Hello Lovely Savers!

I am so happy to be back to writing this blog and really excited to share this savings plan with you! As most of you know, Handsome Man and I just bought our first house and have been working into the wee hours of every day trying to get the projects done before we moved in. *Spoiler Alert: we did NOT, we moved in this weekend before we had a functioning bathroom! But more to come on our home adventures later.

Today’s post is about how I personally saved up for down payment. I originally saw this as a pin on Pinterest, how to save $5,000 for a down payment in one year. But I said “That’s not crazy enough, I’ll have it done in HALF THE TIME!” and *Second Spoiler Alert you guys: I DID.

The original pin from Larissa Swany, a realtor I believe, was how to save $5,000 by saving a certain amount off of each of your paychecks. Here’s why I don’t suggest that.

First, it takes too long for you to see results! I have tried many a Pinterest inspired savings plan, only to find I have a hard time remembering to make the deposit or I grow bored with it. This time, I was so freaking pumped, I was giddy when the 26th week came around.

Second, bills follow your paycheck cycle too. This savings plan is aggressive, and I don’t want you to skip weeks or pay periods because all of a sudden you remember another bill coming out and panic. It’s important to remember that a savings is just that, a savings. If you need the money in an emergency you have every right to transfer or use it. What really matters is that you see the savings account growing, and growing fast! It will keep you going every time.

Here is the best part, we didn’t use this money for our down payment. We were fortunate enough, and had other savings, that all $5,000 is still sitting pretty in my new “wedding fund” account. Now, Handsome Man and I are not getting married yet, but we already have $5,000 for when we do! (Have you ever looked into catering?! It’s crazy!)

My tips for making this work.

1. Start the cycle so that the bigger savings amount are for the week you get the paycheck. I didn’t at first and I ended up having to transfer money around a few times until I switched to this way.
2. Budget for the savings! While this seems like a “get rich in 6 months” kind of a deal, it’s not. It IS still you putting away money, money you do not get to spend on clothes or movies, or whatever. Make sure the amount saved in the month is allocated away from the other categories of your budget or you won’t have enough to save!
3. Make a visual check list or tracker so you can have a reminder of your progress every time you see it or fill it in! Coloring is fun, saving money is fun, they are basically a match made in heaven.

I am so so soooo proud to have made this work over the last 6 months, and I am even going to do it AGAIN. $10,000 for the wedding by 2019!

I 100% recommend this savings plan to anyone looking to save for a down payment on their home, or a wedding, or a new car, or whatever! And I am super looking forward to sharing all of our home improvement projects with you guys, and how we kept it on a budget.

Until next time, wishing you all Sugar and Savings,

Taylor

xoxo

Don’t forget to sign up to my email list to get reminders when I post new ways to save you money! Also, I am now booking clients over on my Facebook page or else you can email me here at sugarandsavings@gmail.com. Work with me personally to get yourself on a budget that WORKS!