- this method makes you think about how much money you have and helps you figure out what exactly you are spending it on.
- “Embrace Your True Expenses”- this rule helps you stay organized by listing your monthly expenses that you cannot get away from, such as your monthly mortgage payments.
- “Roll With The Punches”- the purpose of this rule is to let you know that it is okay to adjust your budget and instead of feeling guilty about it, just go with it!
- “Age Your Money”- this helps you avoid living paycheck to paycheck, and instead encourages you to save and spend your hard earned money in the near future.
Contact Us
For more information on other budgeting apps that can help you save for a down payment, or to get started on your Fayetteville mortgage application today, please contact Jeff Wilmoth with Homestar Financial at 404-597-5662.