How do you purchase a home if you don’t have enough money for a down payment?
According to a study from Urban Institute, 53% of millennials say that they do not own a home because they can’t afford a down payment. Not just millennials, one survey found that about 60% of Americans do not have $1,000 in their bank account. Though it might feel uncomfortable starting a budget and looking at where your finances are going, these are initial steps buyers must take when preparing for homeownership.
One unexpected (okay maybe not *that* surprising) thing that can help you save for a down payment is giving up your daily trips to the coffee house. If you are an avid coffee drinker, particularly one that enjoys the ambiance and comfort of buying your coffee each morning, you may be surprised to learn just how much money you are wasting. A definite strain on the wallet, it is one of the biggest things millionaires will not even spend money on. Read more on why Suzi Orman and Graham Stephen refuse to spend money on coffee.
We are certainly not saying that avoiding Starbucks will magically change your financial situation, but the simple act of drinking it at home can contribute to saving for your big goals, like purchasing a home. Use this calculator to see how much you are spending on coffee and follow the tips below to help you kick the habit by getting the coffee house experience and other benefits at home.
Tips to help you skip your morning coffee run
- Everyone has been baking and working on their cooking skills during the quarantine. Become an expert at-home barista and make coffee more enjoyable with these 15 fancy coffee recipes to make at home.
- Not into sugary coffee drinks? Learn more about how the right coffee bean can help you DIY your perfect cup at home.
- No need for fancy brewing gear, try these budget-friendly Pour-Over options.
- If you enjoy the coffee house aesthetics, look to these charming ideas to creating your own coffee nook at home.
- The Pumpkin Spice Latte craze is back! Resist the temptation of a Starbucks run with this at-home dupe.
- Do you often enjoy meeting friends for coffee? Grab your travel mug and meet up at a local park instead.
- Do you normally hit the drive-thru for coffee because you are pressed for time? Instant coffee does not have to be boring. Try these delicious recipes to keep your morning moving.
- Not only does spending money on a daily coffee hurt your budget, it also hurts the planet. Check out these great reusable travel mugs to help you save.
- The CUPS app offers its users special savings for those still interested in an occasional cup out but still wanting to save money. Learn more about how you can save 15% on every cup.
Cutting out your daily coffee run is one method of saving money, but for those searching for other assistance solutions, there are many down payment assistance programs available. Brownstones at Providence is part of the Home Is Possible program, assisting first-time buyers, teachers, veterans and more. Visit Brownstonesatprovidence.com to learn more about the program and if you qualify.