The Benn Pacific Blog

Thursday, August 27, 2015

5 Easy Money Hacks to Help you to Save for a Down Payment

5 Easy Money Hacks to Help you to Save for a Down Payment
By Holly Hino-Agustin (NMLS#325967) and Ryan Oda (RA), MAT

1. Start early. Saving and investing is largely impacted by compounding interest over time. The sooner you start, the longer time your investments can grow.

2. Live below your means. Just like the formula for losing weight appears to be simple (burn more calories than you consume), so does the formula for building wealth (keep more than spend).  Yet, so many struggle with both.  Ask yourself, “Do I really need this?” Make a list and write down all your monthly expenses. If purchasing a home is on top of your priority list, you will eventually find things to cut out. Here are few saving tips:

a. Do you really need cable television? Have you examined the on-demand alternatives, like Netflix?

b. Rather than eating out, eat in. Don’t forget to support your farmers market too. Compared to retail supermarkets, your savings will extend if you purchase your groceries from local vendors. 

c. Rather than driving, catch the bus, walk, or ride your bike. Hawaii has been recognized to have some the best public transportation in the nation.

d. Compare rates. Many reoccurring fees are often neglected and overlooked since you have been paying them for so long. You might actually think you are getting a good deal, but you could be possibly overpaying. When was the last time you compared insurance rates, cell phone plans, or credit cards? Some credit cards have cashback rewards. If you pay off your credit card debt ever month, the cashback program is a great way to “earn” while you spend.

e. If go out, spend wisely. When you are going to spend money, find out if there is a sale or discount. For example, you can watch a matinee movie and save on the ticket cost. Cutting coupons can be tedious, but it is worth your time. Over a period of time, the few dollars you save on each purchase will add up.

3. Think about after-tax consequences when spending.  Remember… a penny saved is not a penny earn.  A penny saved is 1.5 pennies earned!  That $10 plate lunch is really $15 when you realize you had to earn $15, pay Uncle Sam $5 to get your $10.  If you looked at each purchase as being 50% more expensive, you would certainly think twice about it.

4. Get a second “job.” If you have a hobby, consider turning that into money making opportunity. If you like photography, you could offer your services to businesses for marketing.

5. Invest wisely.  For example, some companies, like Vanguard Funds, offer low-fee entry investment products to consumers. Examine your risk tolerance and speak to a professional.


Posted by Trevor Benn on 08/27 at 02:26 PM
Real Estate NewsPermalink

Comments (3)

I would also add get your debts under control. It doesn’t take long to do the research, but it’s one of those things peopke just put off doing.

Posted by gfl on September 07, 2015 at 12:14 AM

Please visit

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Posted by David Allen on October 09, 2015 at 09:50 AM

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