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Buying a home is one of the most important purchases most people will make in their lifetime, and there are six steps Dave Ramsey recommends in order to save for a home purchase:
1. Attack debt. If you’ve listened to Dave speak, you know that this step is especially important. He wants to make sure you get out of debt first.
2. Build an emergency fund. Have a small amount of money—about one month of expenses—put aside.
3. Determine your goal. Write down what you’re looking for in a home, such as the area and other factors, and have that information ready to go.
4. Spend less. Also, try paying cash for things so you’re more aware and more careful of what you’re spending.
5. Pause your retirement savings. Dave recognizes how important a home purchase is, which is why he recommends using some of your retirement savings to cover your down payment, closing costs, etc.
6. Have a strong support system. Make sure you work with a Realtor who understands the big picture and aligns with Dave Ramsey’s goals.
If you have any more questions about saving for a home purchase or you’re thinking about selling a home, don’t hesitate to reach out to us. We’d be happy to help you.