How Many Coffees Would It Take To Save For Your Down Payment

Dated: 07/26/2017

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How many Starbucks coffees would it take to pay for a down payment on a new home?

Let’s use Stephanie located in Reno, NV, as our example. According to Starbucks pricing, a Vente Caffe Latte is $4.15. The Reno/Sparks Association of Realtors list the average sold price in Greater Reno/Sparks in June 2017 at $340,000; so 20 percent of the average home sold in Greater Reno/Sparks would be $68,000.

So it would take you not purchasing 16,386 Vente Caffe Latte’s to put a down payment on a home in the city in Reno, Nevada. That’s a lot of years of no Starbucks, right?

Putting down 20 percent is not an easy task (and it isn’t always necessary to put down that much!) But doing so requires cutting back in other areas of your life and focusing on saving every penny to reach your goal of homeownership.

Add to this some other small cost saving tips and techniques, and together they may make all the difference in coming up with the money to make the purchase of a lifetime. Here are a few ideas to suggest to save money. 

Ways to save money inside the home

  1. Eliminate your cable bill for one year

  2. Stop buying coffee outside the home

  3. Buy generic brands at the grocery store

  4. Cancel magazine subscriptions

  5. In-source everything household: Clean your own home, do your own weeding and mowing, etc.

  6. Make gifts for people versus purchasing them for one year

  7. Consolidate student loans

  8. Downgrade to a cheaper cell phone bill; there is usually always something better if you call in

  9. Request a credit card rate reduction

  10. Try buying used books when purchasing from Amazon for just one year

Ways to save money outside the home

  1. Try uberPOOL instead of uberX

  2. Cycle or walk to work if possible within two miles

  3. Only eat out one time per week or month

  4. Stop smoking or drinking, if this is something you do regularly

  5. Keep the tires on your automobile properly inflated; every two PSI of air you’re able to add to your tires can improve your gas mileage by 1 percent

What ideas can you come up with to save money? 

Credit: Inman, Cheryl Spangler

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Amy Lang

Amy Lang started her real estate career working as an assistant to a top producing real estate broker where she learned how to manage a demanding work load and large volume of inventory. Soon after b....

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