Your Down Payment May Be Hiding in Your Budget: 7 Places to Find It

1. Quit paying for delivery “convenience”

We’re getting right into it with one of the biggest culprits that eat a paycheck.

That weekly DoorDash® order to accompany your latest binge-watch is doing you no favors in the savings department. Not only are the delivery fees high, there is usually a markup on the cost of the meal as well, plus the expectation of a tip.

You don’t have to settle for a sad salad or ramen either. We’re not going from one extreme to the other. There are plenty of lower cost, delicious, and easy meals to make instead of hopping on the apps when the call of nature strikes.

And if you still want to enjoy your favorite restaurants occasionally, opt for pickup instead and save yourself the delivery fees and markup when using third-party apps.

2. Lifestyle creep is real

Lifestyle creep is a sly companion to upward mobility, convincing us that every raise deserves a matching upgrade.

I’m here to tell you, it doesn’t.

It’s nice to have extra pocket money to spend when the urge arises. Shopping for the nicer car, better clothes, taking an extra vacation, or splurging on the guacamole and queso out at dinner.

It’s not all at once, but gradually the extra money becomes necessary to keep up with the more expensive lifestyle changes you’ve come to enjoy.

If you receive a raise, save the difference each pay period so you don’t even think twice about how to spend it.

It’s best to live below your means for long-term financial health (regardless if you buy a house or not).

3. Bring back hosting

You don’t have to give up nights out with friends or become a hermit to save for a home. What was once a lost art has been trending again: hosting.

To fight against the $15 cocktails and $8 steamed edamame at restaurants, hosting game nights or dinner parties at home, potluck style, seem to be on the rise again. It’s a nice change of pace to enjoy cozy home-cooked specialties, and your wallet thanks you.

4. The 24-hour rule

We are inundated with ads everywhere, all the time. The subway, the billboards here and there, the social media apps we open a hundred times a day. And they’re created with the best visuals to capture attention and make you click “add to cart” without a second thought.

Before giving in to those impulses, try incorporating the 24-hour rule into your life.

So what does this mean? Instead of giving in to those Instagram ads for that quick dopamine hit with a purchase, save the link to the item you’re eyeing in your notes app. Give it 24 hours and see if you still want to make the purchase. Odds are, you may have forgotten all about it. You will be shocked by what you habitually spend without a second thought and by how much you could save by adopting this practice.

If you find that you still can’t stop thinking about that item after a date, search for discount codes online or use AI to track the cost and notify you when the price drops.

5. Subscriptions, subscriptions everywhere

Just like rent is a subscription for keeping a roof over your head, the myriad of subscriptions available today are endless. And don’t get me started on all the streaming platforms that add up to more than cable used to be!

Audit your subscriptions. Are you using them all? Could you downgrade to a plan with-ads to lower the cost? If you’re more of the type that likes to keep up with the more trending shows like Love Island or Big Brother, subscribe to one streaming platform at a time then cancel when your show is over. Then you won’t be paying for a service you aren't regularly using.

Something else to think about: sometimes certain phone carriers or credit cards include a streaming service for free. Dig into your offers and see if you’re paying for something you could be getting for free or at a steep discount.

6. “You could save 15% or more by…”

(You know the rest).

Don’t shoot the messenger, but I'm going to say the quiet part out loud.

Remaining loyal to a specific company long-term may actually cost you more. Specifically, this goes for cell phone carriers, internet providers, and insurers. Switching may get you great service at a much lower rate rather than staying loyal to a brand that feels familiar.

Call around, do some digging, and gather quotes. It’s not the most fun you can have in an afternoon, but it is worth it, if you end up adding hundreds a year to your Down Payment Account. Which brings me to our final point…

7. Automatic, supersonic, hypnotic, funky fresh your savings

Have you heard the expression “pay yourself first”? As cliché as it sounds, it’s a pro move when saving for a big expense like a house.

If you only save whatever’s left after rent, groceries, and that weekend dinner out, there usually isn’t much left to save.

Automate a set amount into a separate account every payday, and you’ll never miss money you never saw. Bonus points if that account is one you can’t easily dip into. Extra bonus points if you automate those savings into your GetWyz encouraged Down Payment Account to keep working toward HomeOwner Day.

Until next time!