Don’t be fooled by those “no down payment required” radio and television commercials. The money you save by not making a down payment is negligible compared to the extra interest that “good deal” is going to cost over the life of your loan.

The more money you put down, the less money you have to finance. Here are some painless ways to put away money for the down payment on your next big purchase:

• Open a savings account and in it, put money aside for down payments. Then leave that money alone! Most banks offer checking account customers a free savings account. If necessary, shop around until you find one that’s 100% fee-free.

• If you get paid via direct deposit, pick an amount to be deducted from your paycheck and have it directed to your new savings account. Remember – always pay yourself first even if it’s just a few dollars.

• Toss your loose change in a jar, roll it up once a month and then take it to the bank. You’ll be surprised how fast those spare pennies, nickels, dimes and quarters add up. And don’t waste any of your hard-earned money buying coin wrappers. Get them for free from your bank.

• Find ways to cut out $20 worth of unnecessary expenses each week (or more if possible!). That’s an extra $1040 per year working for you instead of working for someone else. Start small and work up as you start to see your money grow.

• Save for a Major Purchase
• Save for Retirement
• Save for Children's College

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