Affordable housing in Missoula is few and far between, but all that is set to change with the news that a 200 unit affordable housing project is coming to Northside. For years, locals have been hit with rising house prices and stagnant wages, so this project is welcome news in the area. With work due to start on the project imminently, now is the time to get your personal finances in order and get a sizeable deposit behind you, so that when the time comes, you’re ready to buy your dream home in Missoula.
Ditch the debt
A new home is a time to start afresh, therefore, you don’t want to be taking any debt you have with you. It’s important to take action to pay back what you owe so that you’re ready to pounce on one of Missoula’s new properties when they hit the market. If the option is available, work as much overtime as you can to start chipping away at your debt. Alternatively, you could release equity from your current home to pay off things such as credit card debt or you could take on a part time job to bring in some extra cash to help clear your outstanding payments.
Make cutbacks fast
It might be a little while before Missoula’s new housing development is ready, but take a good look at your finances now and you’ll likely see that much of your hard earned cash is being wasted on items you don’t need or hardly use. Look at cutting the cost of your TV services by switching to a new deal or package. Most families don’t watch anywhere close to the number of stations they pay for, so cut them to see substantial savings on your next bill. Before your next trip to the grocery store, meal plan for the week ahead, make a shopping list and stick to it and now’s also the time to consider selling your second car to save on insurance, maintenance and fuel costs too.
It’s never too early to start saving
Open up a savings account and start squirreling as much spare cash away as you can on a weekly or monthly basis. Whether it’s a few dollars or a few hundred dollars it all adds up and will help you secure your dream home when they become available. Select an account which has a decent interest rate as you’ll benefit greater from choosing this type of product and consider choosing one where your penalized for making withdrawals as this will put you off from any spur of the moment cash outs.
Missoula residents have waited a long time for the arrival of affordable housing and it’s likely to go fast, therefore, if you want a piece of the action, now is the time to get your personal finances in top shape. Before these new properties are put up for sale, do all you can to pay off your debts and look to make as many financial cutbacks as possible. Then, you’re in a great position to start saving for a house deposit so that you’re ready to put in an offer as soon these houses hit the market.