The ball has dropped, the revelers have gone home and you’ve officially welcomed 2010—the year you plan to purchase a home! News from the past year has heralded 2009 as being “the year to purchase real estate if you have the means.” Low prices and historically low interest rates have allowed some families to own their dream home. However, Americans continue to experience the fallout from the Great Recession which includes record high unemployment and a sputtering market.

How can you still afford to bag that dream home during turbulent times? The experts at Bank Rate Monitor offer a few common sense money saving tips for 2010 that should help you raise your credit score and provide a financial cushion.

1. Stop smoking. Aside from the obvious health benefits, a pack a day smoking habit costs from $1,825 to $3,650 per year. Plus smokers typically pay 15 to 25% more for health insurance premiums than non-smokers.
2. Exercise. More common sense advice but when you break down the savings of exercising 20 minutes a day, most Americans see prescription costs decrease by 70% and health care expenses by 30%.
3. Eat healthier. Eating healthier can actually save you money at both the grocery store and the doctor’s office. A four pound bag of potatoes costs the same as a small 10 ounce bag of potato chips. Plus fast food prices have skyrocketed, while continuing to provide the illusion of fast food being “inexpensive.”
4. Pay down your debt. Tack on a little extra to that next credit card payment and you’ll see an improvement in your credit score. A 2009 survey conducted by The Nilson Report says that the average American is $8,329 in some sort of credit card debt. Theoretically, if your interest rate is 15.99% APR and making payments of $167 per month it’ll take you 33 years to pay it off! The worst part is that you’ll pay $15,289 in interest alone! Reduce the amount of interest you pay by adding an extra $35.50 to your monthly payment and pay off your debt in five years with only $3,821 in interest.
5. Have an emergency fund. How can putting money in an emergency fund get you closer to purchasing a home? When you have an emergency fund, you are more likely to pay off life’s little surprises such as auto or home repairs with cash than turning to a high interest rate, debt building credit card.

Source: http://www.bankrate.com/finance/personal-finance/5-new-year-s-resolutions-that-save-money-1.aspx

Need more help to land your dream home in 2010? The professionals at AmeriFirst are here for you! Call us at 800-466-5626 or contact us online today.