So You’ve Bought Your First Home: Savings 101

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Posted On: June 20, 2018 by BANK in: Budget, Budget, Financial Management, Home Buyer, Savings, Savings, Seasonal

Congratulations! You’ve taken a big step in your financial future by purchasing your first home. As a new homeowner, you may be worried about the chunk of change you just spent, and your bank account may be looking a little slim right now. Luckily, BANK is here with a few simple saving solutions to help your funds increase. Slow Your Spending As you have just made a big dent in your savings, now is the time to slow down on your purchasing behavior. Be sure to be aware of your spending habits. Don’t go shop for an extra pair of shoes or dine out multiple times a week, as that can add up in a hurry! Revamp Your Emergency Fund A bigger house means bigger emergency expenses. Put a little extra money here and there into your emergency fund to save up for problems such as needing a new roof, replacing a broken appliance or common plumbing issues. Being prepared means your bank account will take less of a hit since you have your emergency fund to fall back on. Stretch

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