Down payments can be scary, especially for first time home buyers. 20 percent of the home’s total value is the standard for a down payment, with some variations, but even on a $200,000 home, that still comes to a $40,000 down payment. A down payment can seem like a lofty goal, but here are some strategies for buyers to start saving that don’t involve giving up coffee and avocado toast.
Buy Generic and Store Brands
Many large chain stores offer their own store brands as alternatives to name brands. These store brand products are often very similar to their name-brand counterparts, and they’re often far less expensive.
This doesn’t just apply to cookies and paper towels, though. Many over-the-counter medicines, like pain killers and eyedrops,…