If you are in the market to buy a new Atlanta home, you know that the down payment can become an instant deal breaker. With the current state of the economy, lenders are demanding a decent sum to put down on a house. Besides winning the lottery (chances are this won’t happen), how can you come up with a viable down payment?

Plan Savings in Advance
The first practice to employ is future planning. You may feel like you will be in the company of LA, New York or Atlanta roommates forever, but with a little planning, your American dream can come true. If you are determined to buy a home within the next few years, take steps today to save money. Get specific! How much money would you need for a down payment? Let’s say you need $20,000 to buy a home. If you divide this number by 24 months, you would need to save $833 / month to meet this amount in 2 years.

Take a good look at your monthly expenses and see where you can start saving. No amount of money is too small to save. Observe every purchase you made in the last 6 months and determine if it is necessary. You will be surprised how much money you can save if you are honest about where your finances are really going.

Consolidate Credit Cards
You can put more money back in your pocket by lowering the interest rates on your credit cards. Start with your highest rate card, pay that one off first and move to the next one. Consolidate a much as you can to a lower interest card and place that extra money in a savings account.

Utilize your IRA
The IRS permits you to use up to $10,000 of your IRA funds as a down payment if you are a first time home buyer. Additionally, you could extract as much as $20,000 for a married couple as this law applies to each individual. Even if you are not a first time home buyer, the law allows for some leeway. As long as you or your spouse did not own a home for at least two years prior to buying your new home, you will qualify. The IRS will waive the early withdrawal penalty depending on the type of IRA. You may be required to pay tax, though. Check with a qualified professional before making this important decision.

Sell your Goods
The global auction site, EBay, is amazingly popular today and people are selling their personal items left and right to make money. Look around your house and see what types of items you can sell for a profit. Most people will resort to a garage sale but you will make more money on EBay because people arrive at garage sales with an expectation to get things “dirt cheap” and often scoff at items which cost more than a few dollars. If you do not understand how EBay works, spend a little time learning and before you know it you will be a pro.

Regardless of the methods you employ to come up with a down payment, you should get accustomed to forward planning and utilize whatever you can now to prepare for your future. With a combination of these techniques and a little brain power and creativity, you can be well on your way to the home of your dreams.