Follow Patrick Linkedin Facebook
Email Patrick Email
Financial
Jan 8, 2016

Practical, Easy Steps For Saving Money

Sponsored Content provided by Patrick Stoy - Mortgage Consultant/Owner, Market Consulting Mortgage

As I mentioned in a previous article, the level of home ownership in our country has been declining for many years. Since owning a home is a great way to build wealth, and home owners have more of a vested interest in making a positive contribution to society, this is an alarming trend.

Part of the problem is that millennials are facing mountains of student loan debt. There is also a misguided notion that it requires a 20 percent down payment to purchase a home. This causes many people to think that home ownership is out of reach for them.

Although there are options for buying a home that only require a 3 percent down payment, and some as little as zero percent, there are many hidden costs associated with home ownership, such as taxes, insurance, maintenance and repairs. With that in mind, here are some helpful, easy ways to save money and chart a path to home ownership in the New Year.

Avoid name brands. The marketing gurus would have us believe that name brands are superior to generics, but that isn’t always the case. Over-the-counter drugs are one of the best examples: A quick comparison will usually show that the active ingredients are exactly the same. In fact, the National Bureau of Economic Research points out that opting for generics over name brands can save you as much as 20 percent to 30 percent.

Fill out surveys and use coupons. This is an unpopular strategy, but filling out the surveys that are requested on the bottom of your receipts can win you prizes as well as savings. Of course luck is going to be a factor, but the adage that “you can’t win if you don’t play” is always going to be true.

Unplug electronics when not in use. Unplugging electronics can result in a savings of 10 percent off your electric bill. This is because computers, TVs, and cell phone chargers drain energy even when they are turned off! Using a surge protector with an auto power strip is a quick, easy way to prevent appliances from draining power.  

Begin traveling extensively. Wait, what? I thought the goal was to save money Patrick. That’s right, but it doesn’t have to happen by sacrificing your quality of life. Many people use the benefits offered through credit cards; my friend Lee Huffman has taken it a step further. By capitalizing on the savings, travel and membership rewards offered through various credit cards, he and his family basically travel the world for pennies on the dollar. Lee maintains a highly informative blog, at BaldThoughts.com. One of my favorite articles is Five Simple Steps to Start Travel Hacking.  

I hope these tips will help you save money and achieve the goal of home ownership. If the dream still seems insurmountable, don’t worry. There is often an effective means of overcoming any obstacle. A consultation with an experienced mortgage broker can typically result in a creative solution that many people might overlook.

For help charting a path to home ownership, or for practical guidance regarding your financial situation, please contact me at the number below.   

Patrick Stoy (NMLS Numbers 39527 and 39166) has 16 years of mortgage lending experience. Patrick is CEO of Wilmington-based Market Consulting Mortgage, which he started in 2005 with a mission to build lifelong customer relationships by providing real value. To learn more about Marketing Consulting Mortgage, visit www.macmtg.com. Patrick can be reached at [email protected] or (910) 509-7105.

Other Posts from Patrick Stoy

Mcm 14jan insight
Ico insights

INSIGHTS

SPONSORS' CONTENT
Mike stonestreet 300x300

New Technology Means More Options For Community Association Billing And Payments

Patrick Stoy - Market Consulting Mortgage
Chris coudriet headshot 300x300 10211545555

New Hanover County Is Planning, Measuring And Strategically Investing

Patrick Stoy - Market Consulting Mortgage
Bankofamericaderekcohen 122316122315

Bringing Manufacturing Back To The U.S.

Patrick Stoy - Market Consulting Mortgage

Trending News

Brewery Proposed For Wilmington's Soda Pop District

Jessica Maurer - Oct 19, 2017

New Mexican Eatery Coming To Monkey Junction

Jessica Maurer - Oct 18, 2017

Developers Want To Build 150-room Hotel In Porters Neck

Cece Nunn - Oct 20, 2017

Developers At Downtown Event Describe Projects In The Works

Cece Nunn - Oct 20, 2017

Atlantic Packaging, Others In Wilmington Make State List Of Top Private Companies

Cece Nunn - Oct 18, 2017

In The Current Issue

Health Care Heroes: Lifetime Achievement

In his 21-year (and counting) practice in Wilmington, Charles Kays has helped as many as 4,000 women to recover from breast cancer. That has...


Health Care Heroes: Health Care Professional

Here are the finalists in the 2017 Health Care Heroes Health Care Professional category: Sarah Bishop, Kevin Briggs and Deak Walden....


Health Care Heroes: Physician

Finalists in the 2017 Health Care Heroes Physician category: Joanne “Anne” Allen, Catherine Daum and Scott Visser....

Book On Business

The 2017 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Major Developments
WilmingtonBiz Expo - Key Note Lunch with Keynote Lunch with Chip Mahan - 2016