Saving Up Your Down Payment - Tips For Families

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Your family has made the decision to save money for a down payment on your home and you're wondering how you can cut back and still enjoy your current life while saving for your home loan down payment. No need to panic, there are plenty of money-saving opportunities if you know where to look for them!

Family Fun & Savings With Movie Rentals

Instead of renting a movie every week for your entire family to enjoy, why not set up a "neighborhood" rental program where several of your neighbors rent a different movie once a month (or once a quarter if you can manage it) and share the movies? Look into movie rental plans such as those that are offered by Netflix where you can get a rental for unlimited amounts of time for a fraction of what your local video store can offer - You can share the movie you rent with many of your neighbors with no worry about penalties. You could even share the cost of a membership with your neighbors reducing everyone's cost and collect your savings towards your down payment for your new home in a jar labeled Movie Savings.

Save Money With Pot Luck Dinners

Invite your neighbors for a monthly pot luck dinner. You'll enjoy the company and you'll save money towards your home down payment rather than going out for dinner. Get your neighbors to agree to alternate who's hosting the event and you get the benefit of socializing. Eating your meals at home is a fun and inexpensive way to save money towards your down payment. These funds can go into your "Money Saved Eating In" jar and you can watch your home down payment fund growing quicker every day.

A Relaxing Night At Home With Your Family

Rather than planning for a night out, why not plan for a night in! Dig into your closet and grab out those long forgotten board games and entertain your entire family by playing fun games for the evening. Invite friends and family to join you and tell them you're doing this instead a night out so you can save for your new home down payment. Get into the spirit by planning the night as a theme. Is it Trivia Night? Have everyone join in with a trivia item that they especially enjoy. Is it Monopoly Night? Have everyone come with their favorite real estate guides and talk about how to save for a down payment on a new house! Use your imagination and make the most out of your night at home. Determine how much an evenings entertainment out would cost you and your family and toss that amount into your jar that says "Night In Savings." You and your family will enjoy watching your home down payment grow every time you hold one of these events.

Saving Money With Your Children

Children have some wonderful ideas of how to entertain themselves and their parents. Talk to the children and let them know how hard everyone is working to save money for a new home. Talk about the benefits of moving to a larger home (separate bedrooms, new friends, etc.) and get your children into the spirit of saving. Let them decorate their own special jar and call it "Kids Ideas Savings" and let them watch how the savings grow towards your home down payment goals. They will be excited watching it and will work harder than ever to come up with new ideas.

Saving money for a down payment on your new home can be a lot of work or it can be a lot of fun for you and your family. One hundred percent of your ability to adjust to money savings techniques will help you reach your goal of saving for that new home. Get the entire family involved and make a game out of who has the idea that saves the most towards your down payment! There are many ways in which you and your family can stay motivated, have fun and continue to watch your savings towards your new home grow! This does not have to be a painful process, it can be fun, exciting and rewarding way to get your family to work together towards your common goal of moving into a wonderful new home with a substantial down payment that everyone worked to save.

This article is written by guest author Doreen Martel exclusively for Save For House.

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