Two Tools to Help You Foster Good Financial Habits for Home Ownership
I often get questions from
people who are thinking about buying their first home. Many are very early in
the process, some in college, some working their first jobs. Many want to know
what they need to do now to one day
be able to have a place of their own.
Part of being ready for home
ownership means having the discipline to make personal and
financial decisions
which put you in a good position when the time comes. A lot of this meanssound habits, such as saving cash for a down payment, reducing debt, and maintaining good credit. Many people have yet to form these habits.
There are strategies to help
you stick to your habits such as;
- telling people about your goals
- writing down your goals and posting them in prominent places around your house and car
- breaking your goals into small, manageable "mini goals,"
but sometimes what we really need is a little external accountability.
HabitForge.com and Stickk.com are two web-based tools which
help you stick to changing your habits.
HabitForge.com operates on the premise that
it takes "21 days to form a new habit". To use it, you simply provide a goal or
desire, and the service sends you email each day to check in and see if you've
kept up. A simple "yes" or "no" click tracks your
commitment.
Stickk.com
is a little more involved and perhaps a more powerful option. Stickk was developed
by Yale University economists who tested the effectiveness of Commitment
Contracts through extensive field research. Years of economic and behavioral
research show that people who put stakes - either their money or their
reputation - on the table are far more likely to actually achieve a goal they
set for themselves. Stikk.com allows you to select a goal, get the
"stakes," get a referee to judge your compliance, and add friends for
social support.
If you’re trying to get your financial house in order before you make that first big investment in your future,
you may want to check out these tools. They can put you on the path to forming the habits
you’ll need to get the loan, make your down payment, and ultimately take care
of your new home. I hope you find them helpful.
If you’d like to talk about a
detailed path to home ownership, I’d be glad to chat with you. Get in touch
today: [at: (914) 374-8354 Akim.Smyer@cbmoves.com ]
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