Saving money for the purchase of a home can be very difficult for low income households. An easy way to do this is to take advantage of the Prosperity Savings Accounts offered by the United Way of Frederick County. For every dollar saved, they will add three more dollars! If you save $1,000, they will add $3,000. If you save $3,600 they will add $10,800 resulting in a maximum of $14,400 to put toward the purchase of a home
For more information on their Prosperity Accounts, go here:
It is possible to save $3,600 in 2 years simply by cutting out $5 per day in your spending. For many households this can be accomplished by reducing the number of times you eat out every week
Other ideas include:
- Become a preferred member at your local grocery store to take advantage of member pricing.
- Use gas stations that offer a cash discount.
- Rather than renting movies, borrow them at your local library.
- Use coupons for items you normally purchase when available.
- Try filtering your water rather than buying individual bottles.
- Buy in bulk when possible for items that won’t spoil or go bad before you have a chance to use them.
- Lengthen the time between haircuts and other salon services
- Find a bank without monthly fees.
- Eliminate subscriptions to magazines and periodicals that you can read at the library.
- Try a staycation at home instead of a vacation away for a change.
- Unplug all electronics and other devices when not in use.
- Use lower wattage bulbs and remember to turn out the lights when they aren’t needed.
- Comparison shop for insurance, memberships and big ticket items.
- Only wash full loads of dishes and clothes.
- What are some of the ways your family has been able to cut expenses to save money?