Study: Some things not worth sacrificing for home down payment - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Study: Some things not worth sacrificing for home down payment

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(KFVS) - When it comes to stowing away the large expense of a home down payment, some things just cannot be sacrificed, according to a study from Trulia.

Forbes.com outlines the results which show that 61-percent said they couldn't give up their car, which is perhaps not so surprising.

However, 19-percent said they would not give up cable TV and 13-percent wouldn't sacrifice a vacation.

The study also reports that seven-percent can't live without their morning coffee.

So how do people plan to pay for their home's down payment?

Of those studied, 63-percent say they'll use savings and 38-percent hope to pay with a higher income.

Meanwhile, 22-percent plan to use government aid, 11-percent will use investments and also 11-percent will use money from friends and family.

A total of 8-percent plan to use their 401(k).

Forbes points out that there are some simple ways to cut back and save big bucks every year.

For example, if a person can give up their daily Starbucks coffee and brew coffee at home, that can mean a savings of $730 a year.

Cutting the cable bill can add up to around $1,200 or more annually and getting rid of a gym membership can equal an annual savings of nearly $500.

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