Thinking about buying a mobile home but your credit isn't good enough to get a 100% financing program, ValueLoans.com offers some money saving advice strategies.
Some Money Saving Tricks to Buy a Mobile Home.
People treat money in all kinds of ways — from penny-pinchers who won't spend a cent to super spenders who just can't seem to hang onto money, no matter what. Right now, Americans are spenders who are having a hard time Saving. Of all the world's industrial countries, Americans are the worst savers.1 We need to do something about that. Here are some tricks to help you save more money.
Trick #1: Pay yourself 1st
Some adults want to make sure they save, so they ask their employer to take a certain amount of money out of each of their paychecks and put it in an investment fund, a kind of savings account. What these people are doing is "paying themselves" first. They are saving for their future — automatically. The idea is that if they never get their hands on this money, they can't be tempted to spend it. There are ways you can pay yourself first too. Talk to your employer or your parents about how you might do this with your paycheck, your allowance, or gift money.
Trick #2: Saving is linked to expenses
How much should you save? The short answer is as much as you can. What does that mean? It means different things to different people. Here's why.
Two baggers at the grocery store both get the same paycheck. However, one bagger, Tom, must use his paycheck to pay for his clothes and his entertainment. The other bagger, JoAnne, must pay only for "extra" clothes, things she wants but she doesn't need. JoAnne should be saving more because she doesn't have as many exspenses. Expenses are "things" you spend money on. JoAnne has fewer expenses than Tom.
However, no matter how much money you earn or how many expenses you have, you will always save more if you pay yourself first.
Trick #3: Find out where it goes
Get a spiral notebook and start writing down any money you spend. See Keeping a Money Diary. List what you bought, how much it cost, and why you bought the item. Your spiral notebook will teach you something about yourself. For example, you may find that you spend $5 a week on cans of lunch soda from the cafeteria's vending machines.
Trick #4: Cut Your Expenses
By reading the grocery ads in the newspaper, you discover you can buy 12 cans of the same soda at the grocery store for about $3. And 12 cans will last you two and a half weeks. You might want to re-think how you buy your soda. Right now, you're spending $25 a month on cafeteria soda. You could get the same amount of soda for about $6. That's known as cutting your expenses! You can save the extra $19 each month and earn interest on it. Over a 9-month school year, you'll save $171. That's not small change!
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Save money during the holidays and buy that dream house in the New Year
The holidays can put a dent in your savings especially if you're planning to buy a home. But there are several ways to cut costs so your finances aren't in the red by New Year's Day. Consider the following money saving tips:
- In lieu of buying presents for every family member, suggest a gift exchange and draw names out of a hat.
- Agree on a spending limit for gifts for friends and family and stick to it.
- Make your holiday meals a potluck and assign each guest an item to bring.
- To prevent the urge to overspend when shopping, use cash and leave your credit cards at home.
- Consider buying a joint gift rather than individual gifts for a family such as a zoo membership or movie tickets.
- Instead of holiday wrap, buy monochromatic wrap in holiday colors such as green, red, or gold that can be used all year.
- For young children, half the fun of holidays is often opening the gifts. Wrap small, inexpensive items separately - coloring books, crayons and picture books or novels, even stocking stuffers work well. Or recycle hand-me-down toys by wrapping them up and putting them under the tree.
- Instead of spending a lot of money on gifts from the mall, give homemade treats like fudge, truffles, cookies or jams and jellies.
- To cut down on postage and holiday card costs, send mail only to out-of-town friends and family you're not likely to see throughout the year. Or send e-cards, which are usually free.
- To keep your electricity bill down, use a timer to turn outdoor lights on and off at designated hours.
- If you know you won't be able to pay your credit card off right away, make sure you use a single low-interest card to make purchases - that way you can easily track them.
- When traveling during the holidays, try to fly on the day of the actual holiday (Thanksgiving Day, Christmas Day). It's usually cheaper and there are plenty of seats.
- Subscribe to receive e-newsletters from your favorite online merchants. They will often e-mail coupons to use for savings on purchases and shipping costs. Or subscribers may receive private sale information.
- Sometimes buying an item online is cheaper than going to the store since many sites don't charge sales tax and offer free shipping. Use the savings to have the gift mailed directly to the recipient instead of standing in line at the post office.
- Instead of buying an expensive gift, make a donation to a worthy cause in a friend or family member's name.
How much of your income should you stash away in savings to buy a mobile home? You say, I'll just put money into savings whenever I don't spend it. Right. And how often do you think that will happen?
Where to begin
Start by pledging to stick to your plan. Next, figure out how much money you have coming in each month. Then —
- Work out how much you want to save. Divide that money into different savings categories: saving for everyday expesessaving to spend on a large purchase, saving for the future, saving for investin, etc.
- Work out how much you want to spend on everyday items. Then go look at your money diary. If you're spending more than the limit you just chose for yourself, see where you can cut back. See Tricks #2 and #3 on the Saving Tricks page.
Put it in writing.
Writing your plan in your money diary gives it more power. Also by keeping a money diary, you'll be able to see how much money you have coming in, how much money you spend, where it all goes, and how much money you save each week.
Set your limits
Once you set your limit, you might not like that the plan puts boundaries on your spending. In fact, you may think that you don't have enough spending money. (Everybody feels that way.) What you are discovering is that you have only a limited amount of money. (Just like almost everybody else.) Now that you're getting older, you are learning that you have to make choices when it comes to money. You have to control it — so you can get the most you can out of the dollars you have.
Adjust
If your plan isn't working, you can always make changes. But you should be honest with yourself about why the plan doesn't work before you change your original numbers. What's wrong? Maybe your numbers weren't realistic, and you have to be more practical. On the other hand, maybe the numbers are right, but you're having a hard time sticking to them. Maybe you have to change your habits to make the numbers work.
Working within limits
By looking at what you do with your money, you can begin to set some limits and shift money around between spending and saving — that's called managing your money. You're starting to figure out how to get the most out of both parts of your plan: saving and spending. Now, you're stepping into the adult world.
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