Millennium Realty



Posted by Millennium Realty on 9/17/2020

Buying a home will likely be one of the largest financial decisions you will make in your lifetime. While this may seem scary at first, it’s worth noting that buying a home can also be a valuable financial investment.

When it comes to preparing to buy a home, many people just wait until they run out of room in their apartment before deciding that they need to upgrade to a home. A better approach, however, would be to start planning for your first home a year or more in advance.

Saving for a down payment is a vital step to making the best long-term financial decision. A larger down payment can help you pay off your home sooner, pay thousands or tens of thousands less in interest, and start using your home equity as an asset.

But, saving for a down payment is easier said than done. So, in this post, we’re going to talk about some of the ways you can aggressively save for a down payment so that, when the time comes, you can achieve long-term financial security from your investment.

Setting your savings goals

The first thing you should be thinking about when saving for a down payment is what your goals are in a home. Setting realistic goals in this phase will make saving for your down payment more feasible and less discouraging.

Think about what you really need from a home at this point in your life and compromise where you can.

Remember that on top of your monthly mortgage payments, you’ll likely also be paying for taxes, insurance, utilities, homeowners association fees, and more.

Save on a timeline

When setting your savings goal, make sure you’re aware of the timeframe you’re working with. If you want to buy a home next year, you’ll need to focus on short-term savings options. However, if you’re okay with renting for the next 5 years, investing your money could be a better option.

Lock away your savings

Treat your down payment savings like an emergency fund. Open a separate account, automatically deposit a portion of your pay into the account, and never withdraw from it. To do this, you will, of course, need to already have an emergency fund with a month’s expenses in it.

However, once you’ve established your emergency fund, start immediately depositing into your savings account.

Pay off credit cards

It may seem like saving for a down payment is more pressing than paying off old debt. However, the numbers will show that making interest payments on your credit cards is essentially throwing away money that could have been used toward your down payment savings.

Adjust your spending habits

While it isn’t easy to start spending less once you’ve built a standard of living, there are ways to spend less money and still lead a fulfilling life. Think about where your money goes each month, including bills and services you might pay for.

Now could be the best time to cut the cord and start using a service like Hulu to save $50 or more each month.

Time for a raise?

If it’s been some time since your last pay raise, now could be an ideal time to speak with your employer. To improve your chances of success, don’t discuss reasons outside of work that might be influencing your decision to ask for a raise (such as saving for a down payment). Rather, back up your request with evidence of your accomplishments at work.




Categories: Uncategorized  


Posted by Millennium Realty on 1/8/2015

Retirement can be expensive. Transitioning from a steady income to living on a fixed one can be difficult. If you are nearing or currently in retirement there are some ways to stay within budget and reduce your spending.  Here are some tips to help reduce your retirement expenses: Have a Budget The most important and crucial first step is to create and stay within a budget. Over the course of a few months track and review all of your spending habits. Track things like food, housing, utilities, entertainment, etc. and create categories of spending. Analyze how you are spending money and if needed make adjustments to stay within budget. Manage Your Costs If you need to reduce your spending there are some easy ways to accomplish that. Try using coupons, shopping for store brands and even buying in bulk. If you have too much of a bulk item try splitting with a friend. Look for free entertainment in your area  at the local library or senior center. Take advantage of shopping senior discounts. Many stores have certain days or hours when seniors receive a special shopping discount. It may also be possible to lower household costs such as electricity, and water by negotiating with your utility company. They may even offer a senior citizens or income discount. Talk to family members about family cell phone plan to help reduce costs too. Manage Your Medication Health care costs are a big concern for seniors.  Talk with your health care provider about any generic medications available. Generic medications are often much less expensive. Don't be afraid to shop around, prescription and medicine prices are not the same at every store. Most of all continuously review your budget and spending to make sure you are staying on track.





Posted by Millennium Realty on 12/11/2014

It is the desire of most people to become rich in life and live comfortably in retirement. The problem is that most people are not ready to pay the price required to achieve this long term goal. No one living their dream life today arrived there by chance. They all made a concerted effort to ensure their plans became a reality. The first step is saving, some people have problems saving money hence only having enough to meet their present needs. Never bothering to set some money aside for the future can leave an individual in a real financial bind.

This article will provide you with some practical steps on how to save money. The first step is determining how much you will save, how long you will save it, and how to keep you from spending it.

Take Care of Your Debts

Before you start saving, you need to clear your debts so you can start with a clean slate. Calculate how much you earn in a year and how much you are in debt. Calculate how much you want to use towards repaying the depth on a monthly basis and stick to it. The larger the portion, the faster you get out of debt. It may be a bit of a strain on your budget, but the sooner your debt is eliminated the better off you will be.

Set Your Goals

You need to set goals that provide a clear picture of what you are working towards. Maybe you want to have $5000.00 in savings by the end of the year, have this written on a piece of paper and placed where it is visible to you at all times.  This message will act as a continuous reminder of the goal you are aiming to achieve.

Establish A Time Frame

What good is a goal without a time frame? There has to be a precise and definite time frame, this makes your goals realistic. For example, “In 6 months, I want to have $30,000 in my account by saving $5,000 every month”. That is a long term goal that has been broken into short term goals with a precise payment amount and time frame.

Keeping A Record

It is very important to keep a record of every expense you make and every bit of income you receive. Keep a small note book in check always to determine precisely how much you spend.  Include your utilities, rent, insurance, car payments, fuel, food and other living expenses.  You will be surprised how much you spend when you start writing it down.

Cut Down On Your Expenses

This is where you need to take decisive actions. Cut down on your expenditure so you have more money for your savings account. For example: instead of paying for the internet, a land line and mobile phone, why not make most calls on Skype as calls on that platform are free. Do away with the land line, your mobile phone and Skype should take care of all your calling needs. Can you do away with cable television? If so, why not, that could prove to be a substantial savings at the end of the year.

Assess Your Self

You will need  to assess your position from time to time and determine if you are on course with respect to meeting your goal. Take a look at your progressive income and expenditure. The expenditure should reduce subsequently allowing an increase in savings.

When it comes to money, savings should be your first priority. This is a form of paying yourself first. Even small deposits will add up at the end of the year.  Discipline and consistency are key when building that proverbial nest egg.





Posted by Millennium Realty on 6/12/2014

When you think of cooling your home you probably think of expensive central air conditioning or even a window air conditioning unit. There are alternatives to air conditioning that help keep your house cool. One alternative is a whole-house fan. A whole-house fan can keep your home cool at a fraction of the cost. A whole-house fan may sound complicated but the design is simple. A fan mounted in the attic pushes hot air out through attic vents while drawing in the cooler, outside air through open doors and windows. Believe it or not a whole-house fan can purge a house of hot air in two to three minutes. Whole-house fans are becoming increasingly more popular. They consume only one tenth of the power as your AC. Even if you have AC, the whole-house fan can work as a pre-chiller before the AC is turned on. Use the fan to bring in cooler night and/or morning air, this often lowers the temperature inside the house by 5 degrees (or more). If you are thinking about a whole-house fan contact your local HVAC installer. They can help you determine the appropriate fan for your home and climate. The average cost for a whole-house fan ranges between $200 and $800.  







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