Do you have to choose between Black Friday & buying your First House?
The answer is unequivocally NO you do not. You can buy Christmas gifts for your friends and family and still purchase your first home. It doesn’t have to be an either or situation. You just have to be smart about it.
First, you need to make a list. You don’t have to buy a gift for every single person that you have ever met, every person that has connected with you on LinkedIn, FaceBook, Twitter, CybderDust & Instagram; not that they wouldn’t gladly accept a $100 Amazon or Starbucks gift-card if you emailed it to them. You also don’t have to buy a gift for all of the extended members of your family. Growing up in the South, it seems quite rude to exclude your 2nd cousin twice removed, but this Christmas you might have to explain that you are saving up for the down-payment on your first home instead of going into debt to buy 400 people whose names and ages you can’t always remember presents this holiday season.
Second, you must set a budget and stick to it! There is no wiggle room on this one. Once you have made your list, set a maximum dollar amount for the gift that you will buy for each person. And, no matter what, do not spend more than that amount. Period. End of story.
Third, it’s easier to stick to a budget if you use cash. This goes against advice you hear me tell in other areas — don’t make big cash deposits or withdrawals when buying a house, but this is a rare exception. Once you have your budget, take out that exact amount in cash. Put it in an envelope (careful not to lose it) and only use that money to buy your presents. This way you don’t overspend.
Fourth, when you ask for a gift, ask for a contribution towards your down-payment. Just be sure that it isn’t made in cash. Get a check. Make a copy of the check and deposit the entire check and keep a copy of the deposit ticket. Have whomever gives you the gift notate on the memo line of the check that this is a “gift”.
Stick to these four simple things and you can go Black Friday shopping and still buy your first house. Have any more questions, reach out via email at christys@starkeymtg.com or online at www.LoansWithChristy.com or by phone at 912.721.9400.
If you liked this article please ❤️❤️below and let your friends know!
Christy Soukhamneut, Area Manager
NMLSR#810728, GA LIC#32916, FL LIC#LO13828, SC LIC#MLO-810728, NC LIC# I-I 12550
Georgia Residential Mortgage Licensee
www.LoanswithChristy.com
6600 Abercorn St #105, Savannah, GA 31405 NMLSR#827864, GA Lic#58821, NC Lic# L-112550–130, SC Lic# MLB-827864, FL Lic# MLDB2394
EQUAL HOUSING LENDER
WR Starkey Mortgage, LLP, 6101 W. Plano Parkway, Plano, TX 75093 (NMLS#2146) 1–866–599–5510 Copyright©2015 All Rights Reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. WR Starkey Mortgage, LLP is required to disclose the following information: Georgia Residential Mortgage Lender Licensee No. 19715, Florida Mortgage Lender License #MLD1043, North Carolina Mortgage Lender License No L-112550, South Carolina Mortgage Lender License No. 2146, NMLS ID# 2146 (www.nmlsconsumeraccess.org)